DE Shaw Renewable Investments (DESRI) has signed an agreement to secure nearly 4GW of solar module output from Switzerland-based manufacturer Meyer Burger.
The agreement is for 3.75GW of solar modules for DESRI’s large-scale projects in the US.
The modules are planned to be manufactured at Meyer Burger’s Goodyear, Arizona site, with delivery of the modules between 2024 and 2029.
DESRI has a first right of refusal to increase the contract quantity to 5GW under the current contract as well as to enter into a contract extension beyond the five-year term.
DESRI will make a substantial annual down payment to enable Meyer Burger to procure and finance materials for production.
The parties have agreed not to disclose further details of the contract.
In order to serve the supply agreement with DESRI and meet the high demand in the market for rooftop solar modules Meyer Burger’s production capacities need to be expanded ahead of schedule.
The company plans to further expand its capacities in the immediately foreseeable future by adding new equipment to reach a nominal capacity of approximately 3GW by mid-2024.
Specifically, Meyer Burger is planning to expand the Goodyear, Arizona site to 1GW annual capacity for utility modules in connection with the contract with DESRI as well as an additional 500MW for the US rooftop segment.
DESRI and Meyer Burger intend to develop their cooperation into a long-term partnership in the field of solar module supply; therefore, the contract signed yesterday is a major milestone for both companies.
Bryan Martin, Executive Chairman of DESRI, said: “Meyer Burger will produce modules engineered in Switzerland and Germany and manufactured in the US, supplying DESRI’s projects with a high-quality product and secure, transparent supply chains.
“We are impressed with the industry-leading quality of Meyer Burger’s product and look forward to this first contract and ongoing cooperation.”
Franz Richter, Chairman of the Board of Directors of Meyer Burger, added: “With this agreement, Meyer Burger demonstrates that our high-performance heterojunction/SmartWire technology is also ideally applicable in the solar power plant segment. We are looking forward to expanding the partnership with DESRI in the long term.”