Homerun Resources Inc. is pleased to announce that the Company has signed a non-binding offtake agreement (the “Agreement”) with Sengi Solar Importação e Exportação Indústria e Comércio (“Sengi”).
Sengi is an established manufacturer of solar panels, with operations in the city of Cascavel, Parana, Brazil, and currently sources its solar glass needs through imports. Under the Terms of the Agreement, Homerun would supply, and Sengi would purchase, a minimum of 20,000 (twenty thousand) tons of solar glass per year, initiating on the start of production from the Homerun solar glass plant. Under the Agreement, the initial price for the Homerun solar glass is set at US$750 per tonne, Free on Board (FOB), which is in line with current market pricing for imported solar glass in Brazil. Detailed economic models produced in partnership with industry consultants and covering all inputs, has determined an all-in cost of goods of +/- US$400 per tonne for solar glass produced by Homerun in Brazil.
Everton Fardin, Operations Director at Sengi states: “As the largest solar module manufacturer in South America, we understand how strategic it is to strengthen the supply chain for this key product in the energy transition. Solar glass is the heaviest component of a module and the second most valuable, playing a crucial role in ensuring durability and reliability while enhancing optical properties that improve light capture and efficiency. Sourcing this component locally will significantly reduce lead times, logistical complexities, and transportation costs, providing greater supply chain stability and reducing carbon emissions associated with long-distance shipping. Homerun’s solid plans will bring significant benefits not only to Sengi but to the entire Brazilian industry, contributing to high-quality job creation, the industrial valorization of Brazil’s rich natural resources, and further enabling the production of photovoltaic modules in the Western Hemisphere.”
Recent changes to federal regulations are focused on building a competitive advantage from raw materials to solar module production for domestic companies with operations based in Brazil. This includes tariffs on importation and further tax and regulatory advantages geared toward domestic production. Brazil is currently manufacturing less than one GW of solar through annual domestic production. In 2024, Brazil exceeded 50 GW of installed solar capacity (according to data from the Brazilian PV association – ABSolar). With this achievement, Brazil joins five other countries – China, the United States, Germany, India, and Japan – in surpassing 50 GW of solar capacity. Solar now accounts for +20% of Brazil’s total power capacity, making it the country’s second-largest energy source. Brazil added 13 GW of new PV capacity from January to October of 2024. Multiple corporate initiatives have been announced recently to increase the production of solar modules in Brazil due to the scale of the market and the new domestic production advantage.
“Partnering with the one of the pioneers and largest current manufacturers in the photovoltaic industry in Brazil has an important symbolic meaning for Homerun. One of our key values is partnership where not only the active partners see the benefit, but the benefit is across the society and all of the stakeholders. We are proud to be an integral organization in the vertical re-industrialization of Brazil within the global energy transition,” stated Armando Farhate, COO of Homerun.
This Agreement, is another important element under Phase 3 of the Homerun Strategic Roadmap to a fully integrated materials company, scaling revenue across silica, advanced materials, solar and energy storage. This Agreement outlines the basic terms for the future supply arrangement between the parties and does not create any legal obligations or liabilities for either party. The parties agree that a binding agreement shall supersede this Agreement, once the Company’s planned solar glass plant in Brazil, reaches a Bankable Feasibility Study.
 with Sengi Solar Importação e Exportação Indústria e Comércio ("Sengi").){kind=link}