LG Electronics to Supply 24 Megawatts of Panels to Borrego SolarJustin Doom
The North American unit of LG Electronics Inc., the world’s second-largest television maker, agreed to supply Borrego Solar Systems Inc. with 24 megawatts of solar panels through 2015.
Closely held Borrego Solar, based in San Diego, plans to use the modules for commercial projects, Englewood Cliffs, New Jersey-based LG Electronics USA said today in a statement. Terms weren’t disclosed.
Solar panels face a looming shortage following a two-year price slump induced by overproduction, particularly in China, where manufacturers could have duties imposed on modules exported to the U.S.
“LG has a 30-year track record in solar technologies,” Borrego Solar Chief Executive Officer Mike Hall said in the statement. “This agreement allows us to meet rising commercial market demand for top-tier, high-efficiency modules –- with the added benefit of not being subject to Commerce Department tariffs on Chinese modules.”