NEXTracker, a Flex company, announced that it was selected by 174 Power Global, an affiliate of Hanwha Group, to supply its solar trackers across 174 Power Global’s 3.4 GW U.S. portfolio.
The contract was executed in the second half of 2019 and NEXTracker substantially completed a shipment of 3.4 GW. The commercial agreement marks one of the largest racking contracts in solar industry history, the company said in a press release.
“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.”
Businesses are looking to maximize the benefit of the solar investment tax credit (ITC) before the end of the year, as the ITC continues its annual descent. The ITC dropped from 30% in 2019 to 26% this year and will decline an additional 4% in 2021 before falling to 10% 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, the company said in a press release.
“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.”
