From http://www.tradingmarkets.com
Monday, October 29, 2007; Posted: 11:12 AM
BAODING, China, Oct 29, 2007 (BUSINESS WIRE) -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the leading vertically integrated photovoltaic (PV) product manufacturers in China, today announced that on October 19, 2007 the Company entered into a new supply contract and on October 29, 2007 an associated supplementary contract (the "New Contracts") to replace its 1,232 ton polysilicon supply arrangements (the "Original Contract") with Sichuan Xinguang Silicon Science and Technology Co., Ltd. of China ("Xinguang"). Under the Original Contract, 50 tons have already been delivered and an additional 182 tons are committed to be delivered before the end of the first quarter of 2008 with the remainder to be delivered by the end of 2008.
Under the Original Contract, the price of the polysilicon that Xinguang will supply to Yingli Green Energy in 2008 was not specified. The New Contracts provide a fixed unit price on the total committed volume as well as a unit price adjustment mechanism. Under the terms of the New Contracts, the fixed unit price will be adjusted if the market price of polysilicon upon delivery fluctuates outside a 5% band that was based on the then prevailing market price. In addition, the New Contracts provide that if one of the parties requests further adjustment to the unit price, the performance of the New Contracts will be suspended until both parties reach an agreement on pricing. Yingli Green Energy expects the New Contract to help clarify the visibility on the Company's 2008 cost structure.
"As one of China's leading polysilicon producers, we are pleased that the quality of our products has been recognized by Yingli Green Energy, one of the world's leading PV product manufacturers," Mr. Shaozhang Chen, President of Xinguang commented. "This amended contract demonstrates both parties' commitment to further strengthen our strong relationship in the fast growing and rapidly changing PV market."
"Xinguang has been one of our major suppliers and we are very pleased that a significant portion of our polysilicon requirement for 2008 remains secured," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "The polysilicon shipped from Xinguang so far in 2007 has already been processed and used in the production of our PV products, and to date, our PV product output using this polysilicon has met our quality standards."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited ("Yingli Green Energy") is one of the leading vertically integrated photovoltaic (PV) product manufacturers in China. Through the Company's principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis. With 200 MW of total annual production capacity for each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in China. Additionally, Yingli Green Energy is among a limited number of large-scale PV companies in China to have adopted vertical integration as its business model. Yingli Green Energy currently plans to gradually expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 400 MW by the end of 2008 and to 600 megawatts by 2010. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, China and the United States.
Tuesday, October 30, 2007
LDK Solar Announces Independent Audit Committee Investigation Into Alleged Inventory Discrepancies
From http://money.cnn.com
October 30, 2007: 03:15 AM EST
XINYU CITY, China and SUNNYVALE, Calif., Oct. 30 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced that its Audit Committee has commenced an independent investigation into the recent allegations made by LDK's former employee, Mr. Charley Situ, that the Company has incorrectly reported its inventories of polysilicon. The two outside directors on the Company's Audit Committee, Louis T. Hsieh and Bing Xiang, are overseeing the ongoing investigation.
The Audit Committee has retained Simpson Thacher & Bartlett LLP to serve as its independent counsel for the investigation. Simpson Thacher, in turn, has retained a Big Four independent accounting and consulting firm, separate from the Company's external auditors, for purposes of the review. Commenting on the investigation, Mr. Hsieh stated: "The Audit Committee intends to analyze Mr. Situ's allegations as thoroughly and in as much detail as necessary. We have retained some of the premier professionals in the world to assist us in this endeavor."
In a prior press release on October 4, 2007, the Company's management stated that it had conducted an internal review of Mr. Situ's allegations and concluded that the Company had correctly reported its inventories of polysilicon and that Mr. Situ's allegations had no merit. Management stands by its prior statements and believes that the Audit Committee's ongoing independent investigation will confirm its conclusions. Due to the independent nature of the Audit Committee's ongoing investigation, LDK Solar cannot provide a specific timeframe for its completion. However, this is an important matter, and the Audit Committee intends to fully and thoroughly address it in a timely manner. The October 4 press release also correctly stated that LDK had not been contacted by any regulatory authority. Since then, however, LDK has been contacted by the U.S. Securities and Exchange Commission ("SEC") regarding this matter. LDK will cooperate fully with the SEC's inquiry.
In addition, the Company announced that it has retained outside counsel, Latham & Watkins LLP, to defend the Company and certain of its directors and officers who have been named in certain class action complaints in the United States. The Company's management believes that these claims lack merit and intends to vigorously defend the cases.
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
October 30, 2007: 03:15 AM EST
XINYU CITY, China and SUNNYVALE, Calif., Oct. 30 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced that its Audit Committee has commenced an independent investigation into the recent allegations made by LDK's former employee, Mr. Charley Situ, that the Company has incorrectly reported its inventories of polysilicon. The two outside directors on the Company's Audit Committee, Louis T. Hsieh and Bing Xiang, are overseeing the ongoing investigation.
The Audit Committee has retained Simpson Thacher & Bartlett LLP to serve as its independent counsel for the investigation. Simpson Thacher, in turn, has retained a Big Four independent accounting and consulting firm, separate from the Company's external auditors, for purposes of the review. Commenting on the investigation, Mr. Hsieh stated: "The Audit Committee intends to analyze Mr. Situ's allegations as thoroughly and in as much detail as necessary. We have retained some of the premier professionals in the world to assist us in this endeavor."
In a prior press release on October 4, 2007, the Company's management stated that it had conducted an internal review of Mr. Situ's allegations and concluded that the Company had correctly reported its inventories of polysilicon and that Mr. Situ's allegations had no merit. Management stands by its prior statements and believes that the Audit Committee's ongoing independent investigation will confirm its conclusions. Due to the independent nature of the Audit Committee's ongoing investigation, LDK Solar cannot provide a specific timeframe for its completion. However, this is an important matter, and the Audit Committee intends to fully and thoroughly address it in a timely manner. The October 4 press release also correctly stated that LDK had not been contacted by any regulatory authority. Since then, however, LDK has been contacted by the U.S. Securities and Exchange Commission ("SEC") regarding this matter. LDK will cooperate fully with the SEC's inquiry.
In addition, the Company announced that it has retained outside counsel, Latham & Watkins LLP, to defend the Company and certain of its directors and officers who have been named in certain class action complaints in the United States. The Company's management believes that these claims lack merit and intends to vigorously defend the cases.
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
Sunday, October 28, 2007
China CHINT Group will invest 1 Billion RMB in Solar Cell Production
On October 26th China CHINT group announced that they will invest 1 billioin RMB in the second phase solar cell production facility and thin film solar cell production. It is estimated that by 2010 the solar cell production capacity will reach 300MW.
And CHINT solar plans to go public in US next year.
And CHINT solar plans to go public in US next year.
100MW Solar Cell Factory Was Built in Changsha
On October 27th, the 100MW solar cell production factory was completed in Hunan Solar Energy PV Industry Park. And the first 25MW solar cell production line in Hunan will begin to produce solar cell by the end of this year.
Saturday, October 27, 2007
China Solar Power Enters Thin Film Solar Module Market in China by Forging Strategic Alliance with ULVAC Inc. of Japan
October 25, 2007 07:00 PM Eastern Daylight Time
SAN MATEO, Calif.--(BUSINESS WIRE)--Charles E. Johnson, Managing Director of Tano China Capital Management, Inc. (TCCMI), announced today the signing of a three-way strategic alliance between its affiliates China Solar Power (Holdings) Ltd. (CSP), Tano China Private Equity Fund II (TCPEF II) and ULVAC Inc. of Japan. The parties signed a Strategic Alliance Agreement in Chigasaki, Japan on October 17, 2007. With the establishment of this strategic alliance, CSP enters the thin film solar module market in China by partnering with ULVAC, a leading manufacturer of thin film solar cell production lines (2.2 billion Yen annual revenue).
Messrs. Charles E. Johnson and Frank Liu, co-founders and Managing Directors of CSP, and their delegation were hosted by Chairman Dr. Kyozu Nakamura, President and CEO Mr. Hidenori Suwa and senior executives of ULVAC.
Mr. Johnson stated at the signing ceremony:
“We are all very excited to have formed this strategic alliance. We have spent the last twelve months evaluating emerging thin film solar technologies, and believe that by partnering with ULVAC, a research and development oriented design and turnkey manufacturer with impeccable credentials, we will quickly be in position to realize our goal of becoming the leading manufacturer of thin film solar modules in China.”
Manny Krakaris, the co-founder of the project, added:
“After an exhaustive review of the PV market and various technologies for manufacturing solar panels, we are convinced that thin film technology will lead the industry’s push to make the cost of solar energy competitive with electricity rates generated from conventional sources. We are very impressed with ULVAC’s amorphous silicon manufacturing technology and are excited to be partnering with ULVAC to help make solar a significant component of the world’s energy mix.”
The goals of the strategic alliance are to both develop CSP into the leading manufacturer of thin film solar modules in China and to enhance ULVAC’s position as a leading provider of thin film photovoltaic (PV) production lines worldwide.
In the second phase of the collaboration, CSP intends to purchase a complete turnkey thin film PV fabrication plant from ULVAC. An extensive search of thin film technologies led CSP to conclude that the world is on the cusp of seeing large-scale, low cost thin film PV manufacturing becoming a profitable growth business. CSP chose this technology and equipment supplier due to ULVAC’s successful track record in the technologically-similar LCD manufacturing industry, and in the PV industry in Japan, where they are the dominant supplier of manufacturing equipment to the world’s largest PV module manufacturers.
CSP plans to build its first plant in Yantai, China to capitalize upon low manufacturing costs, among other benefits, and to establish a presence in what most industry observers expect will become the largest PV market in the world. CSP’s plant, relying upon tandem junction technology, will be among the first and largest of its kind in Asia. The project’s initial two manufacturing lines will initially have a rated annual capacity of 50 MW which is expected to be upgraded to 64 MW within a short time.
This technology’s reliance on abundant, low-cost raw materials, the equipment’s scalability and the manufacturing process’s high yield and reliability will enable CSP to quickly establish a strong position in the worldwide PV module market.
CSP was founded in 2007 as a subsidiary of Tano China Capital Management, Inc. TCCMI is a private equity investment management company focusing on Chinese companies and industries. It is jointly owned by Tano Capital, LLC (Mr. Charles E. Johnson of the U.S.) and an investment group headed by Mr. Chi-Jen Frank Liu of Taiwan.
SAN MATEO, Calif.--(BUSINESS WIRE)--Charles E. Johnson, Managing Director of Tano China Capital Management, Inc. (TCCMI), announced today the signing of a three-way strategic alliance between its affiliates China Solar Power (Holdings) Ltd. (CSP), Tano China Private Equity Fund II (TCPEF II) and ULVAC Inc. of Japan. The parties signed a Strategic Alliance Agreement in Chigasaki, Japan on October 17, 2007. With the establishment of this strategic alliance, CSP enters the thin film solar module market in China by partnering with ULVAC, a leading manufacturer of thin film solar cell production lines (2.2 billion Yen annual revenue).
Messrs. Charles E. Johnson and Frank Liu, co-founders and Managing Directors of CSP, and their delegation were hosted by Chairman Dr. Kyozu Nakamura, President and CEO Mr. Hidenori Suwa and senior executives of ULVAC.
Mr. Johnson stated at the signing ceremony:
“We are all very excited to have formed this strategic alliance. We have spent the last twelve months evaluating emerging thin film solar technologies, and believe that by partnering with ULVAC, a research and development oriented design and turnkey manufacturer with impeccable credentials, we will quickly be in position to realize our goal of becoming the leading manufacturer of thin film solar modules in China.”
Manny Krakaris, the co-founder of the project, added:
“After an exhaustive review of the PV market and various technologies for manufacturing solar panels, we are convinced that thin film technology will lead the industry’s push to make the cost of solar energy competitive with electricity rates generated from conventional sources. We are very impressed with ULVAC’s amorphous silicon manufacturing technology and are excited to be partnering with ULVAC to help make solar a significant component of the world’s energy mix.”
The goals of the strategic alliance are to both develop CSP into the leading manufacturer of thin film solar modules in China and to enhance ULVAC’s position as a leading provider of thin film photovoltaic (PV) production lines worldwide.
In the second phase of the collaboration, CSP intends to purchase a complete turnkey thin film PV fabrication plant from ULVAC. An extensive search of thin film technologies led CSP to conclude that the world is on the cusp of seeing large-scale, low cost thin film PV manufacturing becoming a profitable growth business. CSP chose this technology and equipment supplier due to ULVAC’s successful track record in the technologically-similar LCD manufacturing industry, and in the PV industry in Japan, where they are the dominant supplier of manufacturing equipment to the world’s largest PV module manufacturers.
CSP plans to build its first plant in Yantai, China to capitalize upon low manufacturing costs, among other benefits, and to establish a presence in what most industry observers expect will become the largest PV market in the world. CSP’s plant, relying upon tandem junction technology, will be among the first and largest of its kind in Asia. The project’s initial two manufacturing lines will initially have a rated annual capacity of 50 MW which is expected to be upgraded to 64 MW within a short time.
This technology’s reliance on abundant, low-cost raw materials, the equipment’s scalability and the manufacturing process’s high yield and reliability will enable CSP to quickly establish a strong position in the worldwide PV module market.
CSP was founded in 2007 as a subsidiary of Tano China Capital Management, Inc. TCCMI is a private equity investment management company focusing on Chinese companies and industries. It is jointly owned by Tano Capital, LLC (Mr. Charles E. Johnson of the U.S.) and an investment group headed by Mr. Chi-Jen Frank Liu of Taiwan.
China Technology Development Group facilitates SA with Terra Solar Global
SmallCapInvestor.com Staff Oct 25, 2007 9:12am EDT
China Technology Development Group Corp. (Nasdaq: CTDC), which provides network security for solar energy businesses in China, said that it has created a strategic partnership with Terra Solar Global Inc., a U.S. photovoltaic technology research and development company.
Under the agreement, Terra Solar will provide support in research and development of solar energy technologies based products and applications and establish distribution channels of SnO2 base plate and solar products in North America. CTDC will manufacture solar products and applications and continuously identify market opportunities to introduce advanced solar energy technologies, products and systems to China.
The partnership is said to be driven by technological advantages of Terra Solar's status in the building integrated photovoltaic market place and the cost advantages that CTDC offers through product and applications offerings and market opportunities in China.
Shares of China Technology Development Group (CTDC) rose 3.99%, or $0.37, to $9.65 in pre-market trading. Shares of China Technology Development Group have been trading in the range of $2.60 to $11.98 for the past 52 weeks.
China Technology Development Group Corp. (Nasdaq: CTDC), which provides network security for solar energy businesses in China, said that it has created a strategic partnership with Terra Solar Global Inc., a U.S. photovoltaic technology research and development company.
Under the agreement, Terra Solar will provide support in research and development of solar energy technologies based products and applications and establish distribution channels of SnO2 base plate and solar products in North America. CTDC will manufacture solar products and applications and continuously identify market opportunities to introduce advanced solar energy technologies, products and systems to China.
The partnership is said to be driven by technological advantages of Terra Solar's status in the building integrated photovoltaic market place and the cost advantages that CTDC offers through product and applications offerings and market opportunities in China.
Shares of China Technology Development Group (CTDC) rose 3.99%, or $0.37, to $9.65 in pre-market trading. Shares of China Technology Development Group have been trading in the range of $2.60 to $11.98 for the past 52 weeks.
Suntech Announces $1.5 Billion Seven-Year Polysilicon Purchase Contract with Asia Silicon
October 25, 2007: 08:00 AM EST
SAN FRANCISCO, Calif., Oct. 25 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced that it has entered into a definitive contract with Asia Silicon Co., Ltd. to purchase high purity polysilicon from Asia Silicon with a total value of up to $1.5 billion over a seven-year period.
The polysilicon supplied by this agreement during the seven-year period is subject to the acceptance of product deliveries and other conditions. The contract provides for the delivery of a volume range of polysilicon each year at fixed prices, using a take-or-pay approach, with delivery beginning in the second half of 2008. A predetermined annual price reduction curve will provide Suntech with high purity polysilicon at prices lower than any of Suntech's other contracts.
''This contract with Asia Silicon will form a critical element of Suntech's polysilicon supply portfolio as the average price paid under the contract is so low that we believe that it reflects what is essentially grid parity pricing for Suntech, when combined with our high efficiency solar cells and world class low cost of production,'' said Dr. Zhengrong Shi, Suntech's Chairman and CEO. ''We believe that this is truly transformational, with the price decreasing to substantially below $40 per kilogram, as it enables Suntech to be at the forefront of leading the solar industry towards an environment without government subsidies or incentives.''
Asia Silicon is deep in the process of building a state-of-the-art polysilicon plant in Qinghai, China with polysilicon production capacity targets of 2,000 metric tons by July of 2008 and over 6,000 metric tons by the end of 2010. The polysilicon plant will utilize the low-risk, well-proven trichlorosilane-based advanced Siemens production process and has already achieved impressive milestones in its development. Plant design started early last year and orders for equipment and engineering services from industry leading vendors including GT Solar Incorporated, Centrotherm GmbH/SiQ GmbH/Solmic GmbH, and Chemical Design, Inc. have been in the pipeline for almost a year. Up to 80% of electricity used in Asia Silicon's production of polysilicon will be supplied from renewable energy hydropower sources with a pricing structure that is among the lowest industrial electricity rates in China.
''The new polysilicon plant will employ best of class production equipment and processes, and is headed by Dr. Tihu Wang, one of the world's leading polysilicon material scientists. Dr. Wang has built a formidable team of talented scientists, engineers and operations professionals to execute on Asia Silicon's aggressive growth plan and we are very confident in their ability to produce high purity polysilicon,'' said Dr. Shi.
Dr. Tihu Wang, Asia Silicon's CEO said: ''We are delighted to enter this partnership with Suntech, one of the world's premier solar cell and module producers. This agreement is a milestone achievement for Asia Silicon and will support our development over the long term. With Suntech's impressive growth as an example, we look forward to rapidly developing and expanding our production capacity of high quality polysilicon.''
Commenting on the progress of the plant development, Dr. Wang said: ''I am very pleased with the progress we have made so far. Plant construction has been underway during 2007 achieving impressive milestones and we are on- schedule to complete the construction work and to start polysilicon production in the second half of 2008. We believe that we will have among the lowest production costs in the industry with our 20 year low cost electricity agreement as well as a capex plan that is half the cost of some other polysilicon producers.''
Asia Silicon has assembled an expert technical team that has over 150 years of combined experience in the research, development and production of polysilicon and the precursor gas ultra-pure trichlorosilane. Dr. Wang is a veteran silicon scientist of over 25 years and spent 18 years at the National Renewable Energy Laboratory of the U.S. Department of Energy in Colorado where he was the leading silicon material scientist and a project leader. He received his Ph.D in applied physics from the Colorado School of Mines in the United States.
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com .
SAN FRANCISCO, Calif., Oct. 25 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced that it has entered into a definitive contract with Asia Silicon Co., Ltd. to purchase high purity polysilicon from Asia Silicon with a total value of up to $1.5 billion over a seven-year period.
The polysilicon supplied by this agreement during the seven-year period is subject to the acceptance of product deliveries and other conditions. The contract provides for the delivery of a volume range of polysilicon each year at fixed prices, using a take-or-pay approach, with delivery beginning in the second half of 2008. A predetermined annual price reduction curve will provide Suntech with high purity polysilicon at prices lower than any of Suntech's other contracts.
''This contract with Asia Silicon will form a critical element of Suntech's polysilicon supply portfolio as the average price paid under the contract is so low that we believe that it reflects what is essentially grid parity pricing for Suntech, when combined with our high efficiency solar cells and world class low cost of production,'' said Dr. Zhengrong Shi, Suntech's Chairman and CEO. ''We believe that this is truly transformational, with the price decreasing to substantially below $40 per kilogram, as it enables Suntech to be at the forefront of leading the solar industry towards an environment without government subsidies or incentives.''
Asia Silicon is deep in the process of building a state-of-the-art polysilicon plant in Qinghai, China with polysilicon production capacity targets of 2,000 metric tons by July of 2008 and over 6,000 metric tons by the end of 2010. The polysilicon plant will utilize the low-risk, well-proven trichlorosilane-based advanced Siemens production process and has already achieved impressive milestones in its development. Plant design started early last year and orders for equipment and engineering services from industry leading vendors including GT Solar Incorporated, Centrotherm GmbH/SiQ GmbH/Solmic GmbH, and Chemical Design, Inc. have been in the pipeline for almost a year. Up to 80% of electricity used in Asia Silicon's production of polysilicon will be supplied from renewable energy hydropower sources with a pricing structure that is among the lowest industrial electricity rates in China.
''The new polysilicon plant will employ best of class production equipment and processes, and is headed by Dr. Tihu Wang, one of the world's leading polysilicon material scientists. Dr. Wang has built a formidable team of talented scientists, engineers and operations professionals to execute on Asia Silicon's aggressive growth plan and we are very confident in their ability to produce high purity polysilicon,'' said Dr. Shi.
Dr. Tihu Wang, Asia Silicon's CEO said: ''We are delighted to enter this partnership with Suntech, one of the world's premier solar cell and module producers. This agreement is a milestone achievement for Asia Silicon and will support our development over the long term. With Suntech's impressive growth as an example, we look forward to rapidly developing and expanding our production capacity of high quality polysilicon.''
Commenting on the progress of the plant development, Dr. Wang said: ''I am very pleased with the progress we have made so far. Plant construction has been underway during 2007 achieving impressive milestones and we are on- schedule to complete the construction work and to start polysilicon production in the second half of 2008. We believe that we will have among the lowest production costs in the industry with our 20 year low cost electricity agreement as well as a capex plan that is half the cost of some other polysilicon producers.''
Asia Silicon has assembled an expert technical team that has over 150 years of combined experience in the research, development and production of polysilicon and the precursor gas ultra-pure trichlorosilane. Dr. Wang is a veteran silicon scientist of over 25 years and spent 18 years at the National Renewable Energy Laboratory of the U.S. Department of Energy in Colorado where he was the leading silicon material scientist and a project leader. He received his Ph.D in applied physics from the Colorado School of Mines in the United States.
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com .
Friday, October 26, 2007
ReneSola enters polysilicon supply agreement with China's Sichuan Yongxiang
LONDON (Thomson Financial) - ReneSola Ltd said it has entered into a polysilicon supply agreement with China's Sichuan Yongxiang Polysilicon Co Ltd, adding that the deal is an important step in its polysilicon procurement strategy.
Under the agreement, Yongxiang will supply a total of 3,700 tonnes of virgin polysilicon, which is sufficient for about 450MW of wafer production, over a three year period commencing in the second half of 2008.
The polysilicon will be manufactured at Yongxiang's facility in Sichuan province, China, and is expected to be fully commissioned during the second half of 2008.
Chief executive Xian Shou Li said, 'The polysilicon from Yongxiang Polysilicon will supplement the supply from our polysilicon joint venture announced at the time of the second-quarter results and our supply from other sources.'
TFN.newsdesk@thomson.com
Under the agreement, Yongxiang will supply a total of 3,700 tonnes of virgin polysilicon, which is sufficient for about 450MW of wafer production, over a three year period commencing in the second half of 2008.
The polysilicon will be manufactured at Yongxiang's facility in Sichuan province, China, and is expected to be fully commissioned during the second half of 2008.
Chief executive Xian Shou Li said, 'The polysilicon from Yongxiang Polysilicon will supplement the supply from our polysilicon joint venture announced at the time of the second-quarter results and our supply from other sources.'
TFN.newsdesk@thomson.com
Trina Solar Signs Long-Term Supply Agreement with Nitol Group
October 24, 2007: 08:30 AM EST
CHANGZHOU, China, Oct. 24 /Xinhua-PRNewswire-FirstCall/ -- Trina Solar Limited (''Trina Solar'' or the ''Company''), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules founded in 1997, announced today that the Company has signed a long-term silicon supply agreement with Nitol Group.
Nitol Group, a Russian chemical company based in Moscow, currently produces trichlorosilane and is constructing a polysilicon production facility. Under this five-year agreement, Nitol Group will supply Trina Solar with virgin polysilicon sufficient to produce over 200MW of modules in aggregate. While the delivery of polysilicon will start in 2009, Trina Solar will have the opportunity to purchase polysilicon in 2008 from a pool of unallocated production.
''The cooperation with Nitol will enhance our production capabilities in the coming years and further our expansion goals,'' said Jifan Gao, Trina Solar's Chairman and CEO. ''Trina Solar has a great deal of confidence in the success of Nitol's polysilicon production capabilities, as Nitol has the potential to become one of the top global manufacturers of polysilicon.''
''The Nitol team is very pleased to work with Trina Solar as a long-term partner,'' stated Dmitry Kotenko, Nitol's CEO. ''Trina Solar is one of the leaders in the PV industry due to its vertically integrated business model and its experienced management team and we intend to grow our business more rapidly with Trina Solar as a customer.''
This long-term silicon supply agreement will enhance Trina Solar's management of raw material supplies and strengthen its position as a leading global PV manufacturer. Prior to this contract, the company had secured over 60% of polysilicon requirements for its 2008 planned production.
About Trina Solar Limited
Trina Solar Limited , through its wholly-owned subsidiary Changzhou Trina Solar Energy Co. Ltd, is a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is currently one of the few PV manufactures that has developed a vertically integrated business model from the production of monocrystalline ingots, wafers and cells to the assembly of high quality modules. This integrated value chain helps to ensure that high quality products can be delivered to its end customers around the globe, including a number of European countries, such as Germany, Spain and Italy. Trina Solar's solar modules provide reliable and environmentally- friendly electric power for residential, commercial, industrial and other applications worldwide. Trina Solar successfully completed its initial public offering on the New York Stock Exchange in December, 2006 and its ADSs are traded under the ticker symbol TSL. For further information, please visit Trina Solar's website at http://www.trinasolar.com .
About Nitol Group
Nitol Group is a Russian vertically integrated chemical company that has operated successfully since 1936. Quality certificates issued by international experts including SGS and Saybolt demonstrate Nitol's high product quality. The silicon division is specialized in production of chlorosilines and polysilicon for solar energy. Nitol's silicon production facility is located in the Irkutsk region of Russia.
CHANGZHOU, China, Oct. 24 /Xinhua-PRNewswire-FirstCall/ -- Trina Solar Limited (''Trina Solar'' or the ''Company''), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules founded in 1997, announced today that the Company has signed a long-term silicon supply agreement with Nitol Group.
Nitol Group, a Russian chemical company based in Moscow, currently produces trichlorosilane and is constructing a polysilicon production facility. Under this five-year agreement, Nitol Group will supply Trina Solar with virgin polysilicon sufficient to produce over 200MW of modules in aggregate. While the delivery of polysilicon will start in 2009, Trina Solar will have the opportunity to purchase polysilicon in 2008 from a pool of unallocated production.
''The cooperation with Nitol will enhance our production capabilities in the coming years and further our expansion goals,'' said Jifan Gao, Trina Solar's Chairman and CEO. ''Trina Solar has a great deal of confidence in the success of Nitol's polysilicon production capabilities, as Nitol has the potential to become one of the top global manufacturers of polysilicon.''
''The Nitol team is very pleased to work with Trina Solar as a long-term partner,'' stated Dmitry Kotenko, Nitol's CEO. ''Trina Solar is one of the leaders in the PV industry due to its vertically integrated business model and its experienced management team and we intend to grow our business more rapidly with Trina Solar as a customer.''
This long-term silicon supply agreement will enhance Trina Solar's management of raw material supplies and strengthen its position as a leading global PV manufacturer. Prior to this contract, the company had secured over 60% of polysilicon requirements for its 2008 planned production.
About Trina Solar Limited
Trina Solar Limited , through its wholly-owned subsidiary Changzhou Trina Solar Energy Co. Ltd, is a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is currently one of the few PV manufactures that has developed a vertically integrated business model from the production of monocrystalline ingots, wafers and cells to the assembly of high quality modules. This integrated value chain helps to ensure that high quality products can be delivered to its end customers around the globe, including a number of European countries, such as Germany, Spain and Italy. Trina Solar's solar modules provide reliable and environmentally- friendly electric power for residential, commercial, industrial and other applications worldwide. Trina Solar successfully completed its initial public offering on the New York Stock Exchange in December, 2006 and its ADSs are traded under the ticker symbol TSL. For further information, please visit Trina Solar's website at http://www.trinasolar.com .
About Nitol Group
Nitol Group is a Russian vertically integrated chemical company that has operated successfully since 1936. Quality certificates issued by international experts including SGS and Saybolt demonstrate Nitol's high product quality. The silicon division is specialized in production of chlorosilines and polysilicon for solar energy. Nitol's silicon production facility is located in the Irkutsk region of Russia.
Inventory allegations only paint a partial picture - LDK
By Terry Wang and James Morschel
Shanghai. October 23. INTERFAX-CHINA - Allegations of misrepresented inventory figures made by a former employee of LDK Solar Co. Ltd., a large Chinese-based solar wafer manufacturer listed in the United States, hold some truth but only paint a partial picture of the company's inventory situation, a senior official with the company told Interfax today.
The company's former financial controller, Charley Situ, publicly alleged in late September that LDK Solar had an inventory discrepancy of 250 tons of polysilicon, and that inventory quality was poor.
When LDK Solar's Executive Vice President and CFO Jack Lai spoke with Interfax today, Lai stated that the information released by Situ is "authentic and accurate, but offers only a partial picture," and described Situ as a "disgruntled employee".
Lai is quite certain that there is no problem with the company's raw material, and argued that the large wafer supply agreements it has recently signed demonstrates that production is normal.
Since Sept. 27, LDK Solar has signed agreements to supply wafers to Mosel Vitelic, Solartech Energy, Chinalight Solar, Solarfun Power and Canadian Solar. Taken together, the five agreements are valued at around $1.35 billion.
"We are supplying solar wafers to the world largest solar cell makers, and orders have already been signed for wafer deliveries in 2008 and 2009. If we really have a problem, would such companies still be relying on us for their wafer supplies?" Lai stated.
LDK Solar's first official response to the allegations came on Oct. 4, with the company releasing a statement saying that its management team and board of directors had formed an internal committee to investigate the allegations, but that no material discrepancies had been found. The company also stated that the allegations made by Situ had no merit.
At the same time, the company also asked an independent auditing firm, KPMG, to conduct a separate, independent review of its inventory.
Lai said that the audit is still being carried out, and that the company will announce the results when it is complete.
Following the allegations, LDK Solar's share price slumped considerably from a peak price of $73.95 on Sept. 27 to $37.26 on Oct. 8. Its share price did rebound when it refuted the allegations, only to fall again soon after. LDK Solar's stock closed at $35.68 last Friday.
However, the approximately 50 percent fall in the company's share price has not yet led all investment bank analysts to downgrade their ratings for the company.
Jesse W. Pichel, a clean energy analyst with Piper Jaffray, maintained his "Outperform" rating for LDK Solar in a report released on Oct. 4, and Needham & Company upgraded their rating for the company to "Strong Buy" on Oct. 10.
In addition, the company has also started construction of a polysilicon production plant in its base city of Xinyu in Jiangxi Province. The company expects that the project can attain an annual polysilicon production capacity of 6,000 tons by the end of 2008, and 15,000 tons by the end of 2009.
During the telephone interview, Lai said he is quite confident about the company's ambitious development plan. "We will make progress at a pace of 100 percent growth annually," Lai said. According to the company's plan, it will reach solar wafers production capacity of 400 megawatts by the end of this year, 800 megawatts by the end of 2008 and 1,600 megawatts by the end of 2009.
LDK Solar was incorporated in July 2005 and launched its IPO in New York in June this year. Its IPO raised $469 million in total, the most capital ever to be raised by a Chinese solar power companies in such a fashion.
As of June 30, the company had an annual solar wafer production capacity of 300 megawatts, making it the third largest supplier in the world. During the first half of this year, the company earned a net income of $53.28 million.
Shanghai. October 23. INTERFAX-CHINA - Allegations of misrepresented inventory figures made by a former employee of LDK Solar Co. Ltd., a large Chinese-based solar wafer manufacturer listed in the United States, hold some truth but only paint a partial picture of the company's inventory situation, a senior official with the company told Interfax today.
The company's former financial controller, Charley Situ, publicly alleged in late September that LDK Solar had an inventory discrepancy of 250 tons of polysilicon, and that inventory quality was poor.
When LDK Solar's Executive Vice President and CFO Jack Lai spoke with Interfax today, Lai stated that the information released by Situ is "authentic and accurate, but offers only a partial picture," and described Situ as a "disgruntled employee".
Lai is quite certain that there is no problem with the company's raw material, and argued that the large wafer supply agreements it has recently signed demonstrates that production is normal.
Since Sept. 27, LDK Solar has signed agreements to supply wafers to Mosel Vitelic, Solartech Energy, Chinalight Solar, Solarfun Power and Canadian Solar. Taken together, the five agreements are valued at around $1.35 billion.
"We are supplying solar wafers to the world largest solar cell makers, and orders have already been signed for wafer deliveries in 2008 and 2009. If we really have a problem, would such companies still be relying on us for their wafer supplies?" Lai stated.
LDK Solar's first official response to the allegations came on Oct. 4, with the company releasing a statement saying that its management team and board of directors had formed an internal committee to investigate the allegations, but that no material discrepancies had been found. The company also stated that the allegations made by Situ had no merit.
At the same time, the company also asked an independent auditing firm, KPMG, to conduct a separate, independent review of its inventory.
Lai said that the audit is still being carried out, and that the company will announce the results when it is complete.
Following the allegations, LDK Solar's share price slumped considerably from a peak price of $73.95 on Sept. 27 to $37.26 on Oct. 8. Its share price did rebound when it refuted the allegations, only to fall again soon after. LDK Solar's stock closed at $35.68 last Friday.
However, the approximately 50 percent fall in the company's share price has not yet led all investment bank analysts to downgrade their ratings for the company.
Jesse W. Pichel, a clean energy analyst with Piper Jaffray, maintained his "Outperform" rating for LDK Solar in a report released on Oct. 4, and Needham & Company upgraded their rating for the company to "Strong Buy" on Oct. 10.
In addition, the company has also started construction of a polysilicon production plant in its base city of Xinyu in Jiangxi Province. The company expects that the project can attain an annual polysilicon production capacity of 6,000 tons by the end of 2008, and 15,000 tons by the end of 2009.
During the telephone interview, Lai said he is quite confident about the company's ambitious development plan. "We will make progress at a pace of 100 percent growth annually," Lai said. According to the company's plan, it will reach solar wafers production capacity of 400 megawatts by the end of this year, 800 megawatts by the end of 2008 and 1,600 megawatts by the end of 2009.
LDK Solar was incorporated in July 2005 and launched its IPO in New York in June this year. Its IPO raised $469 million in total, the most capital ever to be raised by a Chinese solar power companies in such a fashion.
As of June 30, the company had an annual solar wafer production capacity of 300 megawatts, making it the third largest supplier in the world. During the first half of this year, the company earned a net income of $53.28 million.
Suntech Opens U.S. Headquarters in San Francisco
October 23, 2007: 08:00 AM EST
SAN FRANCISCO, Oct. 23 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced the opening of its headquarters in San Francisco. San Francisco Mayor Mr. Gavin Newsom and Suntech's Chairman and CEO, Dr. Zhengrong Shi, officially opened the new headquarters office at a press conference held at 2.30pm Pacific Time on Monday, October 22, 2007 at the San Francisco City Hall.
''The establishment of Suntech's U.S. base in San Francisco reflects the growing importance of the solar industry in San Francisco and a long-standing commitment of the City to encourage investment in renewable energy,'' said Mayor Newsom.
Dr. Zhengrong Shi, Suntech's Chairman and CEO, said: ''We are very pleased to locate our U.S. headquarters in San Francisco and thank Mayor Newsom and his team for their support. As we conducted our search for this site throughout the U.S., we were particularly impressed by the awareness of climate change issues, the quality and sophistication of the customers and partners and the high level of talent within the San Francisco Bay Area and California. In addition, we were very impressed with the progressiveness of various Bay Area city governments as demonstrated by San Francisco and Oakland with various public-private partnership initiatives to foster renewable energy. We hope to participate more meaningfully within the community in broader initiatives such as these.''
''We have already built a strong sales team across the U.S. that has expanded sales nearly sixfold between 2006 and this year,'' continued Dr. Shi. ''In direct response to customer and partner feedback, we have created a U.S. based team at this new headquarters to provide a diverse range of capabilities to both supplement our sales efforts and accelerate our U.S. business development initiatives. This expansion is also founded on our belief that the U.S. will become the largest solar market globally in coming years. In many ways, California has led that initiative having among the longest histories of PV system adoption and most recently demonstrated by the $3.3 billion California Solar Initiative.''
San Francisco is also the site of two of Suntech's key projects in the U.S. Together with its San Francisco-based partner Bass Electric, Suntech recently completed a 500kW solar system at the San Francisco International Airport's Terminal 3. In addition, Suntech collaborated with California-based Open Energy Corporation to provide a glass-on-glass building integrated PV (BIPV) solar system at the California Academy of Science which demonstrates growing traction for the company's BIPV products in the U.S. Suntech also has partnered with Bay Area company, Akeena Solar, Inc. to produce its patent- pending high performance solar panel systems.
The contact details for Suntech new U.S. headquarters are:
188 The Embarcadero, Suite 800
San Francisco, CA 94105
Tel: +1-415-882-9922
Fax: +1-415-882-9923
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com .
Suntech America, Inc. is a wholly-owned subsidiary of Suntech Power Holdings Co., Ltd., with responsibility for the distribution of Suntech products in the Americas. For more information about Suntech America's product offerings please contact Tel: +1-415-882-9922, Fax: +1-415-882-9923 or email: sales@suntechamerica.com.
SAN FRANCISCO, Oct. 23 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced the opening of its headquarters in San Francisco. San Francisco Mayor Mr. Gavin Newsom and Suntech's Chairman and CEO, Dr. Zhengrong Shi, officially opened the new headquarters office at a press conference held at 2.30pm Pacific Time on Monday, October 22, 2007 at the San Francisco City Hall.
''The establishment of Suntech's U.S. base in San Francisco reflects the growing importance of the solar industry in San Francisco and a long-standing commitment of the City to encourage investment in renewable energy,'' said Mayor Newsom.
Dr. Zhengrong Shi, Suntech's Chairman and CEO, said: ''We are very pleased to locate our U.S. headquarters in San Francisco and thank Mayor Newsom and his team for their support. As we conducted our search for this site throughout the U.S., we were particularly impressed by the awareness of climate change issues, the quality and sophistication of the customers and partners and the high level of talent within the San Francisco Bay Area and California. In addition, we were very impressed with the progressiveness of various Bay Area city governments as demonstrated by San Francisco and Oakland with various public-private partnership initiatives to foster renewable energy. We hope to participate more meaningfully within the community in broader initiatives such as these.''
''We have already built a strong sales team across the U.S. that has expanded sales nearly sixfold between 2006 and this year,'' continued Dr. Shi. ''In direct response to customer and partner feedback, we have created a U.S. based team at this new headquarters to provide a diverse range of capabilities to both supplement our sales efforts and accelerate our U.S. business development initiatives. This expansion is also founded on our belief that the U.S. will become the largest solar market globally in coming years. In many ways, California has led that initiative having among the longest histories of PV system adoption and most recently demonstrated by the $3.3 billion California Solar Initiative.''
San Francisco is also the site of two of Suntech's key projects in the U.S. Together with its San Francisco-based partner Bass Electric, Suntech recently completed a 500kW solar system at the San Francisco International Airport's Terminal 3. In addition, Suntech collaborated with California-based Open Energy Corporation to provide a glass-on-glass building integrated PV (BIPV) solar system at the California Academy of Science which demonstrates growing traction for the company's BIPV products in the U.S. Suntech also has partnered with Bay Area company, Akeena Solar, Inc. to produce its patent- pending high performance solar panel systems.
The contact details for Suntech new U.S. headquarters are:
188 The Embarcadero, Suite 800
San Francisco, CA 94105
Tel: +1-415-882-9922
Fax: +1-415-882-9923
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com .
Suntech America, Inc. is a wholly-owned subsidiary of Suntech Power Holdings Co., Ltd., with responsibility for the distribution of Suntech products in the Americas. For more information about Suntech America's product offerings please contact Tel: +1-415-882-9922, Fax: +1-415-882-9923 or email: sales@suntechamerica.com.
LDK Gets $534M Deal With Canadian Solar
Oct. 22, 2007, 6:48AM
© 2007 The Associated Press
NEW YORK — Chinese manufacturer LDK Solar Co. Ltd. said Monday it signed a contract worth about $534 million to supply solar wafers to solar cell maker Canadian Solar Inc.
Under the terms of the three year deal, LDK will begin delivery of the multicrystalline wafers in 2008, with 50 megawatts worth of capacity slated for the first year.
One megawatt of electricity powers 778 households per year, according to the U.S. Department of Energy.
LDK, located in Xinyu City, China, valued the contract at 4 billion Chinese yuan ($533.5 million). Canadian Solar is based in Suzhou, China.
© 2007 The Associated Press
NEW YORK — Chinese manufacturer LDK Solar Co. Ltd. said Monday it signed a contract worth about $534 million to supply solar wafers to solar cell maker Canadian Solar Inc.
Under the terms of the three year deal, LDK will begin delivery of the multicrystalline wafers in 2008, with 50 megawatts worth of capacity slated for the first year.
One megawatt of electricity powers 778 households per year, according to the U.S. Department of Energy.
LDK, located in Xinyu City, China, valued the contract at 4 billion Chinese yuan ($533.5 million). Canadian Solar is based in Suzhou, China.
Saturday, October 20, 2007
Solarfun purchases wafers from LDK
Filed from Houston 10/18/2007 2:00:23 PM GMT
CHINA: LDK Solar Co. Ltd., a manufacturer of multicrystalline solar wafers, signed a contract to supply multicrystalline solar wafers to China-based Solarfun Power Holdings Co. Ltd. Under the terms of the agreement, pricing is fixed for the entire contract period, during which LDK will deliver wafers to Solarfun valued at approximately US$266 million, with delivery commencing in early 2008 and running through 2010.
CHINA: LDK Solar Co. Ltd., a manufacturer of multicrystalline solar wafers, signed a contract to supply multicrystalline solar wafers to China-based Solarfun Power Holdings Co. Ltd. Under the terms of the agreement, pricing is fixed for the entire contract period, during which LDK will deliver wafers to Solarfun valued at approximately US$266 million, with delivery commencing in early 2008 and running through 2010.
Suntech Announces 510MW Wafer Supply Agreement with ReneSola
October 18, 2007: 08:00 AM EST
WUXI, China, Oct. 18 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced an agreement with ReneSola Ltd (AIM: SOLA), a leading manufacturer of wafers for the photovoltaic industry, to purchase 510MW of silicon wafers over a four-year period beginning in January 2008.
"We are very pleased to announce this expanded relationship with our long time supplier ReneSola, a rapidly growing producer of high quality silicon wafers," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "This agreement demonstrates Suntech's ability to continue to secure a high volume of silicon despite the industry shortage."
Dr. Shi added, "These silicon wafers will supplement our already healthy and diversified supply outlook for the next four years as well as enable us to increase our production of high efficiency solar cells and achieve our market expansion goals faster than we originally anticipated."
Mr. Xianshou Li, ReneSola's CEO, said: "We are excited to expand our long term strategic relationship with Suntech, one of the global leaders in the solar industry. We consider Suntech to be one of our long term cornerstone customers and hope to grow together successfully as we focus on rapidly expanding our capacity to deliver high quality wafers."
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com .
WUXI, China, Oct. 18 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced an agreement with ReneSola Ltd (AIM: SOLA), a leading manufacturer of wafers for the photovoltaic industry, to purchase 510MW of silicon wafers over a four-year period beginning in January 2008.
"We are very pleased to announce this expanded relationship with our long time supplier ReneSola, a rapidly growing producer of high quality silicon wafers," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "This agreement demonstrates Suntech's ability to continue to secure a high volume of silicon despite the industry shortage."
Dr. Shi added, "These silicon wafers will supplement our already healthy and diversified supply outlook for the next four years as well as enable us to increase our production of high efficiency solar cells and achieve our market expansion goals faster than we originally anticipated."
Mr. Xianshou Li, ReneSola's CEO, said: "We are excited to expand our long term strategic relationship with Suntech, one of the global leaders in the solar industry. We consider Suntech to be one of our long term cornerstone customers and hope to grow together successfully as we focus on rapidly expanding our capacity to deliver high quality wafers."
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com .
Friday, October 19, 2007
China Sunergy Signs Sales Agreement With German Module Manufacturer aleo solar AG
Under the Terms China Sunergy Will Supply at Least 30 MW of Solar Cells in 2008
October 18, 2007: 01:30 AM EST
NANJING, China, Oct. 18 /Xinhua-PRNewswire/ -- China Sunergy Co. Ltd. , a specialized solar cell manufacturer based in Nanjing, China, announced today that it has signed a solar cell supply agreement (the ''Agreement'') with aleo solar AG (''aleo''), a leading German solar module manufacturer, to supply at least 30 MW of high quality silicon solar cells in 2008.
China Sunergy will supply 10 MW of solar cells to aleo during the first half of 2008, and deliver the additional 20 MW during the second half of the year. aleo also owns an option to buy an additional 10 MW from China Sunergy in 2008. The negotiations regarding this option will be finalized before June 1st, 2008. The price for the first half of 2008 is fixed and both parties agree to fix the price for the second half of 2008 before March 30th, 2008.
In addition to the supply agreement in 2008, both parties have agreed to explore a longer-term business relationship extending into 2009. Details of this longer-term relationship will be negotiated by June next year.
The average conversion efficiency of the solar cells China Sunergy will supply should be no less than 16%, according to the terms of the Agreement.
Commenting on the Agreement, Allen Wang, CEO of China Sunergy, said: ''One of my key objectives has been to enlarge and diversify our customer base and this new agreement is another important step in that direction. Even though this Agreement and the recent wafer and polysilicon supply contracts are very positive developments as we look into 2008, I remain cautious about the outlook for the remainder of the year given the continued tight wafer supply and rise in wafer pricing that we have experienced so far in the second half of 2007.''
About China Sunergy Co., Ltd.:
China Sunergy Co., Ltd. ("China Sunergy") is a leading manufacturer of solar cell products in China as measured by production capacity. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets. For more information please visit http://www.chinasunergy.com .
October 18, 2007: 01:30 AM EST
NANJING, China, Oct. 18 /Xinhua-PRNewswire/ -- China Sunergy Co. Ltd. , a specialized solar cell manufacturer based in Nanjing, China, announced today that it has signed a solar cell supply agreement (the ''Agreement'') with aleo solar AG (''aleo''), a leading German solar module manufacturer, to supply at least 30 MW of high quality silicon solar cells in 2008.
China Sunergy will supply 10 MW of solar cells to aleo during the first half of 2008, and deliver the additional 20 MW during the second half of the year. aleo also owns an option to buy an additional 10 MW from China Sunergy in 2008. The negotiations regarding this option will be finalized before June 1st, 2008. The price for the first half of 2008 is fixed and both parties agree to fix the price for the second half of 2008 before March 30th, 2008.
In addition to the supply agreement in 2008, both parties have agreed to explore a longer-term business relationship extending into 2009. Details of this longer-term relationship will be negotiated by June next year.
The average conversion efficiency of the solar cells China Sunergy will supply should be no less than 16%, according to the terms of the Agreement.
Commenting on the Agreement, Allen Wang, CEO of China Sunergy, said: ''One of my key objectives has been to enlarge and diversify our customer base and this new agreement is another important step in that direction. Even though this Agreement and the recent wafer and polysilicon supply contracts are very positive developments as we look into 2008, I remain cautious about the outlook for the remainder of the year given the continued tight wafer supply and rise in wafer pricing that we have experienced so far in the second half of 2007.''
About China Sunergy Co., Ltd.:
China Sunergy Co., Ltd. ("China Sunergy") is a leading manufacturer of solar cell products in China as measured by production capacity. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets. For more information please visit http://www.chinasunergy.com .
Yingli Adopts Shareholder Rights Plan
2007 The Associated Press
NEW YORK — Chinese solar product manufacturer Yingli Green Energy Holding Co. Ltd. said Wednesday its board adopted a shareholder rights plan with a 15 percent trigger, designed to protect the best interests of the company and its shareholders against a hostile takeover.
Under the plan, shareholders will receive one right for each share held at Oct. 26, Yingli said.
The rights will become exercisable if a person or group obtains ownership of 15 percent or more of the company's ordinary shares, or attempts to acquire the company without board approval. The plan will remain in effect until Oct. 17, 2017, unless redeemed or terminated earlier by the company, Yingli said.
Yingli's American Depositary Receipts rose 62 cents to $31.75 in morning trading.
NEW YORK — Chinese solar product manufacturer Yingli Green Energy Holding Co. Ltd. said Wednesday its board adopted a shareholder rights plan with a 15 percent trigger, designed to protect the best interests of the company and its shareholders against a hostile takeover.
Under the plan, shareholders will receive one right for each share held at Oct. 26, Yingli said.
The rights will become exercisable if a person or group obtains ownership of 15 percent or more of the company's ordinary shares, or attempts to acquire the company without board approval. The plan will remain in effect until Oct. 17, 2017, unless redeemed or terminated earlier by the company, Yingli said.
Yingli's American Depositary Receipts rose 62 cents to $31.75 in morning trading.
Suntech Supplies MSK BIPV Skylight System to Green REI Store
October 16, 2007: 08:00 AM EST
WUXI, China, Oct. 16 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced that it has supplied a custom designed MSK building integrated photovoltaic (BIPV) Light Thru skylight system to Recreational Equipment, Inc. (REI), a national retail cooperative providing quality outdoor gear and clothing, for their prototype store, which officially opened on Friday, Oct. 5th in Boulder, Colo.
"This installation in REI's prototype store is just one example of the extensive interest in building integrated solar technology that we are seeing in the U.S.," said Len May, Suntech America's Vice President of Business Development for MSK BIPV Products. "Commercial enterprises, public institutions, and private home owners are all driving demand for green energy and building integrated solar solutions are well suited to meet this demand."
The 42,000-square-foot store, a renovation and expansion of REI's existing Boulder location, is designed to meet the U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED(R)) Silver standards for commercial interiors. The state of the art facility highlights a number of innovative green building technologies, such as BIPV. The MSK BIPV Light Thru skylight system is comprised of a highly aesthetic laminated glass product integrated with crystalline photovoltaic cells. BIPV glazing has dual functionality as a generator of clean electricity and as a shading device to reduce solar heat gain, further reducing energy costs.
"In contrast to standard PV modules, the semi-transparent BIPV glass panels transmit light at the same time as generating solar electricity. Integrating the photovoltaic cells directly into the building skin also reduces material costs and greatly enhances the aesthetics of the solar system," said Mr. May.
REI has embraced the idea of integrating photovoltaics into the design of its prototype by building an 'interior monument' under the BIPV skylight. Three peaks located at the front of the store will be a focal point on the retail floor and will draw customers' vision up to the BIPV system.
BIPV consulting firm Solar Design Associates (SDA) worked with design firm Gensler to design the photovoltaic glass into the building. SDA President Steven Strong commented, "There is growing demand for architecture that combines attractive design with environmentally friendly building products. Building integrated solar systems are a fantastic way to achieve this objective."
"REI's Boulder store builds on our more than 10 years of green building experience, and helps us test concepts that will pave the way for how our stores are built in the future, including design, material selections and use of technology," said Dean Iwata, REI's director of store development. Using LEED certification standards, REI plans to incorporate green elements into future buildings. REI's new distribution center in Bedford, Pa. and other prototype stores will include many of the innovative and environmentally sound features found in the Boulder store. A comprehensive summary of the store's green building features is available on REI's website at http://www.rei.com/greenbuilding/boulder .
About Gensler
Gensler is a leading global design, planning and strategic consulting firm. The firm has been a champion of sustainable design for many years. In 2005, Gensler received the Leadership Award from the U.S. Green Building Council for its commitment to the advancement of sustainable design.
About Solar Design Associates
Solar Design Associates is an interdisciplinary group of dedicated professionals working to create a sustainable built environment. Since its founding in 1974, the firm has earned an international reputation for the pioneering integration of renewable energy systems -- especially solar electricity -- and environmentally responsive building design. SDA offers services in project planning, building design, energy systems engineering and technology development to architects, private, commercial, government and institutional clients.
http://www.solardesign.com/index.html
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com .
Suntech America, Inc. is a wholly-owned subsidiary of Suntech Power Holdings Co., Ltd with responsibility for the distribution of Suntech products in the Americas. For more information about Suntech America's product offerings please contact Roger Efird, tel: +1 (301) 774-3430 or email: sales@suntechamerica.com .
WUXI, China, Oct. 16 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced that it has supplied a custom designed MSK building integrated photovoltaic (BIPV) Light Thru skylight system to Recreational Equipment, Inc. (REI), a national retail cooperative providing quality outdoor gear and clothing, for their prototype store, which officially opened on Friday, Oct. 5th in Boulder, Colo.
"This installation in REI's prototype store is just one example of the extensive interest in building integrated solar technology that we are seeing in the U.S.," said Len May, Suntech America's Vice President of Business Development for MSK BIPV Products. "Commercial enterprises, public institutions, and private home owners are all driving demand for green energy and building integrated solar solutions are well suited to meet this demand."
The 42,000-square-foot store, a renovation and expansion of REI's existing Boulder location, is designed to meet the U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED(R)) Silver standards for commercial interiors. The state of the art facility highlights a number of innovative green building technologies, such as BIPV. The MSK BIPV Light Thru skylight system is comprised of a highly aesthetic laminated glass product integrated with crystalline photovoltaic cells. BIPV glazing has dual functionality as a generator of clean electricity and as a shading device to reduce solar heat gain, further reducing energy costs.
"In contrast to standard PV modules, the semi-transparent BIPV glass panels transmit light at the same time as generating solar electricity. Integrating the photovoltaic cells directly into the building skin also reduces material costs and greatly enhances the aesthetics of the solar system," said Mr. May.
REI has embraced the idea of integrating photovoltaics into the design of its prototype by building an 'interior monument' under the BIPV skylight. Three peaks located at the front of the store will be a focal point on the retail floor and will draw customers' vision up to the BIPV system.
BIPV consulting firm Solar Design Associates (SDA) worked with design firm Gensler to design the photovoltaic glass into the building. SDA President Steven Strong commented, "There is growing demand for architecture that combines attractive design with environmentally friendly building products. Building integrated solar systems are a fantastic way to achieve this objective."
"REI's Boulder store builds on our more than 10 years of green building experience, and helps us test concepts that will pave the way for how our stores are built in the future, including design, material selections and use of technology," said Dean Iwata, REI's director of store development. Using LEED certification standards, REI plans to incorporate green elements into future buildings. REI's new distribution center in Bedford, Pa. and other prototype stores will include many of the innovative and environmentally sound features found in the Boulder store. A comprehensive summary of the store's green building features is available on REI's website at http://www.rei.com/greenbuilding/boulder .
About Gensler
Gensler is a leading global design, planning and strategic consulting firm. The firm has been a champion of sustainable design for many years. In 2005, Gensler received the Leadership Award from the U.S. Green Building Council for its commitment to the advancement of sustainable design.
About Solar Design Associates
Solar Design Associates is an interdisciplinary group of dedicated professionals working to create a sustainable built environment. Since its founding in 1974, the firm has earned an international reputation for the pioneering integration of renewable energy systems -- especially solar electricity -- and environmentally responsive building design. SDA offers services in project planning, building design, energy systems engineering and technology development to architects, private, commercial, government and institutional clients.
http://www.solardesign.com/index.html
About Suntech
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com .
Suntech America, Inc. is a wholly-owned subsidiary of Suntech Power Holdings Co., Ltd with responsibility for the distribution of Suntech products in the Americas. For more information about Suntech America's product offerings please contact Roger Efird, tel: +1 (301) 774-3430 or email: sales@suntechamerica.com .
Friday, October 12, 2007
LDK Solar continues to make deals
October 10, 2007
The company announces its first supply contract since disclosing accusations of inventory discrepancies.
It's business as usual at Xinyu, China's LDK Solar (NYSE: LDK). The company announced today its first supply contract since word leaked out of accusations of inventory discrepancies.
LDK signed a three year contract to supply multicrystalline solar wafers to Beijing's Chinalight Solar. LDK valued the deal at RMB 1 billion, with delivery expected to start in 2008.
The company disclosed last week that it fired its financial controller "for cause" in September, after he spent just seven months on the job. The ex-controller claimed the company has poor inventory controls.
LDK said its management conducted an internal investigation and physical inventory counts and found no material discrepancies.
The company also said its audit committee is conducting a review, which will be disclosed to the public when it's complete.
LDK manufactures multicrystalline solar wafers, which are the principal raw material used to produce solar cells, using both virgin and recyclable polysilicon for ingot production.
This week, the company boosted its third quarter revenue guidance to $140 million to $150 million, up from $115 million to $125 million.
The company announces its first supply contract since disclosing accusations of inventory discrepancies.
It's business as usual at Xinyu, China's LDK Solar (NYSE: LDK). The company announced today its first supply contract since word leaked out of accusations of inventory discrepancies.
LDK signed a three year contract to supply multicrystalline solar wafers to Beijing's Chinalight Solar. LDK valued the deal at RMB 1 billion, with delivery expected to start in 2008.
The company disclosed last week that it fired its financial controller "for cause" in September, after he spent just seven months on the job. The ex-controller claimed the company has poor inventory controls.
LDK said its management conducted an internal investigation and physical inventory counts and found no material discrepancies.
The company also said its audit committee is conducting a review, which will be disclosed to the public when it's complete.
LDK manufactures multicrystalline solar wafers, which are the principal raw material used to produce solar cells, using both virgin and recyclable polysilicon for ingot production.
This week, the company boosted its third quarter revenue guidance to $140 million to $150 million, up from $115 million to $125 million.
Yingli Shines Among Solar Energy Stars
October 10, 2007: 08:05 PM EST
Oct. 11, 2007 (Investor's Business Daily delivered by Newstex) --
As solar stocks continue to power ahead, newcomer Yingli Green Energy is casting a long shadow on its rivals.
The Chinese solar company has seen its stock soar more than 150% since its debut in June.
Most other solar shares have also soared, though their gains over the same period have been far less dramatic.Analysts say the company is catching more attention with new supply agreements to ramp up production. It's also got the size and scale to drive profits and attract the best customers.
"I believe this is the best-positioned company in China," said Jesse Pichel, an analyst with Piper Jaffray (NYSE:PJC) who has an outperform rating on the stock. Yingli YGE has been a Piper Jaffray banking client, and the investment bank expects to do more business with the firm.
There's no doubt that the company is in a hot market. The solar industry continues to grow as governments around the world pour money into programs to spur "clean energy." Companies like Yingli are in the photovoltaic segment of the solar industry that helps businesses and homeowners tap the power of the sun via rooftop solar panels.
In the second quarter the company reported sales of $118 million, up more than 150% from the year-ago period. Thomson Financial had no official estimates for the newly traded company's quarter, but Pichel says sales beat views. The company earned 6 cents per share for the quarter, which the company says also topped estimates.
That's drawing more interest from bigger investors to Yingli and other solar stocks, analysts say.
"Part of it has just to do with momentum in the sector," said Adam Hinckley, an analyst with CIBC World Markets. "There's a lot of institutional money that has not really been involved in the sector. There is now capital inflow into the sector." Hinckley has a sector performer rating on the stock, and his firm has a banking relationship with Yingli.
Although Yingli is new to the U.S. stock market, it's one of the oldest Chinese solar companies around, founded in 1998, Pichel says.
Through its subsidiary Baoding Tianwei Yingli New Energy Resources, the company keeps its costs low with a business model that says, in essence, more is better. The company has brought just about every step of the manufacturing process in-house. Analysts note that Trina Solar (NYSE:TSL) TSL is moving toward this vertical model as well.
The only step Yingli excludes during production is the actual manufacturing of silicon, the basic material used to make photovoltaic solar modules.
After Yingli buys the silicon, it makes the basic polysilicon ingot, then the silicon wafers, then the actual photovoltaic fuel cells. From there, it makes the larger modules and finally the complete solar-energy system.
Miao Qing, Yingli's director of investor relations, says the company has all of its manufacturing process at one central site in China. That means there are no extra transportation costs to move products from one site to the next.
Perhaps most importantly, Yingli avoids paying third-party providers.
"Why let your supplier make margin on wafers when you make the wafer?" Piper Jaffray's Pichel asked. "And why let your supplier make the ingot when you can make the ingot?"
The company had gross margins of about 23% in the quarter, easily beating out other solar players such as China Sunergy CSUN, according to Hinckley.
The company has found the right target market. About 80% of the company's sales come from Spain, where solar expansion is on a tear, Pichel says. Government incentives are a big help in expanding megawatt capacity.
"We thought it was going to be 300 megawatts (of solar) in 2008," Pichel said. "Now it looks like it's 500 megawatts."
China itself is opening up with its own set of government incentives, which could be finalized by the end of the year.
To meet demand, Yingli is expanding production with new equipment. The investments should double its 2007 manufacturing capacity by the end of 2008. Analysts say capacity could then rise 50% in 2009.
Pichel says the company's size should help make it an attractive customer for polysilicon makers.
That's important, since polysilicon is in short supply in the industry. Companies that can't get enough polysilicon can't meet their manufacturing targets.
For example, China Sunergy saw its stock slump 19% in one day in July after announcing difficulties in getting enough polysilicon.
CIBC's Hinckley says he had hesitations about the company's ability to meet supply and manufacturing equipment goals when he initiated coverage in July. But in early September he saw signs that the company's prospects were better than he'd first thought -- and the stock began its big surge.
Later in September, Yingli announced a new deal with Wacker Chemie of Germany. Wacker is set to supply Yingli with polysilicon from 2009 to 2011, enabling it to produce more than 80 megawatts' worth of solar modules over the life of the contract.
Oct. 11, 2007 (Investor's Business Daily delivered by Newstex) --
As solar stocks continue to power ahead, newcomer Yingli Green Energy is casting a long shadow on its rivals.
The Chinese solar company has seen its stock soar more than 150% since its debut in June.
Most other solar shares have also soared, though their gains over the same period have been far less dramatic.Analysts say the company is catching more attention with new supply agreements to ramp up production. It's also got the size and scale to drive profits and attract the best customers.
"I believe this is the best-positioned company in China," said Jesse Pichel, an analyst with Piper Jaffray (NYSE:PJC) who has an outperform rating on the stock. Yingli YGE has been a Piper Jaffray banking client, and the investment bank expects to do more business with the firm.
There's no doubt that the company is in a hot market. The solar industry continues to grow as governments around the world pour money into programs to spur "clean energy." Companies like Yingli are in the photovoltaic segment of the solar industry that helps businesses and homeowners tap the power of the sun via rooftop solar panels.
In the second quarter the company reported sales of $118 million, up more than 150% from the year-ago period. Thomson Financial had no official estimates for the newly traded company's quarter, but Pichel says sales beat views. The company earned 6 cents per share for the quarter, which the company says also topped estimates.
That's drawing more interest from bigger investors to Yingli and other solar stocks, analysts say.
"Part of it has just to do with momentum in the sector," said Adam Hinckley, an analyst with CIBC World Markets. "There's a lot of institutional money that has not really been involved in the sector. There is now capital inflow into the sector." Hinckley has a sector performer rating on the stock, and his firm has a banking relationship with Yingli.
Although Yingli is new to the U.S. stock market, it's one of the oldest Chinese solar companies around, founded in 1998, Pichel says.
Through its subsidiary Baoding Tianwei Yingli New Energy Resources, the company keeps its costs low with a business model that says, in essence, more is better. The company has brought just about every step of the manufacturing process in-house. Analysts note that Trina Solar (NYSE:TSL) TSL is moving toward this vertical model as well.
The only step Yingli excludes during production is the actual manufacturing of silicon, the basic material used to make photovoltaic solar modules.
After Yingli buys the silicon, it makes the basic polysilicon ingot, then the silicon wafers, then the actual photovoltaic fuel cells. From there, it makes the larger modules and finally the complete solar-energy system.
Miao Qing, Yingli's director of investor relations, says the company has all of its manufacturing process at one central site in China. That means there are no extra transportation costs to move products from one site to the next.
Perhaps most importantly, Yingli avoids paying third-party providers.
"Why let your supplier make margin on wafers when you make the wafer?" Piper Jaffray's Pichel asked. "And why let your supplier make the ingot when you can make the ingot?"
The company had gross margins of about 23% in the quarter, easily beating out other solar players such as China Sunergy CSUN, according to Hinckley.
The company has found the right target market. About 80% of the company's sales come from Spain, where solar expansion is on a tear, Pichel says. Government incentives are a big help in expanding megawatt capacity.
"We thought it was going to be 300 megawatts (of solar) in 2008," Pichel said. "Now it looks like it's 500 megawatts."
China itself is opening up with its own set of government incentives, which could be finalized by the end of the year.
To meet demand, Yingli is expanding production with new equipment. The investments should double its 2007 manufacturing capacity by the end of 2008. Analysts say capacity could then rise 50% in 2009.
Pichel says the company's size should help make it an attractive customer for polysilicon makers.
That's important, since polysilicon is in short supply in the industry. Companies that can't get enough polysilicon can't meet their manufacturing targets.
For example, China Sunergy saw its stock slump 19% in one day in July after announcing difficulties in getting enough polysilicon.
CIBC's Hinckley says he had hesitations about the company's ability to meet supply and manufacturing equipment goals when he initiated coverage in July. But in early September he saw signs that the company's prospects were better than he'd first thought -- and the stock began its big surge.
Later in September, Yingli announced a new deal with Wacker Chemie of Germany. Wacker is set to supply Yingli with polysilicon from 2009 to 2011, enabling it to produce more than 80 megawatts' worth of solar modules over the life of the contract.
Hi-Tech Wealth Provides Business Update
Next Generation Solar Mobile Phone Shipments Planned For Early 2008
October 11, 2007: 04:01 PM EST
BEIJING, Oct. 11 /PRNewswire-FirstCall/ -- Hi-Tech Wealth Inc. , a leading Chinese consumer sales and marketing company engaged in the development and distribution of digital devices, today provided a business update regarding the launch of its Solar Mobile Phone in China.
"In the third quarter of 2007, we delayed shipment of approximately 30,000 Solar Mobile Phone units of the 50,000 we had expected to ship in order to make manufacturing improvements and in anticipation of our next generation version, the 4500, which we expect to commence shipping in early 2008," stated Dr. ZhengYu Zhang, Chief Executive Officer of Hi-Tech Wealth Inc. "While we are disappointed with the delay, the Solar Mobile Phones we did ship during the third quarter generated a net profit per phone despite the increased costs of manufacturing enhancements. Our sights are set on early 2008 when we expect our sales to reflect three key initiatives: a proactive Solar Mobile Phone marketing campaign to reinforce our brand leadership, expanded manufacturing capacity to quickly meet demand, and a potential new distribution channel to reach more consumers more effectively. Together we hope to make the Solar Mobile Phone the hottest high-end consumer technology product in China."
Jacques Ma, Chief Financial Officer of Hi-Tech Wealth Inc., concluded "In our experience, we have never witnessed customer demand like the initial demand for the Solar Mobile Phone. We generated over 100 orders from only one sixty-minute interactive television program in one of our test markets, for example. We believe that 2008 will be a transformative year for our Company as we roll out the new version of the Solar Mobile Phone as well as deliver additional products from our portfolio, like devices with digital TV functions for next year's Beijing Olympic Games. Over the long term, we are dedicated to building an innovative and diversified portfolio of electronic products that appeal to niche consumer markets."
About Hi-Tech Wealth Inc.
Hi-Tech Wealth Inc. is an integrated, multi-channel consumer sales and marketing company. Hi-Tech Wealth Inc. engages in the development and distribution of digital devices via direct response TV, internet sales, and through more than 1000 exclusive distributors throughout the PRC. Learn more about Hi-Tech Wealth Inc. at http://www.htwchina.com.
October 11, 2007: 04:01 PM EST
BEIJING, Oct. 11 /PRNewswire-FirstCall/ -- Hi-Tech Wealth Inc. , a leading Chinese consumer sales and marketing company engaged in the development and distribution of digital devices, today provided a business update regarding the launch of its Solar Mobile Phone in China.
"In the third quarter of 2007, we delayed shipment of approximately 30,000 Solar Mobile Phone units of the 50,000 we had expected to ship in order to make manufacturing improvements and in anticipation of our next generation version, the 4500, which we expect to commence shipping in early 2008," stated Dr. ZhengYu Zhang, Chief Executive Officer of Hi-Tech Wealth Inc. "While we are disappointed with the delay, the Solar Mobile Phones we did ship during the third quarter generated a net profit per phone despite the increased costs of manufacturing enhancements. Our sights are set on early 2008 when we expect our sales to reflect three key initiatives: a proactive Solar Mobile Phone marketing campaign to reinforce our brand leadership, expanded manufacturing capacity to quickly meet demand, and a potential new distribution channel to reach more consumers more effectively. Together we hope to make the Solar Mobile Phone the hottest high-end consumer technology product in China."
Jacques Ma, Chief Financial Officer of Hi-Tech Wealth Inc., concluded "In our experience, we have never witnessed customer demand like the initial demand for the Solar Mobile Phone. We generated over 100 orders from only one sixty-minute interactive television program in one of our test markets, for example. We believe that 2008 will be a transformative year for our Company as we roll out the new version of the Solar Mobile Phone as well as deliver additional products from our portfolio, like devices with digital TV functions for next year's Beijing Olympic Games. Over the long term, we are dedicated to building an innovative and diversified portfolio of electronic products that appeal to niche consumer markets."
About Hi-Tech Wealth Inc.
Hi-Tech Wealth Inc. is an integrated, multi-channel consumer sales and marketing company. Hi-Tech Wealth Inc. engages in the development and distribution of digital devices via direct response TV, internet sales, and through more than 1000 exclusive distributors throughout the PRC. Learn more about Hi-Tech Wealth Inc. at http://www.htwchina.com.
JA Solar gains after completing follow-on
By Anette Jönsson 12 October 2007
The $266 million debut follow-on is priced at a 2.2% discount but triggers a 5.6% rally in the secondary market.
Nasdaq-listed solar cell manufacturer JA Solar Holdings priced its marketed follow-on offering at a 2.2% discount to Wednesday's close, allowing it to raise a total of $266 million. Only 63% of the shares on offer were new, however, which means not all the proceeds went to the company.
This was the first offering of shares in China-based JA Solar since it went public in February this year and the sale met with strong demand. According to one source, the deal was about four times covered and attracted about 50 to 60 investors, including some existing shareholders. The interest continued in the secondary market last night, pushing the share price to a new intraday record of $49. It ended the session 5.6% higher at $45.35, suggesting at least some investors weren't happy with their allocations and chose to top up their holdings in the market.
One observer notes that the strong interest is part of a recent trend whereby US investors are increasing their exposure to Asia through discounted share offers. China Digital TV Holding, which debuted on the New York Stock Exchange on Friday last week, soared 219% in the first three sessions to above $51, after pricing its IPO at $16. Since then, the provider of connectivity access services for digital TV systems has eased back somewhat, however, and finished Thursday's session at $42.27 - less excessive, but still 164% up since its debut.
Including Thursday's gains, JA Solar has more than tripled since its IPO at $15.
The solar power play offered 6.33 million shares, or 12.6% of its enlarged share capital, and priced the deal at $42. This equalled a 2.2% discount to Wednesday's close of $42.93. Four million of the shares were new, while the rest were existing shares sold by three different entities controlled by the chairman, the chief executive officer and the chief technology officer. The chairman remains the single largest shareholder with a 25.3% stake after this transaction (pre-greenshoe).
There is a 15% greenshoe that could boost the total deal size to $306 million.
The company said it will use $50 million of the proceeds to purchase and make prepayments for raw materials, which remain in short supply. In the listing document, the company said it believes it has contractually secured an adequate supply of silicon wafers to meet its anticipated production needs for the remaining months of 2007 and a large portion of its anticipated production needs for 2008.
It will spend $70 million to buy manufacturing equipment and to construct manufacturing facilities in order to expand capacity and $10 million to enhance its research and development facilities. JA Solar plans to add up to 10 new manufacturing lines to boost its solar cell manufacturing capacity to 425 megawatt per year by 2008 from 175MW at present.
Credit Suisse and Lehman Brothers were joint bookrunners for the deal.
Copyright FinanceAsia.com Ltd., a subsidiary of Haymarket Media Ltd
The $266 million debut follow-on is priced at a 2.2% discount but triggers a 5.6% rally in the secondary market.
Nasdaq-listed solar cell manufacturer JA Solar Holdings priced its marketed follow-on offering at a 2.2% discount to Wednesday's close, allowing it to raise a total of $266 million. Only 63% of the shares on offer were new, however, which means not all the proceeds went to the company.
This was the first offering of shares in China-based JA Solar since it went public in February this year and the sale met with strong demand. According to one source, the deal was about four times covered and attracted about 50 to 60 investors, including some existing shareholders. The interest continued in the secondary market last night, pushing the share price to a new intraday record of $49. It ended the session 5.6% higher at $45.35, suggesting at least some investors weren't happy with their allocations and chose to top up their holdings in the market.
One observer notes that the strong interest is part of a recent trend whereby US investors are increasing their exposure to Asia through discounted share offers. China Digital TV Holding, which debuted on the New York Stock Exchange on Friday last week, soared 219% in the first three sessions to above $51, after pricing its IPO at $16. Since then, the provider of connectivity access services for digital TV systems has eased back somewhat, however, and finished Thursday's session at $42.27 - less excessive, but still 164% up since its debut.
Including Thursday's gains, JA Solar has more than tripled since its IPO at $15.
The solar power play offered 6.33 million shares, or 12.6% of its enlarged share capital, and priced the deal at $42. This equalled a 2.2% discount to Wednesday's close of $42.93. Four million of the shares were new, while the rest were existing shares sold by three different entities controlled by the chairman, the chief executive officer and the chief technology officer. The chairman remains the single largest shareholder with a 25.3% stake after this transaction (pre-greenshoe).
There is a 15% greenshoe that could boost the total deal size to $306 million.
The company said it will use $50 million of the proceeds to purchase and make prepayments for raw materials, which remain in short supply. In the listing document, the company said it believes it has contractually secured an adequate supply of silicon wafers to meet its anticipated production needs for the remaining months of 2007 and a large portion of its anticipated production needs for 2008.
It will spend $70 million to buy manufacturing equipment and to construct manufacturing facilities in order to expand capacity and $10 million to enhance its research and development facilities. JA Solar plans to add up to 10 new manufacturing lines to boost its solar cell manufacturing capacity to 425 megawatt per year by 2008 from 175MW at present.
Credit Suisse and Lehman Brothers were joint bookrunners for the deal.
Copyright FinanceAsia.com Ltd., a subsidiary of Haymarket Media Ltd
Wednesday, October 10, 2007
Solarfun Appoints New CFO
From http://www.tradingmarkets.com
Tuesday, October 09, 2007; Posted: 06:20 AM
SHANGHAI, Oct 09, 2007 (BUSINESS WIRE) -- SOLF charts news PowerRating -- Solarfun Power Holdings Co., Ltd. ( "Solarfun" ) (NASDAQ: SOLF ), an established manufacturer of both photovoltaic (PV) cells and modules in China, today announced that Ms. Amy Liu will assume the role of Chief Financial Officer on October 31, 2007, replacing the outgoing Kevin Wei, whose employment contract expires on the same date. She joins Solarfun from Thermo Fisher Scientific, Inc., a New York Stock Exchange-listed scientific instrument maker, where she was VP - Director of Finance - China and Hong Kong. Ms. Liu will join Solarfun on October 18, 2007 in order to coordinate with Mr. Wei and ensure a smooth transition to her new position.
Ms. Liu brings a broad background in operations and finance with large multi-national companies and has spent considerable time working in China-based operations. Her experience includes roles in finance, manufacturing, logistics, sourcing, business development and mergers and acquisitions. Ms. Liu holds an MBA and a BA in Economics, and she is a Certified Accountant in China. Prior to her tenure at Thermo Fisher Scientific, she was a Finance Manager in several different business units of DuPont, including Herberts, the coatings subsidiary of Hoechst, which was acquired by DuPont in 1998.
Chairman Lu Yonghua commented that "Solarfun is extremely pleased to have attracted such a high-caliber finance executive with broad international experience, particularly in Asia. We believe Ms. Liu will be an important member of our management team and contribute greatly to the growth of our company."
At the end of September, Xihong Deng also resigned from her position as a member of Solarfun's Board of Directors.
Chairman Lu continued, "I would also like to thank Kevin Wei as well as Board member Xihong Deng for their many contributions to Solarfun in its formative years. Kevin played a leading role in our public offering process and in building our finance team. Xihong was an early investor in Solarfun through her position as Managing Director of Hony Capital, Ltd., and she was a leading member of our international development efforts during her secondment to our company. I am confident that we have the senior management team to take this company to the next level and professionally keep pace with our growth and expansion plans."
About Solarfun
Solarfun Power Holdings Co, Ltd. manufactures both PV cells and PV modules, provides PV cell processing services to convert silicon wafers into PV cells, and supplies solar system integration services in China. Solarfun produces both monocrystalline and multicrystalline silicon cells and modules, and manufactures 100% of its modules with in-house produced PV cells. Solarfun sells its products both through third-party distributors, OEM manufacturers and directly to system integrators. Solarfun was founded in 2004 and its products have been certified to TUV and UL safety and quality standards. SOLF-G
http://www.solarfun.com.cn
Tuesday, October 09, 2007; Posted: 06:20 AM
SHANGHAI, Oct 09, 2007 (BUSINESS WIRE) -- SOLF charts news PowerRating -- Solarfun Power Holdings Co., Ltd. ( "Solarfun" ) (NASDAQ: SOLF ), an established manufacturer of both photovoltaic (PV) cells and modules in China, today announced that Ms. Amy Liu will assume the role of Chief Financial Officer on October 31, 2007, replacing the outgoing Kevin Wei, whose employment contract expires on the same date. She joins Solarfun from Thermo Fisher Scientific, Inc., a New York Stock Exchange-listed scientific instrument maker, where she was VP - Director of Finance - China and Hong Kong. Ms. Liu will join Solarfun on October 18, 2007 in order to coordinate with Mr. Wei and ensure a smooth transition to her new position.
Ms. Liu brings a broad background in operations and finance with large multi-national companies and has spent considerable time working in China-based operations. Her experience includes roles in finance, manufacturing, logistics, sourcing, business development and mergers and acquisitions. Ms. Liu holds an MBA and a BA in Economics, and she is a Certified Accountant in China. Prior to her tenure at Thermo Fisher Scientific, she was a Finance Manager in several different business units of DuPont, including Herberts, the coatings subsidiary of Hoechst, which was acquired by DuPont in 1998.
Chairman Lu Yonghua commented that "Solarfun is extremely pleased to have attracted such a high-caliber finance executive with broad international experience, particularly in Asia. We believe Ms. Liu will be an important member of our management team and contribute greatly to the growth of our company."
At the end of September, Xihong Deng also resigned from her position as a member of Solarfun's Board of Directors.
Chairman Lu continued, "I would also like to thank Kevin Wei as well as Board member Xihong Deng for their many contributions to Solarfun in its formative years. Kevin played a leading role in our public offering process and in building our finance team. Xihong was an early investor in Solarfun through her position as Managing Director of Hony Capital, Ltd., and she was a leading member of our international development efforts during her secondment to our company. I am confident that we have the senior management team to take this company to the next level and professionally keep pace with our growth and expansion plans."
About Solarfun
Solarfun Power Holdings Co, Ltd. manufactures both PV cells and PV modules, provides PV cell processing services to convert silicon wafers into PV cells, and supplies solar system integration services in China. Solarfun produces both monocrystalline and multicrystalline silicon cells and modules, and manufactures 100% of its modules with in-house produced PV cells. Solarfun sells its products both through third-party distributors, OEM manufacturers and directly to system integrators. Solarfun was founded in 2004 and its products have been certified to TUV and UL safety and quality standards. SOLF-G
http://www.solarfun.com.cn
Canadian Solar and Ra Solar Espana Complete a 2.8MW Solar Farm Project in Spain
From http://money.cnn.com
October 09, 2007: 08:46 AM EST
JIANGSU, China, Oct. 9 /Xinhua-PRNewswire/ -- Canadian Solar Inc. ("the Company,'' ''CSI,'' or ''we'') and Ra Solar Espana today held the official opening of a 2.8MW solar farm project in Albacore, Spain. The ceremony was attended by dignitaries including the Dutch ambassador and the Director of Industry of Castilla la Mancha.
The solar park, one of the largest photovoltaic plants in Spain, is expected to supply enough energy for 1,500 families.
CSI is the sole supplier of the solar modules in this project, which consists of almost 18,000 CS5A solar panels, mounted on a fixed structure and connected to 100 kW inverters. Ra Solar Espana is the main party behind the development of this 2.8 MW plant in the areas of project management, material procurement, project promotion and financing arrangement.
Linda Goossens, General Manager for Ra Solar Espana commented: ''CSI has been a reliable partner, especially with regards to delivery times and after sales services, which are crucial elements in projects of this size. At the same time, we are very pleased with the high quality of CSI modules. We have already placed further orders for CSI's solar modules for our future projects and look forward to working closely with CSI in future.''
Dr. Shawn Qu, Chairman and CEO of Canadian Solar Inc. commented: ''We are very pleased to be able to work together with Ra Solar on this important project. RA Solar is one of the leading, most reputable developers of large- scale solar farm projects in Spain and we are pleased to have been chosen as its partner. CSI has a strong reputation globally for being able to complete deliveries and installations for projects of large scale on time. The consistency and high performance of our modules have also differentiated CSI from our competitors in Spain. Spain is one of the fastest growing solar markets in the world for large-scale ground-mounted solar farms. We expect these large scale solar projects will continue to be a strong growth area for our business.''
About Canadian Solar Inc.
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and custom-designed solar application products serving worldwide customers. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information, please visit http://www.csisolar.com .
About Ra Solar Espana
Ra Solar Espana, based in Madrid, and with partners in the Netherlands, is a complete system supplier. It started more than a year ago with the project management of solar farms. It currently has the project management and supply of materials of 6 other parks of over 1, 5 MW each, which all will be finished under the existing RD. For more information, please visit: http://www.ra-solar.com .
October 09, 2007: 08:46 AM EST
JIANGSU, China, Oct. 9 /Xinhua-PRNewswire/ -- Canadian Solar Inc. ("the Company,'' ''CSI,'' or ''we'') and Ra Solar Espana today held the official opening of a 2.8MW solar farm project in Albacore, Spain. The ceremony was attended by dignitaries including the Dutch ambassador and the Director of Industry of Castilla la Mancha.
The solar park, one of the largest photovoltaic plants in Spain, is expected to supply enough energy for 1,500 families.
CSI is the sole supplier of the solar modules in this project, which consists of almost 18,000 CS5A solar panels, mounted on a fixed structure and connected to 100 kW inverters. Ra Solar Espana is the main party behind the development of this 2.8 MW plant in the areas of project management, material procurement, project promotion and financing arrangement.
Linda Goossens, General Manager for Ra Solar Espana commented: ''CSI has been a reliable partner, especially with regards to delivery times and after sales services, which are crucial elements in projects of this size. At the same time, we are very pleased with the high quality of CSI modules. We have already placed further orders for CSI's solar modules for our future projects and look forward to working closely with CSI in future.''
Dr. Shawn Qu, Chairman and CEO of Canadian Solar Inc. commented: ''We are very pleased to be able to work together with Ra Solar on this important project. RA Solar is one of the leading, most reputable developers of large- scale solar farm projects in Spain and we are pleased to have been chosen as its partner. CSI has a strong reputation globally for being able to complete deliveries and installations for projects of large scale on time. The consistency and high performance of our modules have also differentiated CSI from our competitors in Spain. Spain is one of the fastest growing solar markets in the world for large-scale ground-mounted solar farms. We expect these large scale solar projects will continue to be a strong growth area for our business.''
About Canadian Solar Inc.
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and custom-designed solar application products serving worldwide customers. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information, please visit http://www.csisolar.com .
About Ra Solar Espana
Ra Solar Espana, based in Madrid, and with partners in the Netherlands, is a complete system supplier. It started more than a year ago with the project management of solar farms. It currently has the project management and supply of materials of 6 other parks of over 1, 5 MW each, which all will be finished under the existing RD. For more information, please visit: http://www.ra-solar.com .
LDK Steps Up 3Q Guidance
From http://www.greentechmedia.com
In response to allegations of inventory discrepancies, the company reports its revenues were better than expected.
by: Jennifer Kho
October 9, 2007
LDK Solar upped its revenue guidance Tuesday in response to allegations of discrepancies in its silicon inventory reporting.
The Xinyu City, China,-based company (NYSE: LDK) said revenue for the third quarter would be between $140 million and $150 million. It previously had given a range of $115 million to $125 million.
Either set of revenue numbers would have represented growth from the $73.4 million in sales LDK reported in the first quarter, the last quarter reflected in the company's prospectus before LDK went public in May.
As we previously indicated, we believe that there is no merit in the allegations made about our inventory accounting practices, our business operations are normal and we continue making shipments to fulfill our customers' orders," CEO Xiaofeng Peng said in a statement.
The company faces allegations from Charley Situ, a former financial controller at LDK, of inconsistencies in the company's silicon inventory (see LDK Says Inventory Discrepancy Allegations Have 'No Merit'). The company denied any wrongdoing, but said it does count materials that some consider unusable, expecting to be able to use them someday (see New Details Surface as LDK's Stock Continues to Plunge).
Shareholders were clearly happy with the company's new revenue figures.
LDK shares rose 23.9 percent to $46.46 per share Monday after a 51.45 percent free fall from a peak of $76.75 per share on Sept. 27.
"Indeed [the stock] had room to climb after the recent knockdown," said Robert Wilder, CEO of WilderShares, which manages three energy indices.
But analysts said strong third-quarter revenue has little to do with the inventory allegations.
"Their inventory wouldn't impact their revenue numbers, but it might impact their margins," said Travis Bradford, president of the Prometheus Institute, which is a Greentech Media Research partner. "Volumes are growing, so revenue numbers are going to look really good, but [margins are] really important to the trajectory of profitability."
Bradford said the stock gain, just like the previous stock fall, says as much about the state of the market as a whole as it does about one company's issues.
"These companies have grown so fast that it's the usual iceberg theory - if there's one problem like this that you can see, how many are below the surface that you can't?" he said. "That's where I think a lot of this anxiety has come from."
Investors also might think 50 percent was too low for the stock to drop based on a single news item, he said.
"Really, this has to do more with speculation than with real market fundamentals," he said. "This is what a frothy market is all about."
Wilder said the stock's bounce upward shows that investors are still hungry for solar stocks.
Just four years ago, he was "grasping" to find large-enough solar companies while trying to put together his first clean-energy index. Now, these solar companies have market caps in the billions, he said.
"You could say investors simply have an appetite today for solar that allows them to say, despite a high PE ratio - a speculative ratio - these stocks are going to make money ahead," he said.
Still, investors are notoriously fickle.
While they like LDK today, many are anxiously waiting a report based on an independent audit expected to come out soon.
Whatever the result, good or bad, it's sure to have another heavy impact on trading.
In response to allegations of inventory discrepancies, the company reports its revenues were better than expected.
by: Jennifer Kho
October 9, 2007
LDK Solar upped its revenue guidance Tuesday in response to allegations of discrepancies in its silicon inventory reporting.
The Xinyu City, China,-based company (NYSE: LDK) said revenue for the third quarter would be between $140 million and $150 million. It previously had given a range of $115 million to $125 million.
Either set of revenue numbers would have represented growth from the $73.4 million in sales LDK reported in the first quarter, the last quarter reflected in the company's prospectus before LDK went public in May.
As we previously indicated, we believe that there is no merit in the allegations made about our inventory accounting practices, our business operations are normal and we continue making shipments to fulfill our customers' orders," CEO Xiaofeng Peng said in a statement.
The company faces allegations from Charley Situ, a former financial controller at LDK, of inconsistencies in the company's silicon inventory (see LDK Says Inventory Discrepancy Allegations Have 'No Merit'). The company denied any wrongdoing, but said it does count materials that some consider unusable, expecting to be able to use them someday (see New Details Surface as LDK's Stock Continues to Plunge).
Shareholders were clearly happy with the company's new revenue figures.
LDK shares rose 23.9 percent to $46.46 per share Monday after a 51.45 percent free fall from a peak of $76.75 per share on Sept. 27.
"Indeed [the stock] had room to climb after the recent knockdown," said Robert Wilder, CEO of WilderShares, which manages three energy indices.
But analysts said strong third-quarter revenue has little to do with the inventory allegations.
"Their inventory wouldn't impact their revenue numbers, but it might impact their margins," said Travis Bradford, president of the Prometheus Institute, which is a Greentech Media Research partner. "Volumes are growing, so revenue numbers are going to look really good, but [margins are] really important to the trajectory of profitability."
Bradford said the stock gain, just like the previous stock fall, says as much about the state of the market as a whole as it does about one company's issues.
"These companies have grown so fast that it's the usual iceberg theory - if there's one problem like this that you can see, how many are below the surface that you can't?" he said. "That's where I think a lot of this anxiety has come from."
Investors also might think 50 percent was too low for the stock to drop based on a single news item, he said.
"Really, this has to do more with speculation than with real market fundamentals," he said. "This is what a frothy market is all about."
Wilder said the stock's bounce upward shows that investors are still hungry for solar stocks.
Just four years ago, he was "grasping" to find large-enough solar companies while trying to put together his first clean-energy index. Now, these solar companies have market caps in the billions, he said.
"You could say investors simply have an appetite today for solar that allows them to say, despite a high PE ratio - a speculative ratio - these stocks are going to make money ahead," he said.
Still, investors are notoriously fickle.
While they like LDK today, many are anxiously waiting a report based on an independent audit expected to come out soon.
Whatever the result, good or bad, it's sure to have another heavy impact on trading.
China Sunergy inks polysilicon supply agreement with Zhonggui
From http://www.smallcapinvestor.com
Jennifer Schonberger Oct 09, 2007 12:33pm EDT
Chinese solar cell manufacturer China Sunergy Co., Ltd. said today that Luoyang Zhonggui High-tech Co., Ltd., a leading Chinese polysilicon manufacturing company, will supply China Sunergy with approximately 106 metric tons (MT) of high-quality virgin solar-grade multicrystalline polysilicon for 2007 and 2008.
Under the agreement, a total of 60MT and 46MT of solar-grade multicrystalline polysilicon will be shipped to China Sunergy in 2007 and 2008, respectively. The contracted volumes will support approximately 13 megawatts of production for China Sunergy during the contractual term, which primarily covers the period of September 2007 to March 2008. Pricing is on a fixed basis for the duration of the agreement.
In addition to the supply contract, China Sunergy said it also took delivery of a printing machine made by solar equipment manufacturing company, Baccini S.P.A. The company said it hopes to produce approximately three megawatts of high efficiency selective emitter cells during the fourth quarter of 2007 using the new machine.
China Sunergy said the purchase of the machine is "a solid step towards large scale commercial production of high efficiency cells."
Shares of China Sunergy popped 18.64%, or $1.88, to $11.96 at 12:17 p.m. ET. Shares of China Sunergy have been trading in the range of $ 4.83 to $16.50 for the past 52 weeks.
Jennifer Schonberger Oct 09, 2007 12:33pm EDT
Chinese solar cell manufacturer China Sunergy Co., Ltd. said today that Luoyang Zhonggui High-tech Co., Ltd., a leading Chinese polysilicon manufacturing company, will supply China Sunergy with approximately 106 metric tons (MT) of high-quality virgin solar-grade multicrystalline polysilicon for 2007 and 2008.
Under the agreement, a total of 60MT and 46MT of solar-grade multicrystalline polysilicon will be shipped to China Sunergy in 2007 and 2008, respectively. The contracted volumes will support approximately 13 megawatts of production for China Sunergy during the contractual term, which primarily covers the period of September 2007 to March 2008. Pricing is on a fixed basis for the duration of the agreement.
In addition to the supply contract, China Sunergy said it also took delivery of a printing machine made by solar equipment manufacturing company, Baccini S.P.A. The company said it hopes to produce approximately three megawatts of high efficiency selective emitter cells during the fourth quarter of 2007 using the new machine.
China Sunergy said the purchase of the machine is "a solid step towards large scale commercial production of high efficiency cells."
Shares of China Sunergy popped 18.64%, or $1.88, to $11.96 at 12:17 p.m. ET. Shares of China Sunergy have been trading in the range of $ 4.83 to $16.50 for the past 52 weeks.
Sunday, October 7, 2007
Trina Solar Signs $154 M Equipment Supply Contract
Changzhou, China [RenewableEnergyAccess.com]
Trina Solar Limited, an integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced this week that it has signed an agreement with Meyer Burger AG for the supply of ID cropping, band and wire saws used for the production of its monocrystalline and multicrystalline wafers and cells.
The contract, valued over CHF 180 million [US$154million], covers equipment and delivery schedule to meet the Company's capacity expansion goals through 2010.
"We are pleased to be able to support Trina Solar with the latest ID/OD, band and wire saw technology as it expands its wafer capacity and makes progress on its technology roadmap to reduce wafer thickness," stated Peter Pauli, Meyer Burger's CEO. "
Trina Solar is based in Jiangsu Province, China, and has consistently been expanding its production for a fully-integrated manufacturing, from ingots and wafers to cells and ready-to-use solar modules. Meyer Burger has its headquarters and production sites in Switzerland, subsidiaries in China and Japan and service support points in Germany and in the Philippines.
Trina Solar Limited, an integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced this week that it has signed an agreement with Meyer Burger AG for the supply of ID cropping, band and wire saws used for the production of its monocrystalline and multicrystalline wafers and cells.
The contract, valued over CHF 180 million [US$154million], covers equipment and delivery schedule to meet the Company's capacity expansion goals through 2010.
"We are pleased to be able to support Trina Solar with the latest ID/OD, band and wire saw technology as it expands its wafer capacity and makes progress on its technology roadmap to reduce wafer thickness," stated Peter Pauli, Meyer Burger's CEO. "
Trina Solar is based in Jiangsu Province, China, and has consistently been expanding its production for a fully-integrated manufacturing, from ingots and wafers to cells and ready-to-use solar modules. Meyer Burger has its headquarters and production sites in Switzerland, subsidiaries in China and Japan and service support points in Germany and in the Philippines.
Thursday, October 4, 2007
LDK Solar to supply wafers to Solartech
October 3, 2007
Delivery starts in 2008 for $224 million worth of multicrystalline solar wafers.
Xinyu, China-based LDK Solar (NYSE: LDK) said today it signed a deal to supply multicrystalline wafers to Taiwan's Solartech Energy.
Under the five year contract, LDK will supply $224 million worth of multicrystalline solar wafers to Solartech. Delivery is expected to start in 2008.
"We are pleased to strengthen our long-standing partnership with Solartech, one of our first customers," said Xiaofeng Peng, chairman and CEO of LDK.
"We continue to selectively allocate our wafer supplies and to build our presence as a global leader in the solar industry."
Multicrystalline solar wafers are the principal raw material used to produce solar cells.
Charles Chang, president of Solartech, said, "This agreement enables us to secure a significant amount of LDK Solar's high-quality wafers as we rapidly increase our production capacity."
"Solartech plans to double its capacity to 60 megawatts in November 2007 and to add 50 MW annually over the next two years to reach an annual production capacity of 160 MW in 2009."
Last week, LDK Solar announced an agreement to supply Mosel Vitelic, another Taiwan solar company. LDK plans to deliver $190 million worth of solar wafers to Mosel Vitelic under that deal
Delivery starts in 2008 for $224 million worth of multicrystalline solar wafers.
Xinyu, China-based LDK Solar (NYSE: LDK) said today it signed a deal to supply multicrystalline wafers to Taiwan's Solartech Energy.
Under the five year contract, LDK will supply $224 million worth of multicrystalline solar wafers to Solartech. Delivery is expected to start in 2008.
"We are pleased to strengthen our long-standing partnership with Solartech, one of our first customers," said Xiaofeng Peng, chairman and CEO of LDK.
"We continue to selectively allocate our wafer supplies and to build our presence as a global leader in the solar industry."
Multicrystalline solar wafers are the principal raw material used to produce solar cells.
Charles Chang, president of Solartech, said, "This agreement enables us to secure a significant amount of LDK Solar's high-quality wafers as we rapidly increase our production capacity."
"Solartech plans to double its capacity to 60 megawatts in November 2007 and to add 50 MW annually over the next two years to reach an annual production capacity of 160 MW in 2009."
Last week, LDK Solar announced an agreement to supply Mosel Vitelic, another Taiwan solar company. LDK plans to deliver $190 million worth of solar wafers to Mosel Vitelic under that deal
China solar power firm sees 25 percent growth
By Emma Graham-Harrison
BEIJING (Reuters) - China's top maker of solar water heaters, Himin Solar Energy Group, expects earnings to grow 25 percent to around 2.5 billion yuan ($333.2 million) this year, but said raw material costs and a lack of government support are denting profits.
The solar heaters are the only form of renewable energy competitive in China without any subsidies, and have edged out gas and electric-powered heaters to take around 20 percent of the urban market, Himin's President Huang Ming, told the Reuters Global Environment Summit on Wednesday.
China already accounts for over three-quarters of world output of the systems which use the sun's energy to heat water for daily use, rather than to generate electricity as better known photovoltaic (PV) cells do.
Beijing has pledged to get 15 percent of its energy from renewable sources by 2020 and aims to more than triple the amount of installed solar water heating capacity by the same date, to reach 300 million square meters, from just 80 million in 2005.
Production this year is up 25 percent, and could continue to grow at that rate for the next five years, with more backing from Beijing, Huang said.
"The market is still growing and I think the government is going to bring out more (supportive) policies," he said.
But the company founder, who began his career as an oil engineer before deciding renewables had more future, said the government is not yet doing enough, particularly in cities.
It is expensive and challenging to install the heaters on the higher buildings now springing up in wealthier areas, and some developers are also resisting buying the systems of roof-top pipes and tanks on aesthetic grounds, he added.
So the firm is targeting bigger users like hospitals, schools and hotels, which rarely consider solar water heating -- and also expects rural buyers to account for a bigger share of earnings as their incomes rise.
At present, only 10 percent of sales are in rural areas, but in five years, that is likely to rise to around 30 percent.
"They need hot water not only for living, but also for rearing livestock. It is particularly needed with cows," he said.
LOW QUALITY RIVALS
Despite the rise in sales, profits for 2007 are expected to be stable with last year at around 200 million yuan, in part because of the rising price of stainless steel and copper.
Huang estimates his company has around 15 percent of a very fragmented market, which they aim to increase to 20 percent within five years.
There are 3,000 to 4,000 firms in the sector because entry costs are low, some using such poor quality designs that their raw material costs are up to 80 percent below Himin's.
"The government should improve standards to guarantee quality, and improve supervision" Huang said. "If people buy low quality machines they break more easily, so people are more likely to complain, start saying that solar power is no good."
The company also produces a small amount of solar-panel powered goods, mostly lights, which account for around five percent of turnover and are particularly attractive for parks and remote areas as they require no underground cabling, he said.
LISTING, EXPORT PLANS
Himin plans to list on the Chinese stock exchange within 2 to 3 years, Huang said, and is currently in talks with potential investors which it hopes to wrap up in the next six months.
Almost all their sales are currently into the Chinese market, and although Huang is interested in foreign sales, he said Himin plans to go abroad only after researching markets where a different type of system -- based on flat panels -- dominates, and preparing a sales and support system.
"Its a matter of 5 years or so...we need strong technology but also a good grasp of language and culture," he said.
"I want it to be perfect, I don't want people to say China can't even make hot water heaters," he added.
At present they are focusing research efforts on perfecting systems that can be used on the balconies or walls of high-rise buildings, although they do have some on the market already, and bringing down the cost of all their models.
"It may be over-ambitious, but we would like to try and push gas and electric powered heaters out of the market in 10 to 15 years...we invite them to produce solar heaters instead," he said with a grin.
BEIJING (Reuters) - China's top maker of solar water heaters, Himin Solar Energy Group, expects earnings to grow 25 percent to around 2.5 billion yuan ($333.2 million) this year, but said raw material costs and a lack of government support are denting profits.
The solar heaters are the only form of renewable energy competitive in China without any subsidies, and have edged out gas and electric-powered heaters to take around 20 percent of the urban market, Himin's President Huang Ming, told the Reuters Global Environment Summit on Wednesday.
China already accounts for over three-quarters of world output of the systems which use the sun's energy to heat water for daily use, rather than to generate electricity as better known photovoltaic (PV) cells do.
Beijing has pledged to get 15 percent of its energy from renewable sources by 2020 and aims to more than triple the amount of installed solar water heating capacity by the same date, to reach 300 million square meters, from just 80 million in 2005.
Production this year is up 25 percent, and could continue to grow at that rate for the next five years, with more backing from Beijing, Huang said.
"The market is still growing and I think the government is going to bring out more (supportive) policies," he said.
But the company founder, who began his career as an oil engineer before deciding renewables had more future, said the government is not yet doing enough, particularly in cities.
It is expensive and challenging to install the heaters on the higher buildings now springing up in wealthier areas, and some developers are also resisting buying the systems of roof-top pipes and tanks on aesthetic grounds, he added.
So the firm is targeting bigger users like hospitals, schools and hotels, which rarely consider solar water heating -- and also expects rural buyers to account for a bigger share of earnings as their incomes rise.
At present, only 10 percent of sales are in rural areas, but in five years, that is likely to rise to around 30 percent.
"They need hot water not only for living, but also for rearing livestock. It is particularly needed with cows," he said.
LOW QUALITY RIVALS
Despite the rise in sales, profits for 2007 are expected to be stable with last year at around 200 million yuan, in part because of the rising price of stainless steel and copper.
Huang estimates his company has around 15 percent of a very fragmented market, which they aim to increase to 20 percent within five years.
There are 3,000 to 4,000 firms in the sector because entry costs are low, some using such poor quality designs that their raw material costs are up to 80 percent below Himin's.
"The government should improve standards to guarantee quality, and improve supervision" Huang said. "If people buy low quality machines they break more easily, so people are more likely to complain, start saying that solar power is no good."
The company also produces a small amount of solar-panel powered goods, mostly lights, which account for around five percent of turnover and are particularly attractive for parks and remote areas as they require no underground cabling, he said.
LISTING, EXPORT PLANS
Himin plans to list on the Chinese stock exchange within 2 to 3 years, Huang said, and is currently in talks with potential investors which it hopes to wrap up in the next six months.
Almost all their sales are currently into the Chinese market, and although Huang is interested in foreign sales, he said Himin plans to go abroad only after researching markets where a different type of system -- based on flat panels -- dominates, and preparing a sales and support system.
"Its a matter of 5 years or so...we need strong technology but also a good grasp of language and culture," he said.
"I want it to be perfect, I don't want people to say China can't even make hot water heaters," he added.
At present they are focusing research efforts on perfecting systems that can be used on the balconies or walls of high-rise buildings, although they do have some on the market already, and bringing down the cost of all their models.
"It may be over-ambitious, but we would like to try and push gas and electric powered heaters out of the market in 10 to 15 years...we invite them to produce solar heaters instead," he said with a grin.
Wednesday, October 3, 2007
Trina Solar Announces Management Changes
October 02, 2007: 09:29 AM EST
CHANGZHOU, China, Oct. 2 /PRNewswire-FirstCall/ -- Trina Solar Limited ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules founded in 1997, announced today the following management changes at the Company:
Mr. Anthony Chia has been appointed as Vice President of Quality. Mr. Chia has more than 21 years of experience in quality management, involving the introduction and implementation of numerous quality control systems, including 6-Sigma, TL9000, TS16949, ISO2000, ISO14000, UL and TUV RoHS. Mr. Chia reports to Sean Tzou, Trina Solar's Chief Operating Officer.
Prior to joining Trina Solar, Mr. Chia served as Director of Service and Quality for SANMINA-SCI and as Senior Manager of Quality Assurance at Motorola Singapore and China. Mr. Chia holds an MBA from National University of Singapore.
Mr. Dave Seburn has been appointed as Vice President, Polysilicon. Mr. Seburn is responsible for evaluating potential upstream investments in polysilicon production, including road map development for upstream investments and implementation oversight of related projects. Mr. Seburn reports directly to Jifan Gao, Trina Solar's Chief Executive Officer.
Mr. Seburn comes to Trina Solar after ten years of experience at REC Silicon, where he last served as Vice President of Operations. During his tenure, Mr. Seburn lead oversight of both silane and polysilicon manufacturing plants and facilitated process and organizational changes that optimized productivity at both plants. Mr. Seburn holds an M.S. degree in Chemical Engineering from the University of Houston.
Mr. Mohan Naranayan, Vice President of Technology, left the Company on September 30, 2007 due to personal reasons.
"We are pleased and excited to welcome such talented individuals as Mr. Chia and Mr. Seburn to the Trina Solar team," said Mr. Jifan Gao, Trina Solar's Chairman and CEO. "Both gentlemen will greatly strengthen our resources in quality control, long-term cost reduction and raw material procurement as we continue to pursue a leading position in the global solar PV market."
"At the same time, we regret to announce the departure of Mr. Naranayan as Vice President of Technology. We recognize his significant contributions to our growth at Trina Solar and we wish him the best in his future endeavors," said Mr. Gao.
About Trina Solar Limited:
Trina Solar Limited , through its wholly-owned subsidiary Changzhou Trina Solar Energy Co. Ltd, is a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is currently one of the few PV manufactures that has developed a vertically integrated business model from the production of monocrystalline ingots, wafers and cells to the assembly of high quality modules. This integrated value chain helps to ensure that high quality products can be delivered to its end customers around the globe, including a number of European countries, such as Germany, Spain and Italy. Trina Solar's solar modules provide reliable and environmentally- friendly electric power for residential, commercial, industrial and other applications worldwide. Trina Solar successfully completed its initial public offering on the New York Stock Exchange in December, 2006 and its ADSs are traded under the ticker symbol TSL. For further information, please visit Trina Solar's website at http://www.trinasolar.com
CHANGZHOU, China, Oct. 2 /PRNewswire-FirstCall/ -- Trina Solar Limited ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules founded in 1997, announced today the following management changes at the Company:
Mr. Anthony Chia has been appointed as Vice President of Quality. Mr. Chia has more than 21 years of experience in quality management, involving the introduction and implementation of numerous quality control systems, including 6-Sigma, TL9000, TS16949, ISO2000, ISO14000, UL and TUV RoHS. Mr. Chia reports to Sean Tzou, Trina Solar's Chief Operating Officer.
Prior to joining Trina Solar, Mr. Chia served as Director of Service and Quality for SANMINA-SCI and as Senior Manager of Quality Assurance at Motorola Singapore and China. Mr. Chia holds an MBA from National University of Singapore.
Mr. Dave Seburn has been appointed as Vice President, Polysilicon. Mr. Seburn is responsible for evaluating potential upstream investments in polysilicon production, including road map development for upstream investments and implementation oversight of related projects. Mr. Seburn reports directly to Jifan Gao, Trina Solar's Chief Executive Officer.
Mr. Seburn comes to Trina Solar after ten years of experience at REC Silicon, where he last served as Vice President of Operations. During his tenure, Mr. Seburn lead oversight of both silane and polysilicon manufacturing plants and facilitated process and organizational changes that optimized productivity at both plants. Mr. Seburn holds an M.S. degree in Chemical Engineering from the University of Houston.
Mr. Mohan Naranayan, Vice President of Technology, left the Company on September 30, 2007 due to personal reasons.
"We are pleased and excited to welcome such talented individuals as Mr. Chia and Mr. Seburn to the Trina Solar team," said Mr. Jifan Gao, Trina Solar's Chairman and CEO. "Both gentlemen will greatly strengthen our resources in quality control, long-term cost reduction and raw material procurement as we continue to pursue a leading position in the global solar PV market."
"At the same time, we regret to announce the departure of Mr. Naranayan as Vice President of Technology. We recognize his significant contributions to our growth at Trina Solar and we wish him the best in his future endeavors," said Mr. Gao.
About Trina Solar Limited:
Trina Solar Limited , through its wholly-owned subsidiary Changzhou Trina Solar Energy Co. Ltd, is a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is currently one of the few PV manufactures that has developed a vertically integrated business model from the production of monocrystalline ingots, wafers and cells to the assembly of high quality modules. This integrated value chain helps to ensure that high quality products can be delivered to its end customers around the globe, including a number of European countries, such as Germany, Spain and Italy. Trina Solar's solar modules provide reliable and environmentally- friendly electric power for residential, commercial, industrial and other applications worldwide. Trina Solar successfully completed its initial public offering on the New York Stock Exchange in December, 2006 and its ADSs are traded under the ticker symbol TSL. For further information, please visit Trina Solar's website at http://www.trinasolar.com
Canadian Solar Rises on U.S. Contract
NEW YORK - Shares of Canadian Solar Inc. rose Tuesday, as the solar cell maker signed a contract that may have inspired investor optimism about the company's chances for success in the U.S.
Before trading began, the company said it agreed to sell solar modules to a Massachusetts company, American Capital Energy. Financial terms were not disclosed, and the modules will be used to make a fairly small system. Under the project, a commercial roof space will be converted into a private power generation site featuring a 300 Kilowatt grid-connected solar power system.
While the deal is not large, Deutsche Bank analyst Stephen O'Rourke said the contract is significant because investors have such high expectations for the U.S. solar market.
"It's all about positioning for the market," he said in a telephone interview. "It's not a huge system, but it is a footprint in the U.S."
Shares added 60 cents, or 6.3 percent, to $10.14. Trading was more than four times heavier than normal.
Solar stocks have been strong in recent months, but Canadian Solar has missed out on those gains: Shares have lost more than a third of their value since they began trading in November.
O'Rourke said Tuesday's deal could be a step toward proving the company is on the right track, overcoming its problems with weak margins.
Before trading began, the company said it agreed to sell solar modules to a Massachusetts company, American Capital Energy. Financial terms were not disclosed, and the modules will be used to make a fairly small system. Under the project, a commercial roof space will be converted into a private power generation site featuring a 300 Kilowatt grid-connected solar power system.
While the deal is not large, Deutsche Bank analyst Stephen O'Rourke said the contract is significant because investors have such high expectations for the U.S. solar market.
"It's all about positioning for the market," he said in a telephone interview. "It's not a huge system, but it is a footprint in the U.S."
Shares added 60 cents, or 6.3 percent, to $10.14. Trading was more than four times heavier than normal.
Solar stocks have been strong in recent months, but Canadian Solar has missed out on those gains: Shares have lost more than a third of their value since they began trading in November.
O'Rourke said Tuesday's deal could be a step toward proving the company is on the right track, overcoming its problems with weak margins.
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