400 MW IN ORDERS ALREADY RECEIVED

PHOENIX, July 26, 2022 - Universal Solar is opening a solar photovoltaic (PV) module manufacturing facility in Panama to supply U.S. and global solar developers and installers, and address current challenges in the solar industry, Chief Executive Officer and Founder John Bereckis announced today.

"Modules made in the Americas will bypass many of the constraints afflicting the U.S. solar industry today, in particular supply issues related to Asian manufacturers. These constraints include existing tariffs and the threat of additional tariffs; COVID-related factory closures, shipping delays and price hikes; and the federal ban on products containing silicon sourced from Hoshine, China," Bereckis said.

"The prospect of tariffs on additional Asian countries has thrown the supply chain into turmoil, despite the Biden administration's two-year pause. Modules from Central America will give U.S. developers a much-needed alternative," Bereckis said.

Universal Solar is taking orders for modules now, with delivery expected in the fourth quarter of 2022. The company has already signed Master Service Agreements for more than 400 megawatts (MW) of modules, and is negotiating an additional 175 MW, which would account for nearly all of the factory's 600-MW first-line capacity.

Universal Solar's Panama manufacturing plant is comprised of 200,000 square feet in a state-of-the-art facility with equipment sourced from industry-leading OEMs throughout the world. Equipment is being purchased and installed, up to 50 employees are being hired, and a grand opening is scheduled for the fall.

The first module lines to be produced will range from 350 to 545 watts. All will be high-efficiency (20.04 to 21.46 percent), low-LID, mono PERC and some will feature half-cell technology. Universal Solar will offer a 25- to 30-year linear power output warranty and a 12- to 15-year material and workmanship warranty.

Universal Solar's modules will be 100 percent-compliant with the U.S. Commerce Department's withhold and release order (WRO) on Hoshine silicon.

Shipments from the plant in Central America will reach any U.S. port in approximately five days.

Panama was chosen by Universal Solar because of its strategic location and because it is exempt from tariffs like those affecting modules out of Asia. The U.S. has a long-standing Free Trade Agreement with Panama, and Panama is an example of "near-shoring" in which U.S. businesses locate some or all of their operations in countries close to home.

The Universal facility is in the Colón Logistics Park located in the Colón Container Terminal CCT in Colón, Republic of Panama. It is in a Free Trade Zone, where goods can be imported and exported without incurring taxes or duties or being declared.

Universal Solar provides modules as well as procurement, development and financing services to large commercial and utility-scale solar developers, EPCs and other large-volume buyers of solar modules. For more information, visit https://universalsolar1.com/.