As per the memorandum, Lightway will cumulatively complete 80MW, 200MW and 400MW power projects by 2014, 2015 and 2016 respectively, while Jun Yang Solar Power will invest in Lightway.
Under the memorandum, the companies have agreed upon a six-month exclusivity period during which Lightway and its subsidiaries shall not discuss or enter into any contract with or give any undertaking in favor of any third party for the purpose of impeding the furtherance of the possible investment.
During the exclusivity period, the company shall not discuss or enter into any contract for the acquisition or investment in solar power project with any third party.
Additionally, the companies shall, in good faith, negotiate for a formal agreement for the possible investment.
