Shoals Technologies Group, UGT Renewables and Sun Africa Announce Collaboration on up to 12GW of Solar Projects

By: Shoals Technologies Group via GlobeNewswire

May 05, 2025 at 16:10 PM EDT

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 60% of the Angolan population, providing clean water to over 1.1 million people.

"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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Shoals Technologies Group, UGT Renewables and Sun Africa Announce Collaboration on up to 12GW of Solar Projects

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