Midsummer, a Sweden-based solar company, has signed a five-year multi-million euro deal with an Italian roofing company, PugliAsfalti.
According to the signed agreement, PugliAsfalti will purchase up to 6.5 MW of Midsummer's thin-film CIGS modules for a price of €11.7 million per year, implying a total contract value of €58.5 million over five years. PugliAsfalti will offer these CIGS panels to existing and new customers in mostly southern Italy.
PugliAsfalti is a well-established roofing company in operation since 1953, specializing in mid-size roof installations mainly in the south of Italy. In recent years, PugliAsfalti has successfully expanded in the "green building" sector, installing photovoltaic systems that are architecturally integrated into the roofs. This market has grown exponentially in Italy with the 110 percent "eco bonus" offered to property owners for the installment of solar energy.
—said Sven Lindström, CEO, Midsummer.
As part of the agreement, Midsummer agrees to buy up to 30,000 sqm of TPO installations (thermoplastic polyolefin, a single-ply roofing membrane) per year from PugliAsfalti at €100 per square meter. The quantities are not binding for any party, and the prices can also change under certain conditions.
This agreement with PugliAsfalti is the third deal Midsummer has signed with Italian roofing companies in the last three months. Last month, Turin-based roofing and building material supplier Unimetal agreed to purchase 25 MW thin-film CIGS modules from Midsummer, equivalent to €45 million in total. In December, an Italian manufacturer of bespoke curved metal roofs, Medacciai, also undertook to purchase 17.5 MW of solar panels from Midsummer over five years, with a total value of €31.5 million.
Midsummer is also opening a mega factory in Bari to manufacture thin-film CIGS solar cells, expected to be operational by the end of 2022, which will make Midsummer the largest producer of thin-film solar cells in Europe.