Upsolar’s Smart Modules Selected by Pristine Sun for 10 MW Deal

SAN FRANCISCO--(BUSINESS WIRE)--Upsolar, a leading international provider of solar PV modules, today announced the company has been selected by Pristine Sun to supply a minimum of 10 MW of its Smart Modules for solar farms in California. This agreement highlights the growing interest in truly integrated Smart Modules.

Upsolar Smart Modules combine the company’s high-quality, high-performance PV modules with Tigo Energy’s optimized power electronics, which are integrated into the module’s junction box. Benefits of Smart Modules include:

    Up to 30 percent more modules per string reducing BOS costs
    Increased system production
    Enhanced module-level monitoring
    Improved safety, fire arc fault and theft prevention

“We are pleased to have selected Upsolar modules for at least 10 MW of our California portfolio of small utility projects. The combination of Upsolar’s bankability, payment terms and product and performance warranties made the company an unbeatable candidate for our utility-scale portfolio,” said Troy Helming, CEO of Pristine Sun. “In addition to excelling in these areas and most importantly, as long-term owners and operators of our projects, Upsolar's quality and performance stood out. Our funding partners agree, so it is likely we will add to our commitment moving forward.”

Pristine Sun Chief Operating Officer Jason Jackson added, “Upsolar’s Smart Modules mitigate performance challenges related to everyday occurrences like soiling, shading, module mismatch and temperature differentials, while increasing power harvest in every module. The performance data offered through Smart Modules is a nice bonus as well.”

Project construction has begun on Pristine Sun’s 50 MW portfolio of utility-scale PV projects in California. The electricity generated by the projects will be sold to the Pacific Gas and Electric Company (PG&E).

“Pristine Sun’s pipeline of projects in California is truly impressive, and we’re pleased to have the opportunity to work together on these projects,” said Reed Richerson, National Key Account Manager for Upsolar America. “It is especially gratifying to see our Smart Module product adopted by high-quality organizations like Pristine Sun and their partners.”

About Upsolar

Upsolar develops and produces high quality solar PV modules at competitive prices, offering a secure long-term investment for customers around the world. Bolstered by a commitment to product R&D and support from its flexible manufacturing platforms, Upsolar ensures top-tier performance and reliability while maintaining an asset light approach to its business. All Upsolar products are backed by industry-leading product and performance guarantees to ensure superior performance over the lifetime of each system. Upsolar also champions environmental sustainability through key sponsorships and environmental initiatives. To learn more about Upsolar, its products or its sustainability efforts, please visit www.upsolar.com.

About Pristine Sun, LLC

Pristine Sun, the leading developer of small utility scale projects in California, is a professional full service renewable energy company with a goal to become one of the most respected solar developers in America. Pristine Sun's core management team has an average of 10-16 years of experience each in the development and finance of solar and wind projects with a combined total of over $2 billion. Pristine Sun, originally backed by a $24 billion private equity fund, has a 2 GW solar pipeline with 750 MW of projects under active development, is headquartered in San Francisco, CA. Pristine's business model is simple: we are proficient at acquiring site leases and 20 year Power Purchase Agreements for financeable solar and wind Utility and Behind the Meter projects. We then develop the sites, underwrite, procure financing, construct and operate these low risk projects.

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Lightway Solar America Enters Into Agreement with Pristine Sun to Supply 11.8 MW of Solar Modules

ISELIN, N.J., Oct. 29, 2012 /PRNewswire/ -- Lightway Solar America, Inc., the U.S. subsidiary of Lightway Green New Energy Co., Ltd., and Pristine Sun, LLC have entered in an agreement whereas Lightway will supply 11.8 megawatts of solar panels for 12 projects located throughout California ranging from 325 KW to 1.95 MW. The Supply Agreement was structured to have Lightway's project development subsidiary, LWSA Project Development LLC, invest a total of $2.55M in exchange for equity ownership.

Pristine Sun has been aggressively building their project development model by focusing primarily on the small business niche and has quickly become the leading developer of small utility scale projects in California.

Lightway has joined the emerging trend of module suppliers that are adding project ownership as a supplement to their manufacturing model in order to build market share throughout the United States.

William Sien, President of LWSA Project Development, said "Module suppliers operate in a challenging environment dominated by oversupply and project financing difficulties. Lightway has to take the initiative and be creative with new business models that pro-actively incorporate financing solutions for our customers. 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."

Troy Helming, CEO of Pristine Sun, said "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. With Lightway, we are confident that we have a partner that meets our quality standards and has a thorough understanding of the challenges project developers are facing in today's difficult conditions."

About Lightway Green New Energy Co., Ltd.:

Lightway Green New Energy is world class, vertically integrated solar panel manufacturer with 660 MW of balanced, production capacity that incorporates ingot, wafer, cell and module manufacturing. The manufacturing plant is located in a futuristic Science and Technology Park based in Gaobeidian, China that spans 2.3M square feet and is the home to over 5,000 employees. With a strong financial portfolio and the support of their strategic partnerships, Lightway will continue to expand and plans to reach 1500 MW in 2014. One of the strategic markets for Lightway is the development of the U.S. region through their subsidiary, Lightway Solar America, Inc. which has a sales office in New Jersey and warehouses on both the east and west coast.