NEXTracker Completes On-Time Shipment of 3.4 Gigawatts to 174 Power Global Across U.S. Projects

PVTIME - NEXTracker™, a Flex company, announced that it was selected by
174 Power Global, an affiliate of Hanwha Group, to supply its smart solar
trackers across 174 Power Global’s 3.4 gigawatt (GW) U.S. portfolio. The
contract was executed in the second half of 2019 and NEXTracker substantially
completed shipment of 3.4 GW. The commercial agreement marks one of the largest
racking contracts in solar industry history.

“NEXTracker has a proven track record for on-time delivery,
flexibility and the capacity to scale and meet customer’s requirements,” stated
Henry Yun, CEO of 174 Power Global. “NEXTracker’s distributed architecture and
exemplary yield gain technology were critical to our decision. Having an
assured tracker supply and cost savings guaranteed through Safe Harbor as we
continue to plan our project pipeline is critical in advancing our mission of
creating a more sustainable future.”

“174 Power Global has developed an impressive solar
portfolio and we are honored that our innovative, smart solar trackers were
included across its projects,” said Dan Shugar, CEO of NEXTracker. “This
announcement demonstrates our ability to scale and offer our customers strong
engineering support, bankability and on-time delivery in the context of fluid
and challenging global supply conditions.”

Businesses are looking to maximize the benefit of the solar
investment tax credit (ITC) before the end of the year when the ITC phases
down. The ITC dropped from 30 percent in 2019 to 26 percent this year and will
decline an additional four percentage points in 2021 before falling to 10
percent in 2022. More companies are turning to NEXTracker because of its robust
and globally diversified supply chain and history of delivering high performing
products to meet customer’s schedule requirements.