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Lightway Solar America Project Development (LWSA PD) plans to complete a 62.8MW project pipeline with 11 different solar project development partners in the US.
The company, a project development subsidiary of Lightway Solar America, will use a sales model in which 11.9MW of solar panels will be invested in the projects for an exchange of equity positions with a commitment from their project partners to purchase the outstanding 50.9MW through carried out supply agreements.
Projects range from 250kW to 4.8MW and will be built in New Jersey, Massachusetts, New York, North Carolina, Arizona and California. Construction on the plants is anticipated to begin straightaway with 21MW slated for the fourth quarter 2012 and 42MW built in 2013.
William Sien, president of LWSA PD, issued a statement, noting, "The earlier trends of integrating upstream have been successful in undersupplied markets, however, we recognize that in today's market of oversupply and project financing difficulties, moving further downstream into project ownership will be a key factor towards our future growth and sustainability. Although our primary business model and expertise will remain in solar module manufacturing, we foresee project development and ownership of photovoltaic projects as key drivers to supplement our solar module sales throughout the North America region."
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