FREMONT, Calif., March 18, 2020 /PRNewswire/ -- 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.
NEXTracker, a Flex company, advances the power plant of the future with smart solar trackers, energy storage systems and TrueCapture™ advanced control software that yields additional energy, optimizes performance and reduces costs for project and plant owners. As the number-one tracker supplier worldwide with more than 30 GW delivered and under fulfillment, NEXTracker is globally recognized for delivering smart and connected energy systems for hundreds of projects across five continents. Headquartered in Silicon Valley, the company has offices in Europe, Australia, India, China, and Latin America. For more information, visit NEXTracker.com and follow the company on Twitter and LinkedIn.
About 174 Power Global
Irvine, California-headquartered 174 Power Global is a leading solar energy company that is wholly owned by the Hanwha Group. With deep expertise across the full spectrum of the project development cycle, 174 Power Global works closely with landowners, local communities, financial investors and other partners to build highly productive, utility scale solar power plants throughout North America. Since its formation in 2017, 174 Power Global has signed nearly two gigawatts (GW) of power purchase agreements has built an extensive project development pipeline. The Company was ranked as the 2018 #1 solar project development company in the United States by Wood Mackenzie.
174 Power Global's name was inspired by the 174 petawatts (PW) of power the earth receives from the sun. For more information, visit: https://174powerglobal.com/
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