The solar industry is gaining steam in both Asia and the U.S. This week, two large deals were signed that signal strategic growth for the solar energy industry.
Suntech, the world’s largest producer of solar panels entered into an agreement with Sunborne Energy to provide Sunborne with 100 MW worth of solar panels for projects in India. The initial tranche includes 10 MW for a project in Gujarat. This is only the beginning for solar projects in India as the government has set a goal of 2 GW of off-grid solar and 20 GW of on-grid solar energy by 2022.
On the other side of the world, SunRun, one of the leading providers of residential solar power purchase agreements announced that U.S. Bancorp will invest $200 million in a tax equity deal. It is anticipated that the deal will capitalize on the Section 1603 cash grant provisions of the Recovery Act, which is set to expire at the end of this year.