Shinsung E&G Co., a mid-sized solar energy firm in South Korea, said on Wednesday that it has signed a 21.1 billion won ($19.6 million) deal to supply monocrystalline solar cells to Upsolar, a global developer and producer of photovoltaic modules.

Under the deal, Shinsung E&G will supply 64 megawatt high-efficient single crystal solar cells to France over a period of three years until March 2020.

Shares of Shinsung E&G closed Wednesday 3 percent higher at 1,900 won.

According to the company, it is the first time for Shinsung E&G to ship solar cells to France, a country whose photovoltaic market has been growing by more than 1 gigawatt every year. In particular, auctions for solar projects that exceed 100 kilowatts in France require a full lifecycle assessment that tracks carbon footprints in solar power production.

An unnamed official from Shinsung E&G said that the company conducted a year-long test to achieve the certification with an aim to make inroads into the French market. Shinsung E&G will accelerate efforts to expand presence in the European country.

Shinsung E&G has also recently signed a memorandum of understanding with France’s Voltec Solar to supply 50 megawatt monocrystalline cells.

The company official expected its solar business division to swing to profit this year amid efforts to expand its global presence.

Shinsung E&G also has recently signed a contract with China’s Canadian Solar Manufacturing Inc. to supply 200 megawatt passivated emitter and rear cells, and a separate one to supply cells to Texas-based photovoltaic solar module manufacturer Mission Solar Energy.

Shinsung E&G, meanwhile, announced last month that it will spin off its factory automation (FA) division and sell 80 percent of the stake to improve the company’s overall financial structure and focus more on its core solar business.

By Lee Jin-han and Lee Eun-joo

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