Chinese company ET Solar Group Corporation will further expand its reach into the German solar market as it makes a deal with local distributor Umwelt Sonne Energie G.m.b.H. (U.S.E.).
ET Solar and Umwelt Sonne Energie have agreed on a sales contract to harness 31 megawatts’ worth of solar modules which ET Solar will supply this year.
The ET Solar modules will be used for the different projects U.S.E. has in Germany, as well as in other countries in Central Europe.
According to Bloomberg, the agreement was finalized shortly after Germany, the world’s largest solar energy market, made a decision to reduce solar grants given by utilities to rooftop solar system owners by 16 percent starting on June 1.
ET Solar is said to have also currently finished connecting the grid for a 1.48-MW solar photovoltaic plant located at the south of Munich which was made possible through Wattner A.G., a Cologne-based investment trust.
According to ET Solar vice president and chief executive of global sales and marketing Dennis She, U.S.E. has been a vital customer and strategic partner of ET Solar in the German solar market for the past two years.
U.S.E. director Daniel Gruenauer added that the 31-MW deal will be essential for achieving the company’s business development goals for the year.
Last November, ET Solar secured a 400 million yuan ($58 million) loan from Chinese leading banks China Everbright Bank and China Merchants Bank, bringing its total credit line from Chinese banks to over 800 million yuan. The loan facility gave the company greater financial flexibility to sustain growth and bolster the bankability of its products and turnkey solution services.
ET Solar has also teamed up with PV CYCLE, an association engaged in setting up voluntary take-back and recycling programs for end-of-life PV modules, in recovering and reusing valuable components (such as glass, silicon and aluminum) for new module production.
The solar company has also partnered with New Home Green Materials and Learning Center in California to supply photovoltaic systems on a retail basis to small- and medium-sized contractors.
ET Solar is a company based in Nanjing, China, which is a vertically integrated solar energy equipment manufacturer and turnkey solutions provider with clients in over 50 countries.
U.S.E. is a photovoltaic systems provider founded in 2003 which offers services for developing photovoltaics plants. It also provides assistance in implementing large PV systems. The company’s head office is in Holzgerlingen near the Stuttgart motorway junction. U.S.E. has additional agencies in Germany and France.
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