Solar panel manufacturer Lightway Solar America has signed an agreement with renewable energy company Pristine Sun to provide 11.8MW of solar panels for 12 projects located across California.
Under the supply agreement, Lightway will invest $2.55m through its project development subsidiary LWSA Project Development in exchange for equity ownership.
Lightway, the US subsidiary of Chinese solar energy company Lightway Green New Energy, will deploy solar modules to various projects ranging from 325KW to 1.95MW.
LWSA Project Development president William Sien said, "We feel that the Pristine Sun partnership not only supports our downstream integration into project ownership, but also will also help us strategically develop a brand name in California for the small commercial segment."
Pristine Sun CEO Troy Helming added, "With an abundance of module suppliers to choose from, we were looking for a partner that not only could provide a quality, bankable module, but a supplier that would also be willing to share the project financing responsibilities with Pristine Sun."
San Francisco-based Pristine Sun has a pipeline of 2GW solar projects with 750MW projects under active development.