SunEdison, a leading global solar energy services provider and a subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), announced today that its affiliate, MEMC Singapore, entered into a photovoltaic module manufacturing services agreement with Fox Energy, the photovoltaic solar business subsidiary of Foxconn Technology, whereby Fox Energy will manufacture up to 350 megawatts (MW) of solar modules for SunEdison. The modules will be produced in a manufacturing facility located in Juarez, Mexico.
The agreement is part of SunEdison's virtual vertically integrated business strategy leveraging the manufacturing expertise of partners like Fox Energy and enabling SunEdison to bring high quality solar modules to market while continuing to reduce levelized cost of energy (LCOE).
"We're thrilled to partner with Fox Energy to produce our Silvantis™ family of solar modules," said Gokul Krishnan, general manager of SunEdison's solar module business unit. "Fox Energy's global footprint allows SunEdison to manufacture modules near our high growth end-markets which helps us keep costs down while meeting local content requirements."
As of December 31, 2012, SunEdison had interconnected over 989 MW of solar energy and had a pipeline of 2.6 GW. This relationship with Fox Energy will assist SunEdison in its global expansion.
"SunEdison's collaborative photovoltaic module supply agreement demonstrates our customer's recognition of Fox Energy quality, continuous technological enhancements and best-in-class after-sales services," said Dr. Jeffrey Lu, President of Fox Energy Inc. "Our automated PV module manufacturing process and stringent quality controls will help SunEdison meet the high standards their customers have come to expect."
The relationship between Fox Energy and SunEdison was facilitated in conjunction with the Borderplex Alliance, a bi-national economic alliance.
"This is proof positive that our bi-national region combines the best of what the U.S. and Mexico have to offer: World class manufacturing and technological innovation," said Rolando Pablos, Chief Executive Officer of The Borderplex Alliance. "We take pride in the fact that these two globally-recognized companies have chosen our region to launch this new venture. This announcement is foundational; it may very well prove to be the tipping point to our regional goal of becoming the solar energy development capital of North America."