EDF Energies Nouvelles (Paris:EEN) announces the signing of a photovoltaic panel supply master agreement with Nanosolar and a $50 million investment in the company via EDF Energies Nouvelles Reparties.
Silicon Valley based Nanosolar uses innovative technology to manufacture thin-film photovoltaic cells of Copper-Indium-Gallium-Selenide (CIGS) using a printing deposition process. Under the master supply agreement, EDF Energies Nouvelles will gain access from 2009 onwards to part of Nanosolar's production of solar panels.
In a solar market in which cutting production cost represents a major challenge, EDF Energies Nouvelles is thus securing its supply of panels at competitive prices. These panels will in particular also help EDF Energies Nouvelles to expand its solar activities in North America.
In parallel to the signing of the panel supply agreement, the Group, through its EDF Energies Nouvelles Reparties subsidiary, is also participating via a $50 million investment (EUR 31 million) in an equity financing completed by Nanosolar to further accelerate the company's production ramp.