New York > Solar Panels
Two New York-Traded Solar Firms Announce Tie-Up
Shanghai-based JA Solar Holdings Co. announced Tuesday that it had agreed to supply solar panels to MEMC Electronic Materials, Inc. MEMC, through its SunEdison subsidiary, develops solar projects in both North America and Europe.
Under the deal, JA Solar will supply panels to MEMC between the current quarter and 2012. The agreement could result in millions of dollars of revenue for JA Solar. Also, MEMC may benefit: It won't have to find suppliers every time it inks a development deal and may be able to pare its cost structure.
The partnership "greatly enhances JA Solar's position in the solar value chain providing us with access to [MEMC's] large project development pipeline," company CEO Peng Fang said.
As part of a broad market rally Tuesday, shares of JA Solar were up more than 5 percent. MEMC stock rose less than 1 percent - a sign that the market believes that JA Solar came out of the deal in a stronger position. Nevertheless, both companies could benefit from the partnership moving forward.
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