BELMONT, Calif., June 3, 2014 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading solar developer and technology provider, today announced it has entered into a comprehensive agreement with Huantai Group, a Chinese solar PV (photovoltaic) company specializing in manufacturing high quality solar wafers, to develop solar projects and supply key materials, technologies and services for the Chinese market.
Together, both companies expect to build up to 1.7 GW (gigawatts) of solar projects in China over the next five years. SunEdison will supply Huantai with polysilicon from its new FBR polysilicon plant in Korea, supporting both companies' subsequent project needs.
"This expanded partnership is a great step forward for SunEdison as we continue our growth in the Chinese market," said Ahmad Chatila, President and CEO of SunEdison. " China has become one of the world's largest and most important solar markets and this agreement with the highly respected Huantai Group positions both companies for rapid and profitable growth."
"SunEdison is a long-term partner for our company, and we are honored to work with them to expand the positive impact of solar energy across China," said Chairman Wang Lu Bao of the Huantai Group. "This partnership is mutually beneficial for all involved, and we look forward to completing our near-term projects, and launching our long-term efforts together."Under the terms of the partnership, SunEdison will produce polysilicon for Huantai Group to manufacture high-quality solar wafers. Both SunEdison and Huantai will utilize the solar wafers as they work together to build up to 1.7 GW of solar projects in China over the next five years. "This long-term partnership to supply polysilicon and other solar services is a testament to our continued commitment to quality and our ability to develop mutually beneficial strategic partnerships," said David Ranhoff, President of Solar Materials at SunEdison. "Our strength in delivering value across the solar supply chain is once again allowing us to grow in a key international market." Once operational the solar systems will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services. Data collected from the ROC is used to continuously improve SunEdison's products, project designs and service offerings.