Recurrent Energy, a solar services provider, specializing in the installation and operation of large rooftop real estate solutions, today announced it has signed supply agreements with module suppliers Yingli Green Energy (NYSE:YGE), Suntech (NYSE:STP), and SolarWorld California. Recurrent Energy builds, owns, and operates solar power systems ” providing Solar as a Service to REITs and institutional property owners at grid-competitive prices. The agreements made today ensure the company has access to sufficient supply of solar modules to meet its project needs.
"We're pleased to be working with our partners to ensure a ready supply of solar modules, explained Arno Harris, CEO of Recurrent Energy. "By sourcing directly from three of the world's leading module manufacturers, we have diversified our risk and reduced our exposure to regional supply and price variations.
The agreements were the result of an in-depth evaluation and assessment of eight global PV manufacturers. Recurrent Energy chose to sign agreements with Yingli Green Energy, Suntech, and SolarWorld California based on quality, pricing, flexibility, and performance terms.
Solar modules typically represent more than half of a solar project's cost. By contracting for modules directly, Recurrent Energy secures greater pricing control for its projects. Further, by working with three suppliers across the globe, the company is protected from single-supplier and country risk.
About Recurrent Energy
Recurrent Energy provides Solar as a Service to REITs and institutional property owners. The company builds, owns, and operates solar power systems on its customers' rooftops ” supplying on-site solar electricity via a power purchase agreement. In addition to making solar power affordable and cost-effective, Recurrent Energy has a unique approach that provides benefits to both tenants and property owners. Tenants receive clean, renewable electricity at competitive rates. Owners receive a green improvement and income from roof rent with no investment, no operating burden, and no maintenance expense. For more information on Recurrent Energy and Solar as a Service, please visit: http://www.recurrentenergy.com.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. Through the Company's principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis. With 200 MW of total annual production capacity in each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in China as measured by annual production capacity. Additionally, Yingli Green Energy is one of the limited numbers of large-scale PV companies in the world to have adopted vertical integration as its business model. Yingli Green Energy currently plans to gradually expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 400 MW by the end of 2008 and to 600 MW by the end of 2009. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, Italy, China and the United States.
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK brand. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com.
About SolarWorld AG and SolarWorld California
The SolarWorld Group (ISIN: DE0005108401) is among the top trio of the solar power industry worldwide. The group is dedicated exclusively to the core business of solar energy, combining all stages of the solar value chain, from the raw material silicon to turn-key solar power plants. The company operates production facilities in Germany, Sweden and the USA. In California the largest production site in the USA for solar modules and in Oregon the largest production site in the USA for solar wafers and cells are being created. In Freiberg in Saxony the group operates one of the world's most advanced integrated solar production facilities. Among the currently most important sales markets are Germany, the USA and in the rest of Europe especially Spain. Sales offices in Germany, Spain, California, South Africa and Singapore service the international solar markets. In addition to on-grid solar power products the group increasingly distributes rural solar power solutions internationally that can make an important contribution to the sustainable economic development of rural regions.
After the IPO at the end of 1999, the company developed within a few years into one of the largest fully integrated solar technology groups. At the end of the third quarter of 2007 some 1,969 people were working for the group. At the stock exchange SolarWorld AG is listed among others in the technology index TecDAX, in the Öko-DAX, in the Dow Jones STOXX 600, in the international MSCI Index as well as in the sustainability indices DAXglobal Alternative Energy and NAI.
