Business
Shoals Technologies Group, UGT Renewables and Sun Africa Announce Collaboration on up to 12GW of Solar Projects
PORTLAND, Tenn., May 05, 2025 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (Nasdaq: SHLS), a global leader in electrical balance of system (EBOS)
About this update from Shoals Technologies Group, Inc.
[{"type":"text","content":"PORTLAND, Tenn., May 05, 2025 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (Nasdaq: SHLS), a global leader in electrical balance of system (EBOS) solutions for the energy transition market, announced today the execution of a Memorandum of Understanding (MOU) with UGT Renewables to collaborate on up to 12 gigawatts (GW) of global solar projects currently in UGT Renewables’ development pipeline. This collaboration aims to bring innovative EBOS solutions to emerging markets, accelerating the energy transition and supporting sustainable development. \"We are always seeking best-in-class providers for our projects in order to deliver world-class American-led energy installations. We have a history with Shoals and are pleased to memorialize our intent to collaborate with Shoals regarding our existing 12GW of solar projects in the pipeline,\" Adam Cortese, CEO of UGT Renewables and Sun Africa said. \"We have great confidence in Shoals' ability to design and deliver an EBOS solution that can operate efficiently in complex environments and is backed by an industry leading warranty. Shoals’ BLA solution enables a superior levelized cost of electricity and requires less skilled labor than other solutions, which supports our need to accelerate reliable, low-cost electrification in emerging markets.\" UGT Renewables partners with emerging markets and developing economies that are looking to diversify their energy matrix. In the Southern Provinces of Angola, Shoals and UGT Renewables’ sister company, Sun Africa, have aligned to execute on the first two energy diversification projects with a combined capacity of 600 MW of Solar PV planned to begin deployment later this year. These first projects, financed by EXIM Bank in the United States, are expected to break ground in 2025 and will play a crucial role in electrifying 60% of the Angolan population, providing clean water to over 1.1 million people. \"This collaboration with UGT Renewables and Sun Africa strengthens our position within international markets,\" Brandon Moss, CEO of Shoals stated. \"We are looking forward to working together on these current projects and the opportunity to collaborate on future potential projects by supporting the deployment of our high-quality and innovative solutions.\" About Shoals Technologies Group, Inc. Shoals Technologies Group is a leading provide...