Shanxi Tianhong Silicon Material Company signed the investment contract with Xianyang government to produce polysilicon on July 31st, 2007. The total investment is 5.2 billion RMB, and the total polysilicon production capacity will be over 10,000 ton.
The first phase project will be able to produce 3750 ton polysilicon per year, including electronic grade polysilicon 1250 ton and solar grade polysilicon 2500 ton.
Thursday, August 2, 2007
Solarfun Acquires Majority Stake in Silicon Wafer Producer
Acquisition to Give Solarfun Wafer Production Capacity and Access to Additional Polysilicon Supply
SHANGHAI, China--(BUSINESS WIRE)--Solarfun Power Holdings Co., Ltd. ("Solarfun")(NASDAQ: SOLF), an established manufacturer of both photovoltaic (PV) cells and modules in China, today announced that it has entered into an agreement to acquire a 52% equity interest in Jiangsu Yangguang Solar Technology Co. Ltd. ("Yangguang Solar") for approximately US$8 million from Nanjing Linyang Electric Power Investment Co., Ltd. ("Linyang Electric").
Yangguang Solar, an early stage company, is engaged in silicon wafer production. It was founded by Jiangsu Zhongneng PV Technology Development Co., Ltd. ("Zhongneng"), a polysilicon supply company in China. Zhongneng sold a 70% equity interest in Yangguang Solar to Linyang Electric and a 30% interest to Lianyungang Suyuan Group Co, Ltd. ("Suyuan Group") in June, 2007.
Solarfun's purchase of Yangguang Solar has the same price per equity interest and substantially the same terms as Linyang Electric's purchase from Zhongneng in June. Mr. Yonghua Lu, Solarfun's founder, significant shareholder, Chairman and Chief Executive Officer, owns a 70% equity interest in Linyang Electric. Both Linyang Electric and Suyuan Group own a minority equity interest in Zhongneng. Upon completion of the transaction in early August 2007, Solarfun will own 52% of Yangguang Solar, Linyang Electric will own 18% and Suyuan Group will own 30%.
Yangguang Solar plans to commence operations in October 2007 with an annual production capacity of 15-20 MW of 5-inch silicon wafers. Total production in 2007 is expected to be 3-5MW. Yangguang Solar intends to install additional equipment to enable it to gradually move to 6-inch silicon wafer production in 2008. Total production capacity is expected to be 60-80MW in 2008, with expected annual production of 50-60MW.
Yangguang Solar has secured 1,950 tons of polysilicon supply over a three-year period from Zhongneng. The agreement calls for delivery of 50 tons in 2007, 700 tons in 2008 and 1,200 tons in 2009. Solarfun has the option to acquire all or any portion of the wafers produced by Yangguang Solar if the products meet Solarfun's testing standards.
Zhongneng has agreed to provide Yangguang Solar a 3% discount to market price for all polysilicon purchased by Yangguang Solar over the three-year supply period and Yangguang Solar has similarly agreed to provide Solarfun a 3% discount to market price for all wafers purchased from Yangguang Solar by Solarfun, if any.
This acquisition provides Solarfun with an additional source for silicon wafers, as well as strategic flexibility to expand into additional segments of the solar industry value chain in the future, while minimizing near-term capital requirements.
"This acquisition is a very positive strategic development for Solarfun," said Mr. Yonghua Lu, Chairman and CEO of Solarfun. "It allows us to secure access to a steady supply of silicon wafers at a reasonable price. Moreover, in an industry where quality is paramount, competition intense, and raw materials often in short supply, acquiring Yangguang Solar ensures that we will be able to provide our customers with top quality products at a competitive price."
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
SHANGHAI, China--(BUSINESS WIRE)--Solarfun Power Holdings Co., Ltd. ("Solarfun")(NASDAQ: SOLF), an established manufacturer of both photovoltaic (PV) cells and modules in China, today announced that it has entered into an agreement to acquire a 52% equity interest in Jiangsu Yangguang Solar Technology Co. Ltd. ("Yangguang Solar") for approximately US$8 million from Nanjing Linyang Electric Power Investment Co., Ltd. ("Linyang Electric").
Yangguang Solar, an early stage company, is engaged in silicon wafer production. It was founded by Jiangsu Zhongneng PV Technology Development Co., Ltd. ("Zhongneng"), a polysilicon supply company in China. Zhongneng sold a 70% equity interest in Yangguang Solar to Linyang Electric and a 30% interest to Lianyungang Suyuan Group Co, Ltd. ("Suyuan Group") in June, 2007.
Solarfun's purchase of Yangguang Solar has the same price per equity interest and substantially the same terms as Linyang Electric's purchase from Zhongneng in June. Mr. Yonghua Lu, Solarfun's founder, significant shareholder, Chairman and Chief Executive Officer, owns a 70% equity interest in Linyang Electric. Both Linyang Electric and Suyuan Group own a minority equity interest in Zhongneng. Upon completion of the transaction in early August 2007, Solarfun will own 52% of Yangguang Solar, Linyang Electric will own 18% and Suyuan Group will own 30%.
Yangguang Solar plans to commence operations in October 2007 with an annual production capacity of 15-20 MW of 5-inch silicon wafers. Total production in 2007 is expected to be 3-5MW. Yangguang Solar intends to install additional equipment to enable it to gradually move to 6-inch silicon wafer production in 2008. Total production capacity is expected to be 60-80MW in 2008, with expected annual production of 50-60MW.
Yangguang Solar has secured 1,950 tons of polysilicon supply over a three-year period from Zhongneng. The agreement calls for delivery of 50 tons in 2007, 700 tons in 2008 and 1,200 tons in 2009. Solarfun has the option to acquire all or any portion of the wafers produced by Yangguang Solar if the products meet Solarfun's testing standards.
Zhongneng has agreed to provide Yangguang Solar a 3% discount to market price for all polysilicon purchased by Yangguang Solar over the three-year supply period and Yangguang Solar has similarly agreed to provide Solarfun a 3% discount to market price for all wafers purchased from Yangguang Solar by Solarfun, if any.
This acquisition provides Solarfun with an additional source for silicon wafers, as well as strategic flexibility to expand into additional segments of the solar industry value chain in the future, while minimizing near-term capital requirements.
"This acquisition is a very positive strategic development for Solarfun," said Mr. Yonghua Lu, Chairman and CEO of Solarfun. "It allows us to secure access to a steady supply of silicon wafers at a reasonable price. Moreover, in an industry where quality is paramount, competition intense, and raw materials often in short supply, acquiring Yangguang Solar ensures that we will be able to provide our customers with top quality products at a competitive price."
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
GT Solar to Equip One of Largest Solar Wafer Factories in World
Glory Silicon Energy Purchases DSS450 Furnaces -- $171 Million Order
Press Release from GT Solar Incorporated
Merrimack, NH (USA), July 31, 2007 - GT Solar Incorporated, one of the major providers of manufacturing equipment and turnkey manufacturing solutions to the photovoltaic (PV) industry, announced today that it has signed a $171 million dollar contract with Glory Silicon Energy Co., Ltd., of JiangSu, China for GT's new and more efficient DSS450 furnaces for the production of multi-crystalline silicon ingots. The contract is the largest single DSS furnace contract in GT Solar's history and will include deliveries over the next two years. The order will equip what is projected to be one of the largest wafer factories in the world - about 1500MW annually.
The DSS450 (Directional Solidification System) furnace is new to GT Solar's equipment line. It is similar to the DSS240, but can grow larger silicon ingots than GT's DSS240 furnace, with an average ingot weight of 400kg (or customized up to 450kg), and can deliver 30% more output than GT's DSS240 furnace.
GT Solar Incorporated President and CEO, Thomas Zarrella, said: "Glory Silicon Energy Co. will be a major player in the growth of the global solar industry. Glory's order for our DSS450 furnaces over the next two years is one more indication of the significant growth of the solar industry in China."
GT Solar Vice President for Asia, Jeff Ford, said: "This is the second major order for GT Solar's new DSS450 furnaces that produce larger silicon ingots. It's a key part of Glory's plan to jumpstart its production."
Glory Silicon Energy Co., Ltd. President, Wang LuBao, said: "We have turned to GT Solar for its DSS450 furnaces because they are the most technologically advanced on the market today. We look forward to using GT's equipment to produce quality solar wafers for the growing solar marketplace worldwide."
About GT Solar Incorporated
GT Solar Incorporated, a wholly owed subsidiary of GT Solar International, is one of the largest providers of manufacturing equipment and turnkey manufacturing solutions across the photovoltaic supply chain. Based in Merrimack, NH (USA), the company's products include equipment used to produce multi-crystalline solar wafers, cells and modules. GT Solar also manufactures polysilicon reactors, which allow its customers to produce the polysilicon from which solar wafers are made. For more information, go to http://www.gtsolar.com/.
About Glory Silicon Energy Co., Ltd.
Glory Silicon Energy (Zhenjiang) Co., Ltd. is a newly established company with its production facility in the city of Yangzhong in the Chinese province of Jiangsu. It was founded by various investors, including the Huantai Corporation. Huantai was one of the first Chinese businsesses to get into the production of solar wafers.
Press Release from GT Solar Incorporated
Merrimack, NH (USA), July 31, 2007 - GT Solar Incorporated, one of the major providers of manufacturing equipment and turnkey manufacturing solutions to the photovoltaic (PV) industry, announced today that it has signed a $171 million dollar contract with Glory Silicon Energy Co., Ltd., of JiangSu, China for GT's new and more efficient DSS450 furnaces for the production of multi-crystalline silicon ingots. The contract is the largest single DSS furnace contract in GT Solar's history and will include deliveries over the next two years. The order will equip what is projected to be one of the largest wafer factories in the world - about 1500MW annually.
The DSS450 (Directional Solidification System) furnace is new to GT Solar's equipment line. It is similar to the DSS240, but can grow larger silicon ingots than GT's DSS240 furnace, with an average ingot weight of 400kg (or customized up to 450kg), and can deliver 30% more output than GT's DSS240 furnace.
GT Solar Incorporated President and CEO, Thomas Zarrella, said: "Glory Silicon Energy Co. will be a major player in the growth of the global solar industry. Glory's order for our DSS450 furnaces over the next two years is one more indication of the significant growth of the solar industry in China."
GT Solar Vice President for Asia, Jeff Ford, said: "This is the second major order for GT Solar's new DSS450 furnaces that produce larger silicon ingots. It's a key part of Glory's plan to jumpstart its production."
Glory Silicon Energy Co., Ltd. President, Wang LuBao, said: "We have turned to GT Solar for its DSS450 furnaces because they are the most technologically advanced on the market today. We look forward to using GT's equipment to produce quality solar wafers for the growing solar marketplace worldwide."
About GT Solar Incorporated
GT Solar Incorporated, a wholly owed subsidiary of GT Solar International, is one of the largest providers of manufacturing equipment and turnkey manufacturing solutions across the photovoltaic supply chain. Based in Merrimack, NH (USA), the company's products include equipment used to produce multi-crystalline solar wafers, cells and modules. GT Solar also manufactures polysilicon reactors, which allow its customers to produce the polysilicon from which solar wafers are made. For more information, go to http://www.gtsolar.com/.
About Glory Silicon Energy Co., Ltd.
Glory Silicon Energy (Zhenjiang) Co., Ltd. is a newly established company with its production facility in the city of Yangzhong in the Chinese province of Jiangsu. It was founded by various investors, including the Huantai Corporation. Huantai was one of the first Chinese businsesses to get into the production of solar wafers.
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