Shoals Technologies Group, UGT Renewables and Sun Africa Announce Collaboration on up to 12GW of Solar Projects
Shoals Technologies Group (SHLS) has signed a Memorandum of Understanding with UGT Renewables to collaborate on up to 12 gigawatts (GW) of global solar projects. The initial phase includes two projects in Angola's Southern Provinces with 600 MW combined capacity, financed by EXIM Bank and scheduled to begin in 2025. These projects will help electrify 60% of Angola's population and provide clean water to over 1.1 million people.
The collaboration leverages Shoals' electrical balance of system (EBOS) solutions and BLA technology, which offers superior cost efficiency and requires less skilled labor. UGT Renewables, along with its sister company Sun Africa, focuses on developing renewable energy projects in emerging markets.
Shoals Technologies Group (SHLS) ha firmato un Memorandum d'Intesa con UGT Renewables per collaborare su progetti solari globali fino a 12 gigawatt (GW). La fase iniziale prevede due progetti nelle Province Meridionali dell'Angola con una capacità combinata di 600 MW, finanziati da EXIM Bank e programmati per iniziare nel 2025. Questi progetti contribuiranno a elettrificare il 60% della popolazione angolana e a fornire acqua pulita a oltre 1,1 milioni di persone.
La collaborazione sfrutta le soluzioni di bilanciamento elettrico di sistema (EBOS) di Shoals e la tecnologia BLA, che garantisce una maggiore efficienza dei costi e richiede meno manodopera specializzata. UGT Renewables, insieme alla sua società affiliata Sun Africa, si concentra sullo sviluppo di progetti di energia rinnovabile nei mercati emergenti.
Shoals Technologies Group (SHLS) ha firmado un Memorando de Entendimiento con UGT Renewables para colaborar en proyectos solares globales de hasta 12 gigavatios (GW). La fase inicial incluye dos proyectos en las Provincias del Sur de Angola con una capacidad combinada de 600 MW, financiados por EXIM Bank y programados para comenzar en 2025. Estos proyectos ayudarán a electrificar al 60% de la población de Angola y a proporcionar agua limpia a más de 1,1 millones de personas.
La colaboración aprovecha las soluciones de balance eléctrico de sistema (EBOS) de Shoals y la tecnología BLA, que ofrece una mayor eficiencia en costos y requiere menos mano de obra especializada. UGT Renewables, junto con su empresa hermana Sun Africa, se enfoca en desarrollar proyectos de energía renovable en mercados emergentes.
Shoals Technologies Group (SHLS)가 UGT Renewables와 최대 12기가와트(GW) 규모의 글로벌 태양광 프로젝트 협력을 위한 양해각서를 체결했습니다. 초기 단계에는 앙골라 남부 지방에서 총 600MW 용량의 두 프로젝트가 포함되며, EXIM 은행의 자금 지원으로 2025년에 시작될 예정입니다. 이 프로젝트들은 앙골라 인구의 60%에 전력을 공급하고 110만 명 이상의 사람들에게 깨끗한 물을 제공할 것입니다.
이번 협력은 Shoals의 전기 시스템 밸런스(EBOS) 솔루션과 비용 효율성이 뛰어나고 숙련된 인력이 덜 필요한 BLA 기술을 활용합니다. UGT Renewables는 자매회사 Sun Africa와 함께 신흥 시장에서 재생 에너지 프로젝트 개발에 집중하고 있습니다.
Shoals Technologies Group (SHLS) a signé un protocole d'accord avec UGT Renewables pour collaborer sur des projets solaires mondiaux pouvant atteindre 12 gigawatts (GW). La phase initiale comprend deux projets dans les provinces du sud de l'Angola avec une capacité combinée de 600 MW, financés par la banque EXIM et prévus pour débuter en 2025. Ces projets contribueront à électrifier 60 % de la population angolaise et à fournir de l'eau potable à plus de 1,1 million de personnes.
Cette collaboration s'appuie sur les solutions d'équilibrage électrique de système (EBOS) de Shoals et la technologie BLA, qui offre une meilleure efficacité des coûts et nécessite moins de main-d'œuvre qualifiée. UGT Renewables, avec sa société sœur Sun Africa, se concentre sur le développement de projets d'énergie renouvelable dans les marchés émergents.
Shoals Technologies Group (SHLS) hat eine Absichtserklärung mit UGT Renewables unterzeichnet, um bei globalen Solarprojekten mit einer Kapazität von bis zu 12 Gigawatt (GW) zusammenzuarbeiten. Die erste Phase umfasst zwei Projekte in den südlichen Provinzen Angolas mit einer Gesamtleistung von 600 MW, die von der EXIM Bank finanziert werden und 2025 starten sollen. Diese Projekte werden dazu beitragen, 60 % der angolanischen Bevölkerung mit Strom zu versorgen und über 1,1 Millionen Menschen mit sauberem Wasser zu versorgen.
Die Zusammenarbeit nutzt Shoals' elektrische Systemausgleichslösungen (EBOS) und die BLA-Technologie, die eine überlegene Kosteneffizienz bietet und weniger qualifizierte Arbeitskräfte benötigt. UGT Renewables konzentriert sich zusammen mit seiner Schwesterfirma Sun Africa auf die Entwicklung von erneuerbaren Energieprojekten in aufstrebenden Märkten.
- None.
- Project execution dependent on MOU terms being finalized into binding agreements
- Success relies on implementation in complex emerging market environments
Insights
Shoals secures potential 12GW solar pipeline with initial 600MW Angola projects, strengthening international market presence with specialized EBOS technology.
This MOU between Shoals Technologies and UGT Renewables represents a meaningful market expansion opportunity in the solar sector. While memorandums of understanding don't guarantee final contracts for the entire 12GW pipeline, the 600MW Angola projects appear more concrete with EXIM Bank financing secured and groundbreaking scheduled for 2025.
Shoals' electrical balance of system (EBOS) solutions, particularly their BLA technology, offer two critical advantages specifically mentioned for these emerging market deployments: improved levelized cost of electricity and reduced skilled labor requirements. These attributes directly address key challenges in developing regions where specialized solar expertise is typically limited.
The Angola projects represent just 5% of the mentioned pipeline but serve as strategic reference installations that could help Shoals secure additional portions of UGT's development portfolio. The EXIM Bank financing reduces project risk and improves execution certainty for these initial deployments.
This collaboration demonstrates Shoals' ability to expand internationally beyond established solar markets. The company's specialized EBOS technology appears well-positioned for emerging market applications where labor efficiency and cost optimization are particularly crucial factors for project viability.
Shoals' Angola solar projects address critical infrastructure needs in emerging markets, with U.S. backing enhancing project viability and creating expansion template.
This collaboration highlights how renewable energy deployments in developing economies often serve multiple strategic functions. The Angola projects will support electrification for 60% of the population while providing clean water access to over 1.1 million people - demonstrating the broader infrastructure impact beyond power generation.
The EXIM Bank financing represents a crucial element of this development. U.S. government-backed funding significantly reduces project risk and indicates confidence in both the technology provider (Shoals) and the developers (UGT/Sun Africa). This financing structure could serve as a replicable template for additional projects across UGT's broader pipeline.
Angola exemplifies the opportunity in markets where renewable energy addresses fundamental infrastructure gaps rather than simply displacing existing generation. For Shoals, this represents an entry point into regions with substantial growth potential, as many developing economies simultaneously increase electrification rates while transitioning to cleaner energy sources.
The deployment model being established here - American technology deployed with U.S. financing support in emerging markets - creates a potential pathway for Shoals to expand across similar geographies where UGT Renewables maintains its development pipeline.
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
"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 provider of electrical balance of systems (EBOS) solutions for the energy transition market. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group is a recognized leader in the renewable energy industry. For additional information, please visit: https://www.shoals.com.
About UGT Renewables & Sun Africa
Sun Africa and UGT Renewables are the largest US based international renewable energy generation and energy storage developers, with projects under development in various global regions (Sub-Saharan Africa; Middle East; North Africa; Europe; Central Asia; Latin America and the Caribbean). Sun Africa and UGT Renewables each deliver competitive, sustainable renewable energy solutions that utilize top-of-the-line U.S. manufacturing, help to improve quality of life, and streamline processes for leaders and decision makers alike. With tens of billions of dollars’ worth of projects in the pipelines, under development and in construction, Sun Africa and UGT Renewables are at the center of the global push to meet growing energy needs sustainably.
Forward Looking Statement:
This press release contains certain forward-looking statements that are based on the Company’s management’s beliefs and assumptions and on information currently available to the Company’s management.
These forward-looking statements relate to, among other things, the Company’s MOU with UGT Renewables and Sun Africa, and the expected benefits thereof; expected growth in international electricity demand; and the Company’s expansion into new market segments. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Some of the key factors that could cause actual results to differ from the Company’s expectations include, among other things: lack of mutual agreement with UGT Renewables on future projects, our ability to enter into definitive agreements related to such projects with UGT Renewables and its partners, if demand for solar energy projects diminishes, we may not be able to grow, and our financial results, business and prospects could be materially adversely impacted; the imposition of trade restrictions, import tariffs, anti-dumping and countervailing duties could adversely affect the amount or timing of our revenue, results of operations or cash flows; we have modified, and in the future may modify, our business strategy to abandon lines of business or implement new lines of business; modifying our business strategy could have an adverse effect on our business and financial results; amounts included in our backlog and awarded orders may not result in actual revenue or translate into profits; and our expansion outside the U.S. could subject us to additional business, financial, regulatory and competitive risks.
These and other important risk factors are described more fully in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent the Company’s management’s beliefs and assumptions only as of the date of this report. You should read this report with the understanding that the Company’s actual future results may be materially different from what the Company expects. Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For media inquiries, please contact:
Public Relations
Lindsey Williams, VP of Marketing and External Communications
Lindsey.williams@shoals.com
Investor Relations
Matt Tractenberg, VP of Finance and Investor Relations
investors@shoals.com
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