HONG KONG, May 22, 2017 (GLOBE NEWSWIRE) -- Sky Solar Holdings, Ltd. (NASDAQ: SKYS ) (“Sky Solar” or the “Company”), a global developer, owner and operator of solar parks, today announced that its wholly-owned subsidiary, Sky Capital America Inc. (“Sky Capital America”), has made a strategic investment in AmberWave Inc. (“AmberWave”), a silicon-based Building Integrated Photovoltaic (“BIPV”) technology company. As a part of this investment, Sky Capital America will exclusively provide a broad range of services for the first 250 MW of deployments of AmberWave BIPV technology. The services include project financing, system design, engineering, procurement and construction management and operations and maintenance services. In addition, Mr. Sanjay Shrestha, President of Sky Capital America, will join the AmberWave Board of Directors.
“Sky Capital America is pleased to make this strategic investment in what we believe to be a game-changing, silicon-based BIPV technology. We see a vast market in its main application in commercial and industrial steel rooftops,” commented Mr. Shrestha. “We view this as a strategic step to expand our pipeline in what we see as a next frontier of growth in the US PV market.”
“We are delighted to be partnering with Sky Capital America and to have Mr. Shrestha join our Board of Directors,” said Dr. Anthony Lochtefeld, CEO of AmberWave. “We believe Sky Capital America’s investment reflects its confidence that ultra-thin flexible silicon solar cells hold great promise for metal rooftops and unmanned aerial vehicles.”
About Sky Solar Holdings, Ltd.
Sky Solar is a global independent power producer (“IPP”) that develops, owns and operates solar parks and generates revenue primarily by selling electricity. Since its inception, Sky Solar has focused on the downstream solar market and has developed projects in Asia, South America, Europe, North America and Africa. Sky Solar’s broad geographic reach and established presence across key solar markets are significant differentiators that provide global opportunities and mitigate country-specific risks. Sky Solar aims to establish operations in select geographies with highly attractive solar radiation, regulatory environments, power pricing, land availability, financial access and overall power market trends. As a result of its focus on the downstream photovoltaic segment, Sky Solar is technology agnostic and is able to customize its solar parks based on local environmental and regulatory requirements. As of December 31, 2016, the Company had developed 307 solar parks with an aggregate capacity of 292.3 MW and owned and operated 159.6 MW of solar parks.
About AmberWave Inc.
AmberWave Inc. builds low cost, robust flexible silicon solar cells with the highest power output to weight ratio in the world, making them ideally suited for solar integrated metal rooftops and solar powered unmanned aerial vehicles and satellites. AmberWave’s Ultra-Thin Silicon (UTSi) technology couples low-cost semiconductor processing techniques with its own proprietary technology and leverages decades of R&D originating at Massachusetts Institute of Technology, California Institute of Technology, and UNSW Australia. Located in Salem, New Hampshire, the company markets its technology for the metal rooftop market under the AmberWave trade name and for the UAV market under the 14Solar trade name.
Safe-Harbor Statement This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to the following: the reduction, modification or elimination of government subsidies and economic incentives; global and local risks related to economic, regulatory, social and political uncertainties; resources we may need to familiarize ourselves with the regulatory regimes, business practices, governmental requirements and industry conditions as we enter into new markets; our ability to successfully implement our on-going strategic review to unlock shareholder value; global liquidity and the availability of additional funding options; the delay between making significant upfront investments in the Company's solar parks and receiving revenue; expansion of the Company's business in the U.S. and into China; risk associated with the Company's limited operating history, especially with large-scale IPP solar parks; risk associated with development or acquisition of additional attractive IPP solar parks to grow the Company's project portfolio; and competition. Further information regarding these and other risks is included in Sky Solar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For investor and media inquiries, please contact: Sky Solar: IR@skysolarholding.com SKYS Investor Relations: The Blueshirt Group US or Mandarin Ralph Fong +1 (415) 489-2195 ralph@blueshirtgroup.com China Gary Dvorchak, CFA +86 (138) 1079-1480 gary@blueshirtgroup.com
