The LDK Investor Group says Best Solar, a thin-film startup founded by LDK CEO Xiaofeng Peng, placed the $1.9 billion order that Applied Materials reported to the U.S. Securities and Exchange Commission in March.
by: Jennifer Kho
April 29, 2008
Rumors about Applied Materials' (NSDQ: AMAT) mystery customer have been flying ever since the company reported a $1.9 billion sales agreement "with a privately held corporation based outside the United States" in March.
Some industry insiders thought the purchaser was Masdar, Abu Dhabi's alternative-energy company, which later that month announced it would build $1.2 billion worth of concentrating solar projects in the south of Spain. Others guessed it was Moser Baer, which in February had said it would pump $1.5 billion into thin-film solar, and still others thought it was Chinese solar-wafer manufacturer LDK Solar (NYSE: LDK).
Now, the LDK Investor Group thinks it has solved the mystery.
In a report released Tuesday, Hakan Telenius, the group's organizer, said the buyer is Best Solar, a new company set up by LDK CEO Xiaofeng Peng.
Best Solar is an independent company that is unrelated to LDK -- other than sharing a founder-and that aims to become the world's largest supplier of thin-film solar panels, according to the report.
"I'm sure this is correct," said Telenius, who wouldn't disclose his source but said it was "a direct source" and that the information was confirmed by "lots" of other unnamed sources. "I also knew the news was spreading - lots of people, including at least one analyst, were well aware of what was happening - and we felt we had to release the information to all shareholders.”
Jesse Pichel, an analyst at Piper Jaffray, said he believes the report is correct, based on his own information. The theory also fits in with LDK's annual report, which states that Peng and his family members "are considering and may invest or otherwise participate in his personal capacity in several alternative-energy projects, including projects involving thin-film solar technology, solar-thermal, wind energy and biofuels."
"If true, it means the CEO's personal business is directly competing with LDK shareholders," Pichel said. "It's a competing technology - one's thin-film and one's polycrystalline. And given that Peng's the driver of the company, his attention may be diluted now that he's having to run a big private company. He's ramping a 1.5-gigawatt poly plant, a 1.5-gigawatt wafer plant and a gigawatt of thin film all at the same time."
Officials at LDK didn't return a call and e-mails by press time, and Applied Materials spokesperson David Miller said he couldn't confirm or deny the information. "Applied continues to have no comment beyond our earlier filing," he said.
LDK earlier this month said it was raising $400 million to build a 15,000-ton polysilicon plant and to expand its wafer production.
Telenius also mentioned the possibility of competition.
"If you're selling solar panels through regular technology and thin-film technology, you're kind of competing," he said. "I wish we knew the strategy behind it all. And there may not be a strategy."
He said he hopes Peng is considering a merger that would integrate LDK and Best Solar, diversifying its technology. But client relationships might prevent that if LDK has agreed not to get into the solar-panel business, he said.
In the report, Telenius wrote that distraction is a concern, but also found some silver lining: Peng "is reinforcing the impression we have of his ability to strike bold deals and launch large companies - a true entrepreneur - and that he is committed to building a strong solar industry in China."
On the phone, he said the news confirmed Peng's reputation as a deal maker and a company builder.
"I'm not sure he's that good at executing later, but he's a bold entrepreneur. He's going to do this again and again," Telenius said. "To those who sort of doubt what's going to come of LDK, this is one thing to keep in mind: He may well do lots of things that hopefully create value for shareholders."
While the deal with Applied Materials is a big one, several analysts said they are waiting to see what materializes before chalking it up as a win for Best Solar.
After all, Applied Materials' technology is still a risky proposition, said Brian Yerger, a research analyst with Jesup & Lamont.
"There's a lot of promise and a lot of hype and market capacity built into their solar division, and they're going to be spending a lot of money and [capital] to ramp it up, but in reality they don't have any modules that generate power yet," he said. "It's unusual for someone so large with such a long history spending so much to take a large shot at solar. There's always some risk that a startup could come up and find a game-changing technology that could make Applied Materials obsolete."
Still, betting on Applied Materials, with its size, history and credibility, is less risky than investing in a startup, he said.
Wednesday, April 30, 2008
Monday, April 28, 2008
Ningxia Power Generation Group Launched Polysilicon Project
April 26 2008, Ningxia Power Generation Group launched its high purity silicon, polysilicon and testing solar PV power station project in Yinchuan Economic Development Zone.
The total investment of the above 3 projects is 1.5 billion RMB, and all the projects will be completed in 3 years.
Ningxia Power Generation Group will be able to produce 10,000 tons of high purity (purity between 99.99% and 99.999%) silicon, and 1,000 tons of solar grade polysilicon (purity between 99.999% and 99.9999%) . The testing solar PV power station will adopt the solar panels made from their own polysilicon.
Ningxia Power Generation Group has successfully produced high purity silicon, and has developed polysilicon based on their high purity silicon, and produced solar cell from their polysilicon with 14.93% efficiency.
The total investment of the above 3 projects is 1.5 billion RMB, and all the projects will be completed in 3 years.
Ningxia Power Generation Group will be able to produce 10,000 tons of high purity (purity between 99.99% and 99.999%) silicon, and 1,000 tons of solar grade polysilicon (purity between 99.999% and 99.9999%) . The testing solar PV power station will adopt the solar panels made from their own polysilicon.
Ningxia Power Generation Group has successfully produced high purity silicon, and has developed polysilicon based on their high purity silicon, and produced solar cell from their polysilicon with 14.93% efficiency.
Friday, April 25, 2008
Trina Solar sources 225MW of polysilicon from start-up SILFAB
24 April 2008
Starting in the first quarter of 2010, Trina Solar will source polysilicon from Italian start-up SILFAB S.p.A to produce approximately 225MW of solar modules in aggregate over six years, the company said.
"This long-term supply agreement with SILFAB S.p.A. will enhance our ability to expand our operations and meet our objective of becoming a leading global PV manufacturer," said Jifan Gao, Trina Solar's Chairman and Chief Executive Officer. "In addition, we believe that this contract, which offers attractive payment terms, together with our other long-term contracts, will enhance our ability to expand our margins in the long term as the cost of solar energy approaches grid parity."
"We look forward to developing a close relationship with Trina," said Franco Traverso, SILFAB S.p.A.'s Chairman and CEO. "We are pleased to become one of Trina Solar's key suppliers and to help them with the supply of polysilicon."
SILFAB plans production of 5,000 metric tons of solar grade polysilicon per year. The first phase of manufacturing is expected to begin in the third quarter of 2009, with production of 2,500 metric tons per year.
Starting in the first quarter of 2010, Trina Solar will source polysilicon from Italian start-up SILFAB S.p.A to produce approximately 225MW of solar modules in aggregate over six years, the company said.
"This long-term supply agreement with SILFAB S.p.A. will enhance our ability to expand our operations and meet our objective of becoming a leading global PV manufacturer," said Jifan Gao, Trina Solar's Chairman and Chief Executive Officer. "In addition, we believe that this contract, which offers attractive payment terms, together with our other long-term contracts, will enhance our ability to expand our margins in the long term as the cost of solar energy approaches grid parity."
"We look forward to developing a close relationship with Trina," said Franco Traverso, SILFAB S.p.A.'s Chairman and CEO. "We are pleased to become one of Trina Solar's key suppliers and to help them with the supply of polysilicon."
SILFAB plans production of 5,000 metric tons of solar grade polysilicon per year. The first phase of manufacturing is expected to begin in the third quarter of 2009, with production of 2,500 metric tons per year.
Thursday, April 24, 2008
China's first home PV system generated 797KW power in 100 days
Dr. Zhao is a PV expert, and he installed a set of 22 square meter silicon PV panel on his roof in December 2007, and the PV system powers his TV, refrigerator, microwave stove and other household appliances. In 100 days this PV system generated 797KW power in total.
The biggest solar glass production line in China is completed
April 23rd 2008, Taicang Pilkington China Glass Special Glass lighted the fire for the biggest solar glass production line in China.
Taicang Pilkington China Glass Special Glass is a joint venture between China Glass and Pilkington. The investment for this initial solar glass production line is RMB 450 million, and the production capacity for the first phase project is 70,000 metric tons of solar glass for solar panels. And the second phase project will be launched this year, and completed in 2009.
Taicang Pilkington China Glass Special Glass is a joint venture between China Glass and Pilkington. The investment for this initial solar glass production line is RMB 450 million, and the production capacity for the first phase project is 70,000 metric tons of solar glass for solar panels. And the second phase project will be launched this year, and completed in 2009.
Oerlikon Solar Contracts With China-Based Thin-Film Firm
Baoding Tianwei has signed a contract with Oerlikon Solar for a turnkey thin-film solar module production line with an initial production capacity of 46.5 MWp per year. The deal includes all major thin-film solar module production equipment, including metrology and testing facilities. In the coming months, the machinery will be shipped, installed and commissioned by Oerlikon Solar at the project site in Baoding, Hebei, China.
"With this major order, we expand our footprint in Asia, entering one of the most attractive solar markets worldwide," says Dr. Uwe Krüger, CEO of Oerlikon. Baoding Tianwei joins existing Oerlikon customers in Asia, CMC and Auria Solar.
The advanced Oerlikon Solar production line enables the highly cost-effective manufacture of thin-film silicon modules, the company says. The turnkey, end-to-end solution embraces the entire production process, from glass cleaning and in-line inspection to testing of the finished solar modules.
"With this major order, we expand our footprint in Asia, entering one of the most attractive solar markets worldwide," says Dr. Uwe Krüger, CEO of Oerlikon. Baoding Tianwei joins existing Oerlikon customers in Asia, CMC and Auria Solar.
The advanced Oerlikon Solar production line enables the highly cost-effective manufacture of thin-film silicon modules, the company says. The turnkey, end-to-end solution embraces the entire production process, from glass cleaning and in-line inspection to testing of the finished solar modules.
Wednesday, April 23, 2008
Suntech Acquired Kuttler for Expansion in Germany
WUXI, Apr 23, 2008 (SinoCast via COMTEX) -- Chinese photovoltaic bellwether Suntech Power Holdings Co., Ltd. just acquired a majority stake in KSL-Kuttler Automation Systems GmbH of Germany, preparing for production localization.
It is a landmark step to the Wuxi-based solar energy company to launch Germany, where the penetration of photovoltaic utilization is the highest around the world. It also signals that Chinese photovoltaic giants look beyond accepting orders to process and want to expand turf in the terminal markets themselves, insiders said.
As a global leading PCB machine manufacturer and vendor, Kuttler gives its helm to the Chinese buyer and in return, it gets access to the solar energy industry that it has been coveting for a long time.
Suntech will appoint a general manager taking charge of the day-to-day operations of Kuttler, and will build up a large workshop in Germany soon for the production of solar cells, providing considerable jobs at the same time.
It is a landmark step to the Wuxi-based solar energy company to launch Germany, where the penetration of photovoltaic utilization is the highest around the world. It also signals that Chinese photovoltaic giants look beyond accepting orders to process and want to expand turf in the terminal markets themselves, insiders said.
As a global leading PCB machine manufacturer and vendor, Kuttler gives its helm to the Chinese buyer and in return, it gets access to the solar energy industry that it has been coveting for a long time.
Suntech will appoint a general manager taking charge of the day-to-day operations of Kuttler, and will build up a large workshop in Germany soon for the production of solar cells, providing considerable jobs at the same time.
Tuesday, April 22, 2008
Suntech Opens Sales and Business Development Office in Australia
SAN FRANCISCO and SYDNEY, April 22 /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 Suntech Australia that will be focused on sales and business development in Australia, New Zealand and the Pacific Islands.
''With abundant sunlight and low population density, Australia is ideally suited to distributed solar energy generation, and well-placed to take a leading role in the development and utilization of this clean and sustainable energy solution,'' said Dr. Zhengrong Shi, Suntech's Chairmanand Chief Executive Officer. ''Australia's ratification of the Kyoto protocol and increasing State support for solar projects reflects the broader community's growing interest in renewable energy and environmental sustainability. Suntech is committed to supporting this trend through investment in Australia's solar industry, and the provision of premium quality solar products.''
Dr. Shi added, ''With our new base in Sydney and continued collaborative efforts with local and regional partners, we will strive to promote the long-term development of the solar industry in Australia, New Zealand and neighbouring Pacific Islands.''
Suntech's Australia Connections
Dr. Zhengrong Shi, an alumnus of the University of NSW, and Suntech have maintained strong connections with the Australian solar industry. Suntech and the Centre of Excellence in Advanced Silicon Photovoltaics and Photonics of the University of New South Wales Australia have enjoyed long term collaboration on the research and development of cutting-edge solar technologies that target to increase PV cell conversion efficiency and decrease solar energy cost per watt. As part of the collaboration, Suntech has provided funding for solar research projects and the two organizations have mutually shared benefits produced from such efforts. In addition, Suntech also provides funding for a number of UNSW undergraduate and postgraduate scholarships for training in the area of photovoltaic engineering.
''Coming from a scientific research background, I take great pleasure in providing opportunities for up and coming scientists in this dynamic industry,'' commented Dr. Shi. ''Suntech's relationship with the University of NSW brings a commercial focus to research projects and supports the education and development of some of the world's best talent in solar R&D. At the same time, many of the technologies developed through the collaboration can be applied in mass production and facilitate lower cost per watt production of solar energy.''
One technology coming from the research collaboration, named the Plutotechnology, is already achieving 18% to 19% conversion efficiency onmono-crystalline PV cells in pilot production - well above the industryaverage of 16%. Suntech plans to transfer Pluto technology to commercialproduction in 2008.
The contact details for Suntech Australia are:
Unit 7, 24-28 Skarratt Street North,
Silverwater, NSW 2128, Australia
Tel: +61 (2) 9648 5600
Email: sales@suntech-power.com.au
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energycompany as measured by both production output and capacity of solar cellsand modules. Suntech is passionate about improving the environment we livein and dedicated to developing advanced solar solutions that enablesustainable development. Suntech designs, develops, manufactures, andmarkets a variety of high quality, cost effective and environmentallyfriendly solar products for electric power applications in the residential,commercial, industrial, and public utility sectors. Suntech offers one ofthe broadest ranges of building integrated photovoltaic (BIPV) productsunder the MSK product line. Suntech has sales offices worldwide and is amarket share leader in key global solar markets. For more information,please visit http://www.suntech-power.com .
''With abundant sunlight and low population density, Australia is ideally suited to distributed solar energy generation, and well-placed to take a leading role in the development and utilization of this clean and sustainable energy solution,'' said Dr. Zhengrong Shi, Suntech's Chairmanand Chief Executive Officer. ''Australia's ratification of the Kyoto protocol and increasing State support for solar projects reflects the broader community's growing interest in renewable energy and environmental sustainability. Suntech is committed to supporting this trend through investment in Australia's solar industry, and the provision of premium quality solar products.''
Dr. Shi added, ''With our new base in Sydney and continued collaborative efforts with local and regional partners, we will strive to promote the long-term development of the solar industry in Australia, New Zealand and neighbouring Pacific Islands.''
Suntech's Australia Connections
Dr. Zhengrong Shi, an alumnus of the University of NSW, and Suntech have maintained strong connections with the Australian solar industry. Suntech and the Centre of Excellence in Advanced Silicon Photovoltaics and Photonics of the University of New South Wales Australia have enjoyed long term collaboration on the research and development of cutting-edge solar technologies that target to increase PV cell conversion efficiency and decrease solar energy cost per watt. As part of the collaboration, Suntech has provided funding for solar research projects and the two organizations have mutually shared benefits produced from such efforts. In addition, Suntech also provides funding for a number of UNSW undergraduate and postgraduate scholarships for training in the area of photovoltaic engineering.
''Coming from a scientific research background, I take great pleasure in providing opportunities for up and coming scientists in this dynamic industry,'' commented Dr. Shi. ''Suntech's relationship with the University of NSW brings a commercial focus to research projects and supports the education and development of some of the world's best talent in solar R&D. At the same time, many of the technologies developed through the collaboration can be applied in mass production and facilitate lower cost per watt production of solar energy.''
One technology coming from the research collaboration, named the Plutotechnology, is already achieving 18% to 19% conversion efficiency onmono-crystalline PV cells in pilot production - well above the industryaverage of 16%. Suntech plans to transfer Pluto technology to commercialproduction in 2008.
The contact details for Suntech Australia are:
Unit 7, 24-28 Skarratt Street North,
Silverwater, NSW 2128, Australia
Tel: +61 (2) 9648 5600
Email: sales@suntech-power.com.au
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energycompany as measured by both production output and capacity of solar cellsand modules. Suntech is passionate about improving the environment we livein and dedicated to developing advanced solar solutions that enablesustainable development. Suntech designs, develops, manufactures, andmarkets a variety of high quality, cost effective and environmentallyfriendly solar products for electric power applications in the residential,commercial, industrial, and public utility sectors. Suntech offers one ofthe broadest ranges of building integrated photovoltaic (BIPV) productsunder the MSK product line. Suntech has sales offices worldwide and is amarket share leader in key global solar markets. For more information,please visit http://www.suntech-power.com .
Trina Solar's Key Suppliers Sign Investment Agreements with
CHANGZHOU, China, April 22 /Xinhua-PRNewswire-FirstCall/ -- Trina Solar Limited (NYSE: TSL; "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, today announced that five of its key suppliers have signed investment agreements to establish production facilities in the Changzhou Trina Photovoltaic Industrial Park. With the help of Trina Solar, these suppliers signed agreements today with the Changzhou National High Tech District in conjunction with Trina Solar's 10th Anniversary celebration. "We welcome these suppliers to Changzhou and are very happy to assist Trina Solar in reaching its aggressive expansion goals," said Vincent Dai, Vice-Director of the Administrative Committee.
The suppliers, which include Guangzhou ChienSong Grind Material Co., Ltd., Hubei Feilihua Quartz Glass Co., Ltd., Suzhou Good-Ark Electronics Co., Ltd., and a European manufacturer of PV glass, produce products such as reclaimed slurry, crucibles, junction boxes, and low iron glass used in the production of solar PV modules. These companies are targeting total investments of over $275 million in Changzhou. "We are very excited by the advancement of the Changzhou Trina Photovoltaic Industrial Park and the opportunity to form strong partnerships with each of these key suppliers," said Jifan Gao, Trina Solar's Chairman and CEO.
The five suppliers plan to build production facilities in Changzhou and enter into long-term supply agreements with Trina Solar. Their presence in the Changzhou Trina Photovoltaic Industrial Park will help to advance Trina Solar's goal of ensuring a steady supply of its key supply chain components, while providing the company with lower material costs, among other logistical advantages.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL), 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 manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline 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. For further information, please visit Trina Solar's website at http://www.trinasolar.com .
The suppliers, which include Guangzhou ChienSong Grind Material Co., Ltd., Hubei Feilihua Quartz Glass Co., Ltd., Suzhou Good-Ark Electronics Co., Ltd., and a European manufacturer of PV glass, produce products such as reclaimed slurry, crucibles, junction boxes, and low iron glass used in the production of solar PV modules. These companies are targeting total investments of over $275 million in Changzhou. "We are very excited by the advancement of the Changzhou Trina Photovoltaic Industrial Park and the opportunity to form strong partnerships with each of these key suppliers," said Jifan Gao, Trina Solar's Chairman and CEO.
The five suppliers plan to build production facilities in Changzhou and enter into long-term supply agreements with Trina Solar. Their presence in the Changzhou Trina Photovoltaic Industrial Park will help to advance Trina Solar's goal of ensuring a steady supply of its key supply chain components, while providing the company with lower material costs, among other logistical advantages.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL), 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 manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline 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. For further information, please visit Trina Solar's website at http://www.trinasolar.com .
Monday, April 21, 2008
JA Solar signs supply agreement with GCL Silicon Technology
JA Solar to receive silicon wafers from GCL Silicon Technology under long-term deal
April 21, 2008: 08:40 AM EST
NEW YORK (Associated Press) - JA Solar Holdings Co. said Monday that Jiangsu Zhongneng Polysilicon Technology Development Co., a unit of GCL Silicon Technology Holdings Ltd., has agreed to supply the Chinese solar cell maker with silicon wafers under a long-term deal.
Financial terms were not disclosed.
Under the agreement, GCL Silicon Technology will supply about 6,000 megawatts of silicon wafers to JA Solar through December 2015 at predetermined prices.
JA Solar said delivery of the wafers began this month.
"This agreement is an important part of our growth strategy, as we further strengthen and diversify our supply position to support JA Solar's rapid growth and increased customer demand," said JA Solar Chief Executive Samuel Yang in a statement.
April 21, 2008: 08:40 AM EST
NEW YORK (Associated Press) - JA Solar Holdings Co. said Monday that Jiangsu Zhongneng Polysilicon Technology Development Co., a unit of GCL Silicon Technology Holdings Ltd., has agreed to supply the Chinese solar cell maker with silicon wafers under a long-term deal.
Financial terms were not disclosed.
Under the agreement, GCL Silicon Technology will supply about 6,000 megawatts of silicon wafers to JA Solar through December 2015 at predetermined prices.
JA Solar said delivery of the wafers began this month.
"This agreement is an important part of our growth strategy, as we further strengthen and diversify our supply position to support JA Solar's rapid growth and increased customer demand," said JA Solar Chief Executive Samuel Yang in a statement.
Solar application design is a must for all the new buildings in Kunming
In order to make Kunming the solar energy city, Kunming government requires all the new buildings to support solar applications, and encourages the residents to install solar water heaters.
Shandong, Jiangsu and other governments also encourage people to install solar water heater to save energy and protect environment. At present China is the biggest solar water heater market, and 60% solar water heaters are installed in China.
Shandong, Jiangsu and other governments also encourage people to install solar water heater to save energy and protect environment. At present China is the biggest solar water heater market, and 60% solar water heaters are installed in China.
Friday, April 18, 2008
Analysis: China's polycrystalline silicon industry faces opportunity and risk
Xinhua Economic News Service, April 17, 2008 Thursday 11:10 PM EST
BEIJING, April 18 (Xinhua) - China's polycrystalline silicon industry is faced with an opportunity of increasing market demand as well as risks of overcapacity and repeated low-level construction
-- Robust demand pushes development of polycrystalline silicon industry
The global supply of polycrystalline silicon, a key raw material for producing semiconductor devices and solar cells, cannot meet the increasing market demand, offering an opportunity for China's polycrystalline silicon industry. The supply shortage will last until 2010.
As a result, polycrystalline silicon price surged from less than 40 US dollars/kg in 2003 to around 300 dollars/kg at present.
It is predicted that the polycrystalline silicon demand from semiconductor device manufacturing will hit 35,000 tons in 2010, and that from solar cell making will reach 50,000 tons.
--- Rapid expansion of polycrystalline silicon industry in China
The Leshan city in southwest China's Sichuan Province boasts a completed polycrystalline silicon production capacity of 15 million tons a year, accounting for nearly 80 percent of the national total. A national production base is looming in the city with a number of projects putting into operation and new projects starting construction this year.
The city plans to invest 20 billion yuan in the following five years to develop China's largest polycrystalline silicon production base with an annual polycrystalline silicon production capacity of 19, 500 tons and monocrystalline silicon production capacity of 2,000 tons, according to Jiang Xiaoting, a senior official of the city.
--- Hidden problems
Construction of polycrystalline silicon projects should be deployed in line with industrial characteristics, noted Jiang, adding that concentrated construction of large-scale production base is conducive to making better use of infrastructures and sideline products, dealing with waste and pollution and avoiding repeated introduction of foreign technologies.
Technology is a bottleneck for further development of China's polycrystalline silicon industry.
At present, China's production cost is twice that of economically developed countries, thus weakening the competitiveness of Chinese polycrystalline silicon.
If all the planned projects are in full operation, China is estimated to form a production capacity of 100,000 tons. In addition, the production capacity on overseas market will increase as well. The problem of overcapacity will occur, if downstream users cannot develop in an accordant pace.
BEIJING, April 18 (Xinhua) - China's polycrystalline silicon industry is faced with an opportunity of increasing market demand as well as risks of overcapacity and repeated low-level construction
-- Robust demand pushes development of polycrystalline silicon industry
The global supply of polycrystalline silicon, a key raw material for producing semiconductor devices and solar cells, cannot meet the increasing market demand, offering an opportunity for China's polycrystalline silicon industry. The supply shortage will last until 2010.
As a result, polycrystalline silicon price surged from less than 40 US dollars/kg in 2003 to around 300 dollars/kg at present.
It is predicted that the polycrystalline silicon demand from semiconductor device manufacturing will hit 35,000 tons in 2010, and that from solar cell making will reach 50,000 tons.
--- Rapid expansion of polycrystalline silicon industry in China
The Leshan city in southwest China's Sichuan Province boasts a completed polycrystalline silicon production capacity of 15 million tons a year, accounting for nearly 80 percent of the national total. A national production base is looming in the city with a number of projects putting into operation and new projects starting construction this year.
The city plans to invest 20 billion yuan in the following five years to develop China's largest polycrystalline silicon production base with an annual polycrystalline silicon production capacity of 19, 500 tons and monocrystalline silicon production capacity of 2,000 tons, according to Jiang Xiaoting, a senior official of the city.
--- Hidden problems
Construction of polycrystalline silicon projects should be deployed in line with industrial characteristics, noted Jiang, adding that concentrated construction of large-scale production base is conducive to making better use of infrastructures and sideline products, dealing with waste and pollution and avoiding repeated introduction of foreign technologies.
Technology is a bottleneck for further development of China's polycrystalline silicon industry.
At present, China's production cost is twice that of economically developed countries, thus weakening the competitiveness of Chinese polycrystalline silicon.
If all the planned projects are in full operation, China is estimated to form a production capacity of 100,000 tons. In addition, the production capacity on overseas market will increase as well. The problem of overcapacity will occur, if downstream users cannot develop in an accordant pace.
Thursday, April 17, 2008
Shenzhen Topray Signed Silicon Wafer Purchase Agreement with Renesola
April 17th 2008, Shenzhen Topray signed silicon wafer purchase agreement with Renesola, Renesola will offer 105MW wafer to Shenzhen Topray starting July 2008 to June 2014, the total agreement value is about RMB 1.5 billion.
China Polysilicon Production Output in 2008
Several days ago a foreign friend discussed China polysilicon production output in 2008 with me, he gave me a figure of 7,360 metric tons, I was quite astonished. Being a Chinese I hope Chinese companies are able to produce more polysilicon to ease the raw material shortage problem in the PV industry.
It is a pity that my finding is just 3,000 to 5,000 metric tons, I am sorry that I cannot give you the exact figure since all the producers are not sure how much they can produce this year, the existing producers are trying to improve their production output, and the new producers are trying to start their production this year.
Today I read "Last year, these companies produced a total of 1,000 metric tons of polysilicon. Next year, we expect Chinese production to increase to 2,000 metric tons, as these companies improve their production processes and new companies ramp up production." from an article by Susan Gordon, an analyst at THT Research. According to my knowledge, the production from E'mei, Luoyang China Silicon and Sichuan Xin'guang Silicon will be about 2,000 metric tons in 2008, what's more Zhongneng began to produce polysilicon in September 2007, and some new producers will begin to produce polysilicon this year, anyhow the total figure will be at least 3,000 metric tons in 2008. If these projects go well, it is possible that the total figure will reach 5,000 metric tons in 2008.
And some Chinese companies are developing the non-Simens process to produce low cost polysilicon, if they succeed, the production output will be raised to a real high level.
At last, I just hope my figure is not too conservative.
It is a pity that my finding is just 3,000 to 5,000 metric tons, I am sorry that I cannot give you the exact figure since all the producers are not sure how much they can produce this year, the existing producers are trying to improve their production output, and the new producers are trying to start their production this year.
Today I read "Last year, these companies produced a total of 1,000 metric tons of polysilicon. Next year, we expect Chinese production to increase to 2,000 metric tons, as these companies improve their production processes and new companies ramp up production." from an article by Susan Gordon, an analyst at THT Research. According to my knowledge, the production from E'mei, Luoyang China Silicon and Sichuan Xin'guang Silicon will be about 2,000 metric tons in 2008, what's more Zhongneng began to produce polysilicon in September 2007, and some new producers will begin to produce polysilicon this year, anyhow the total figure will be at least 3,000 metric tons in 2008. If these projects go well, it is possible that the total figure will reach 5,000 metric tons in 2008.
And some Chinese companies are developing the non-Simens process to produce low cost polysilicon, if they succeed, the production output will be raised to a real high level.
At last, I just hope my figure is not too conservative.
Wednesday, April 16, 2008
ReneSola signs six-year deals to supply two Chinese companies with solar wafers
LONDON, Apr. 15, 2008 (Thomson Financial delivered by Newstex) -- ReneSola Ltd. (OOTC:RESLF) (NYSE:SOL) said it has signed six-year solar wafer supply contracts with Ningbo Solar Electric Power Co. Ltd. and Eoplly New Energy Technology Co. Ltd.
ReneSola, which manufactures silicon wafers for the solar PV industry said it will supply Ningbo Solar and Eoplly with 105 megawatts (MW) of solar wafers over a six-year period commencing in mid-2008.No financial details were given.
ReneSola, which manufactures silicon wafers for the solar PV industry said it will supply Ningbo Solar and Eoplly with 105 megawatts (MW) of solar wafers over a six-year period commencing in mid-2008.No financial details were given.
Fluor wins contract with LDK Solar
By SHERYL JEAN / The Dallas Morning News sjean@dallasnews.com
Irving-based Fluor Corp. said Tuesday that it has won a contract from LDK Solar Co. Ltd. for engineering, procurement and construction management services for $1 billion polysilicon plant in China.
Fluor booked the initial engineering and design work for the project in the third quarter of 2007, and the rest in the first quarter of this year.
The plant will be adjacent to LDK’s solar wafer manufacturing plant in Xinyu City, China, which is where LDK is based.
Construction began in August.
The three manufacturing lines are expected to be completed by July 2009.
Irving-based Fluor Corp. said Tuesday that it has won a contract from LDK Solar Co. Ltd. for engineering, procurement and construction management services for $1 billion polysilicon plant in China.
Fluor booked the initial engineering and design work for the project in the third quarter of 2007, and the rest in the first quarter of this year.
The plant will be adjacent to LDK’s solar wafer manufacturing plant in Xinyu City, China, which is where LDK is based.
Construction began in August.
The three manufacturing lines are expected to be completed by July 2009.
Tuesday, April 15, 2008
Trina Solar drops plans for polysilicon plant
April 14, 2008
The company said the polysilicon supply market has changed for the better, and it no longer needs to build the plant.
Changzhou, China-based Trina Solar (NYSE: TSL) announced today that it has canceled plans to build a $1 billion polysilicon production plant, saying supplies of the material have become more available.
"We have made this strategic decision after careful assessment of our raw material requirements, in conjunction with recent and favorable long term polysilicon market and supply condition developments." said Jifan Gao, chairman and CEO of Trina Solar.
Trina said the plant was expected to have a capacity of 10,000 metric tons.
As a result of the change in plans, Trina said its related equipment supply contract with Merrimack, N.H.-based GT Solar would lapse.
But Trina said the two companies would continue to work together.
"We wish to reaffirm our strong working relationship with our partner GT Solar, which continues to provide us with advanced multicrystalline technology platforms to support our target of 350 megawatts of annualized module capacity by the end of 2008," said Gao.
Trina said it would continue to sign long term contracts to meet its strategic polysilicon supply needs.
Last November, Trina said a deal to get polysilicon from Leshan, China's Sichuan Yongxiang Polysilicon.
Under that six year contract, Sichuan is expected to supply Trina with enough virgin polysilicon to produce 1,300 MW of modules.
In addition to supply contracts, Trina said it would consider strategic investment options in future polysilicon projects, although the company said it has no projects currently under consideration.
The company said the polysilicon supply market has changed for the better, and it no longer needs to build the plant.
Changzhou, China-based Trina Solar (NYSE: TSL) announced today that it has canceled plans to build a $1 billion polysilicon production plant, saying supplies of the material have become more available.
"We have made this strategic decision after careful assessment of our raw material requirements, in conjunction with recent and favorable long term polysilicon market and supply condition developments." said Jifan Gao, chairman and CEO of Trina Solar.
Trina said the plant was expected to have a capacity of 10,000 metric tons.
As a result of the change in plans, Trina said its related equipment supply contract with Merrimack, N.H.-based GT Solar would lapse.
But Trina said the two companies would continue to work together.
"We wish to reaffirm our strong working relationship with our partner GT Solar, which continues to provide us with advanced multicrystalline technology platforms to support our target of 350 megawatts of annualized module capacity by the end of 2008," said Gao.
Trina said it would continue to sign long term contracts to meet its strategic polysilicon supply needs.
Last November, Trina said a deal to get polysilicon from Leshan, China's Sichuan Yongxiang Polysilicon.
Under that six year contract, Sichuan is expected to supply Trina with enough virgin polysilicon to produce 1,300 MW of modules.
In addition to supply contracts, Trina said it would consider strategic investment options in future polysilicon projects, although the company said it has no projects currently under consideration.
Suntech Receives Frost & Sullivan 2008 Solar Energy Development Company of the Year Award
SAN FRANCISCO, April 14 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced it was named Frost & Sullivan's 2008 Solar Energy Development Company of the Year. In granting the award to Suntech, which recognizes a company for unparalleled excellence in design and delivery of high-quality PV cells and modules and customization of energy solutions catering to a global client base, Frost & Sullivan cited Suntech's outstanding focus on R&D and wide spectrum of top-class, energy efficient solutions and products that are sustainable, customizable and of the highest caliber. Suntech will accept the award in a ceremony on April 15th in San Antonio, Texas.
"We are honored to receive such a designation, as it serves to further validate our commitment to provide the most innovative, highest quality solar energy products to customers around the world," said Dr. Zhengrong Shi, Suntech's Chairman and Chief Executive Officer. "We are passionate about working with our customers in anticipating tomorrow's energy needs today. Only through continued innovation can we achieve this goal and truly fortify our position as a global leader in solar energy."
While PV cells and modules ranging from 170 watts to 280 watts are the mainstay of Suntech, Frost & Sullivan highlighted the Company's strong capabilities in building integrated photovoltaic (BIPV) systems as particularly noteworthy and innovative, strengthened by its acquisition of Japanese BIPV specialist MSK in 2006. The MSK Solar Design Line, Suntech's in-house developed, proprietary line of BIPV, has proven to be cost-effective and versatile with a high aesthetic finish.
According to Frost & Sullivan, Suntech has exhibited impressive strides toward recognition in China, South Korea, Japan, France, Greece, and Italy, in addition to ranking among the top three suppliers in the three largest solar markets of Germany, Spain and the United States. With expanding production bases in Wuxi and Shanghai and plans to reach 1GW of PV cell production capacity by the end of 2008, Suntech is set to leverage the ever-increasing demand for clean, reusable and affordable solar power across the globe. In order to better serve its global customer base, Suntech has recently established local sales and service centers in Germany, Spain and South Korea and plans to continue to expand its international network by launching offices in Italy, Greece and Australia over the next 12 months.
About Frost & Sullivan
Frost & Sullivan, the Global Growth Consulting Company, partners with clients to accelerate their growth. The company's Growth Partnership Services, Growth Consulting and Career Best Practices empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents. For more information about Frost & Sullivan's Growth Partnerships, visit http://www.frost.com/ .
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com/ .
"We are honored to receive such a designation, as it serves to further validate our commitment to provide the most innovative, highest quality solar energy products to customers around the world," said Dr. Zhengrong Shi, Suntech's Chairman and Chief Executive Officer. "We are passionate about working with our customers in anticipating tomorrow's energy needs today. Only through continued innovation can we achieve this goal and truly fortify our position as a global leader in solar energy."
While PV cells and modules ranging from 170 watts to 280 watts are the mainstay of Suntech, Frost & Sullivan highlighted the Company's strong capabilities in building integrated photovoltaic (BIPV) systems as particularly noteworthy and innovative, strengthened by its acquisition of Japanese BIPV specialist MSK in 2006. The MSK Solar Design Line, Suntech's in-house developed, proprietary line of BIPV, has proven to be cost-effective and versatile with a high aesthetic finish.
According to Frost & Sullivan, Suntech has exhibited impressive strides toward recognition in China, South Korea, Japan, France, Greece, and Italy, in addition to ranking among the top three suppliers in the three largest solar markets of Germany, Spain and the United States. With expanding production bases in Wuxi and Shanghai and plans to reach 1GW of PV cell production capacity by the end of 2008, Suntech is set to leverage the ever-increasing demand for clean, reusable and affordable solar power across the globe. In order to better serve its global customer base, Suntech has recently established local sales and service centers in Germany, Spain and South Korea and plans to continue to expand its international network by launching offices in Italy, Greece and Australia over the next 12 months.
About Frost & Sullivan
Frost & Sullivan, the Global Growth Consulting Company, partners with clients to accelerate their growth. The company's Growth Partnership Services, Growth Consulting and Career Best Practices empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents. For more information about Frost & Sullivan's Growth Partnerships, visit http://www.frost.com/ .
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com/ .
Friday, April 11, 2008
Lu'an Group broke ground polysilicon project
April 9th 2008 Lu'an Group and Centrotherm held the ground breaking ceremony for their polysilicon joint venture project.
The project will adopt Simens process to produce polysilicon, and the total project capacity is 5,000 tons. The first phase project capacity is 2,500 ton polysilicon and 60MW solar cell, and will be completed by the end of 2009.
The project will adopt Simens process to produce polysilicon, and the total project capacity is 5,000 tons. The first phase project capacity is 2,500 ton polysilicon and 60MW solar cell, and will be completed by the end of 2009.
Emcore to deploy CPV systems with China’s XinAo
10 April 2008
Emcore Corp of Albuquerque, NM, USA, which makes components and subsystems for the broadband, fiber-optic and solar power markets, has agreed to supply concentrator photovoltaic (CPV) systems to XinAo Group of Langfang, China (one of the country's largest energy companies, and known for its clean-energy technologies).
Emcore's CPV systems are powered by its high-efficiency multi-junction solar cells that operate with 500x concentration. The program will start with the delivery of a 50kW CPV system to be installed in Langfang for test and evaluation purposes. Once the expected reliability and performance metrics have been demonstrated, XinAo plans to install CPV systems to provide electric power for its coal gasification project, which is estimated to have a requirement of 60MW of power.
In addition, XinAo intends to build a plant in China, jointly owned by Emcore , to manufacture CPV systems designed and certified by Emcore for the Chinese market.
"This kind of distributed energy application is a strategic focus for Emcore," says Earl Fuller, VP and general manager of Emcore's Solar Power Division. Through its subsidiary Emcore China (also located in Langfang), Emcore will be able to form an efficient and cost-effective manufacturing capability to serve XinAo and other demands in the Chinese market, he adds.
Emcore Corp of Albuquerque, NM, USA, which makes components and subsystems for the broadband, fiber-optic and solar power markets, has agreed to supply concentrator photovoltaic (CPV) systems to XinAo Group of Langfang, China (one of the country's largest energy companies, and known for its clean-energy technologies).
Emcore's CPV systems are powered by its high-efficiency multi-junction solar cells that operate with 500x concentration. The program will start with the delivery of a 50kW CPV system to be installed in Langfang for test and evaluation purposes. Once the expected reliability and performance metrics have been demonstrated, XinAo plans to install CPV systems to provide electric power for its coal gasification project, which is estimated to have a requirement of 60MW of power.
In addition, XinAo intends to build a plant in China, jointly owned by Emcore , to manufacture CPV systems designed and certified by Emcore for the Chinese market.
"This kind of distributed energy application is a strategic focus for Emcore," says Earl Fuller, VP and general manager of Emcore's Solar Power Division. Through its subsidiary Emcore China (also located in Langfang), Emcore will be able to form an efficient and cost-effective manufacturing capability to serve XinAo and other demands in the Chinese market, he adds.
Thursday, April 10, 2008
LDK Solar Prices US$400 Million Convertible Senior Notes
XINYU CITY, China and SUNNYVALE, Calif., April 10/PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , announced today the pricing of $400 million of 4.75% Convertible Senior Notes due 2013 pursuant to Rule 144 A under the United States Securities Act of 1933, as amended (the "Securities Act"). The notes will pay cash interest semiannually at a rate of 4.75% per annum and in certain circumstances,will be convertible into LDK Solar's American depositary shares, cash or acombination of cash and American depositary shares. The initial conversion rate, subject to adjustment, is 25.4534 LDK Solar American depositary shares per US$1,000 principal amount of notes, which is equal to the initial conversion price of approximately US$39.29 per American depositary share, which represents an approximate 25% premium to the closing price of $31.43 on April 9, 2008. The closing of the offering is expected to occuron April 15, 2008.
LDK Solar expects to use the net proceeds of the offering to enter into prepaid forward contracts with one or more of the initial purchasers and/or their affiliates to repurchase approximately $200 million worth of its American depositary shares. In addition, LDK Solar expects to use approximately 75% of the remaining net proceeds to fund the construction of a polysilicon manufacturing plant, approximately 20% of the remaining net proceeds to fund the capacity expansion of its wafer production facilities and 5% of the remaining net proceeds to fund other general corporate activities.
LDK Solar expects to use the net proceeds of the offering to enter into prepaid forward contracts with one or more of the initial purchasers and/or their affiliates to repurchase approximately $200 million worth of its American depositary shares. In addition, LDK Solar expects to use approximately 75% of the remaining net proceeds to fund the construction of a polysilicon manufacturing plant, approximately 20% of the remaining net proceeds to fund the capacity expansion of its wafer production facilities and 5% of the remaining net proceeds to fund other general corporate activities.
China Nuvo Solar Energy Announces Plans to Use Thin Film CIGS in Its Pilot Production Project
WEST PALM BEACH, Fla.--China Nuvo Solar Energy, Inc. (the "Company" or "China Nuvo") (OTCBB: CNUV) announced today that it will be developing a low-cost solar cell based on thin-film CIGS technology with its collaboration partner, Pioneer Materials, Inc. ("PMI"), at its pilot production facility in Chengdu, China. CIGS, which stands for copper indium gallium selenium, has achieved the highest efficiency for thin-film photovoltaics at 19.9%, which rivals the performance of crystalline based silicon solar cells. With thin-film manufacturing techniques, CIGS thin-film solar cells can be made with 1/100th of the materials used in crystalline based silicon solar cells.
The Company believes that thin film CIGS represents second generation solar technology when compared to traditional poly-Si manufacturing technology. When compared to poly-Si, the Company believes CIGS provides for significantly reduced wafer thicknesses with a significant increase in per kilogram wattage production. Also, CIGS avoids the cadmium toxicity issues surrounding the other mainstream thin-film technology, CdTe or cadmium telluride. In addition, the CIGS thin film solar cells can be made with much less energy input than conventional crystalline based silicon solar cells.
As previously announced, the Company has executed a Collaboration Development Agreement with PMI for the Company's pilot production project in Chengdu, China. The initial project focus is to develop a single junction solar cell with commercial efficiency utilizing materials provided by PMI and incorporated into the Company's ceramic sleeve solar technology. The Company believes this will provide the baseline for development of a multi-stacked solar cell that could provide an even higher degree of efficiency. The ultimate goal of the project is to develop and produce a highly efficient, commercially viable, lower cost-per-watt solar energy cell.
China Nuvo Solar Energy, Inc. is a development stage company that owns a unique patent pending solar technology and is working to develop a commercially viable higher efficiency stacked solar cell.
The Company believes that thin film CIGS represents second generation solar technology when compared to traditional poly-Si manufacturing technology. When compared to poly-Si, the Company believes CIGS provides for significantly reduced wafer thicknesses with a significant increase in per kilogram wattage production. Also, CIGS avoids the cadmium toxicity issues surrounding the other mainstream thin-film technology, CdTe or cadmium telluride. In addition, the CIGS thin film solar cells can be made with much less energy input than conventional crystalline based silicon solar cells.
As previously announced, the Company has executed a Collaboration Development Agreement with PMI for the Company's pilot production project in Chengdu, China. The initial project focus is to develop a single junction solar cell with commercial efficiency utilizing materials provided by PMI and incorporated into the Company's ceramic sleeve solar technology. The Company believes this will provide the baseline for development of a multi-stacked solar cell that could provide an even higher degree of efficiency. The ultimate goal of the project is to develop and produce a highly efficient, commercially viable, lower cost-per-watt solar energy cell.
China Nuvo Solar Energy, Inc. is a development stage company that owns a unique patent pending solar technology and is working to develop a commercially viable higher efficiency stacked solar cell.
Polysilicon quotes rocket high following sharp supply cut by MEMC
Nuying Huang, Taipei; Esther Lam, DIGITIMES [Thursday 10 April 2008]
Following MEMC Electronic Materials' sharp polysilicon supply cut to the spot market in the first quarter of 2008, corresponding quotes have shot to a new high at US$500-510 per kilogram recently, according to sources from solar wafer makers in Taiwan.
The sources noted that the shrink in supply led to a batch of about 20 tons of polysilicon being settled at US$500-510 per kilogram during the past two weeks. As the batch of polysilicon was secured through agents, information about the buyers is still unknown, but some industry players in Taiwan suspect that the buyers are likely from China, given that the market is rapidly growing, and that many China-based vendors have a relatively heavy reliance on the spot market.
Chin-Yao Tsai, general manager of E-ton Solar Tech, indicated that he had heard polysilicon was trading at a price tag above US$480-500, recently, but added in saying that he did not have further information say that whether the company had made any transactions at this price range. He added in saying that polysilicon spot pricing is expected to spur amid the upcoming suspension of solar tax incentives in Spain in September.
The sources explained the rocketing polysilicon price to MEMC's supply status. Since MEMC sought to guarantee sufficient supplies to its contract customers, including Gintech Energy from Taiwan and Suntech Power from China, during the last quarter, material supply was trimmed to the spot market in return. The polysilicon maker had also previously mentioned that its output would be reduced by 20% on quarter in the first quarter, and that some production would be affected by adjustments to its production facilities.
Following MEMC Electronic Materials' sharp polysilicon supply cut to the spot market in the first quarter of 2008, corresponding quotes have shot to a new high at US$500-510 per kilogram recently, according to sources from solar wafer makers in Taiwan.
The sources noted that the shrink in supply led to a batch of about 20 tons of polysilicon being settled at US$500-510 per kilogram during the past two weeks. As the batch of polysilicon was secured through agents, information about the buyers is still unknown, but some industry players in Taiwan suspect that the buyers are likely from China, given that the market is rapidly growing, and that many China-based vendors have a relatively heavy reliance on the spot market.
Chin-Yao Tsai, general manager of E-ton Solar Tech, indicated that he had heard polysilicon was trading at a price tag above US$480-500, recently, but added in saying that he did not have further information say that whether the company had made any transactions at this price range. He added in saying that polysilicon spot pricing is expected to spur amid the upcoming suspension of solar tax incentives in Spain in September.
The sources explained the rocketing polysilicon price to MEMC's supply status. Since MEMC sought to guarantee sufficient supplies to its contract customers, including Gintech Energy from Taiwan and Suntech Power from China, during the last quarter, material supply was trimmed to the spot market in return. The polysilicon maker had also previously mentioned that its output would be reduced by 20% on quarter in the first quarter, and that some production would be affected by adjustments to its production facilities.
JA Solar Appoints New Chief Financial Officer
HEBEI, China, April 10, 2008 (PRIME NEWSWIRE) -- JA Solar Holdings Co., Ltd. ("JA Solar", "the Company") (Nasdaq:JASO) announced today that it has appointed Mr. Daniel Lui as the new Chief Financial Officer of the Company. Mr. Lui will assume the role of CFO effective May 10, 2008. JA Solar's current CFO, Mr. Herman Zhao, will retire from the Company and relocate back to the United States.
"I am very pleased to welcome Mr. Lui to our management team," said Samuel Yang, Chief Executive Officer. "His experience and expertise as a CFO at public and private companies, as well as startup ventures, will add additional strength to our financial management and will be a key contributor to our long-term success."
About JA Solar Holdings Co., Ltd.
Based in Hebei, China, JA Solar Holdings Co., Ltd. is an emerging and fast-growing manufacturer of high-performance solar cells. The Company sells its products to solar module manufacturers who assemble and integrate its solar cells into modules and systems that convert sunlight into electricity. For more information, please visit http://www.jasolar.com.
"I am very pleased to welcome Mr. Lui to our management team," said Samuel Yang, Chief Executive Officer. "His experience and expertise as a CFO at public and private companies, as well as startup ventures, will add additional strength to our financial management and will be a key contributor to our long-term success."
About JA Solar Holdings Co., Ltd.
Based in Hebei, China, JA Solar Holdings Co., Ltd. is an emerging and fast-growing manufacturer of high-performance solar cells. The Company sells its products to solar module manufacturers who assemble and integrate its solar cells into modules and systems that convert sunlight into electricity. For more information, please visit http://www.jasolar.com.
Wednesday, April 9, 2008
LDK Wants $300M
The Chinese solar giant will use money from convertible notes to support expansion plans and give investors first-quarter guidance.
by: Rachel Barron
April 08, 2008
Chinese solar-wafer manufacturer LDK Solar (NYSE: LDK) said Tuesday it would issue $300 million in convertible notes to help build its silicon plant and expand its wafer production.
The announcement was not a surprise. Last week, Chief Financial Officer Jack Lai warned that LDK could fall $200 million to $300 million short of the capital it needs and analyst Jesse Pichel predicted that that the financing probably would come in the form of convertible notes.
"Shareholders are going to get diluted from this thing," he said Friday.
LDK will use some of the money to buy back $150 million of its American Depository Shares, according to the announcement. It will then spend 75 percent of the remaining cash to help build its polysilicon factory -- expected to have the capacity to produce 15,000 tons per year -- 20 percent to expand its wafer production and 5 percent for other "general corporate activities."
Also on Tuesday, LDK raised its guidance for revenues for the first quarter of 2008, but slightly lowered its earnings-per-share expectation.
The company said it is now expecting revenues of between $225 million to $235 million, compared with previous guidance of about $195 million to $210 million for the quarter.
The company also shaved a penny from its earnings, which are expected to be between 39 cents and 44 cents per share for the quarter. Previously, earnings per share ranged from 40 cents to 44 cents.Analysts polled by Thomas Financial were betting the company would pull a profit of 41 cents per share on revenue of $214.7 million.
by: Rachel Barron
April 08, 2008
Chinese solar-wafer manufacturer LDK Solar (NYSE: LDK) said Tuesday it would issue $300 million in convertible notes to help build its silicon plant and expand its wafer production.
The announcement was not a surprise. Last week, Chief Financial Officer Jack Lai warned that LDK could fall $200 million to $300 million short of the capital it needs and analyst Jesse Pichel predicted that that the financing probably would come in the form of convertible notes.
"Shareholders are going to get diluted from this thing," he said Friday.
LDK will use some of the money to buy back $150 million of its American Depository Shares, according to the announcement. It will then spend 75 percent of the remaining cash to help build its polysilicon factory -- expected to have the capacity to produce 15,000 tons per year -- 20 percent to expand its wafer production and 5 percent for other "general corporate activities."
Also on Tuesday, LDK raised its guidance for revenues for the first quarter of 2008, but slightly lowered its earnings-per-share expectation.
The company said it is now expecting revenues of between $225 million to $235 million, compared with previous guidance of about $195 million to $210 million for the quarter.
The company also shaved a penny from its earnings, which are expected to be between 39 cents and 44 cents per share for the quarter. Previously, earnings per share ranged from 40 cents to 44 cents.Analysts polled by Thomas Financial were betting the company would pull a profit of 41 cents per share on revenue of $214.7 million.
Tuesday, April 8, 2008
LDK says SEC won't take action against company
LOS ANGELES, April 7 (Reuters) - Chinese solar wafer maker LDK Solar Co Ltd on Monday said it was informed by the U.S. Securities and Exchange Commission's staff that it would not recommend action against the company.
LDK last October revealed it was being questioned by the SEC over its inventory accounting after its former financial controller had alleged that it overstated its polysilicon inventories by 250 tons.
The former executive's allegations also spawned several shareholder lawsuits.
On Monday, LDK said in an SEC filing that the Commission's staff had informed the company on March 24 that it would not recommend any enforcement action related to the review.
The news came three months after LDK said an internal probe of the company's accounting by its audit committee found no material errors.
LDK said in the filing that based on the SEC staff's findings, "it is not probable that an unfavorable outcome will occur upon the ultimate resolution of the pending litigation for this matter."
LDK last October revealed it was being questioned by the SEC over its inventory accounting after its former financial controller had alleged that it overstated its polysilicon inventories by 250 tons.
The former executive's allegations also spawned several shareholder lawsuits.
On Monday, LDK said in an SEC filing that the Commission's staff had informed the company on March 24 that it would not recommend any enforcement action related to the review.
The news came three months after LDK said an internal probe of the company's accounting by its audit committee found no material errors.
LDK said in the filing that based on the SEC staff's findings, "it is not probable that an unfavorable outcome will occur upon the ultimate resolution of the pending litigation for this matter."
Monday, April 7, 2008
LDK Solar says signs 3 new wafer and polysilicon supply deals
XINYU CITY, Apr. 4, 2008 (Thomson Financial delivered by Newstex) -- LDK Solar Co. Ltd. (NYSE:LDK) a manufacturer of multicrystalline solar wafers, announced on Friday that it has signed a 6-year wafer supply agreement with Greece's Silcio S.A. staring in 2008.
China-based LDK said the agreement includes 50 MW of silicon wafer with a fixed amount of deposit and an additional sales agreement was signed with Arise Corporation of Canada, which is a 4-year 'take or pay' contract for 33 MW silicon wafers to be delivered from 2008 through 2011.
The company said it also secured an additional critical polysilicon sourcing agreement for 1,450 MT with shipments scheduled for the first half of 2008 through 2011.
On Thursday, Moser Baer India Ltd. said its unit signed a 10-year contract with LDK for the supply of silicon wafers for producing photovoltaic cells.
China-based LDK said the agreement includes 50 MW of silicon wafer with a fixed amount of deposit and an additional sales agreement was signed with Arise Corporation of Canada, which is a 4-year 'take or pay' contract for 33 MW silicon wafers to be delivered from 2008 through 2011.
The company said it also secured an additional critical polysilicon sourcing agreement for 1,450 MT with shipments scheduled for the first half of 2008 through 2011.
On Thursday, Moser Baer India Ltd. said its unit signed a 10-year contract with LDK for the supply of silicon wafers for producing photovoltaic cells.
ET Solar Group Announces Closing of a US$19 Million Series A Redeemable, Convertible Preferred Share Placement
NANJING, China, April 4, 2008 /Xinhua-PRNewswire/ -- ET Solar Group Corp. ("ET Solar"), a Nanjing-based integrated manufacturer of photovoltaic products including ingot, wafer, module, and state-of-the-art dual-axis tracking systems with manufacturing facilities located in Taizhou, China, announced today the completion of a US$19 million private equity placement transaction.
The Series A redeemable convertible preferred share placement was led by Tsing Capital / China Environment Fund, a highly experienced institutional investor dedicated to cleantech investment in China, and joined by another prominent institutional investor.
Commenting on the news, Xinghua Wang, chairman of ET Solar, said, "As a vertically integrated solar company that focuses on downstream part of the value chain, ET Solar is well positioned to capture the exponential growth of the solar industry and represents a very attractive investment opportunity to the investors."
Fischer Chen, CFO of ET Solar, added "The clear differentiation in our business model and product portfolio, strong procurement and sales backlog, robust earnings visibility and new product commercialization roadmap ensured a successful completion of a sizeable fund raising in a challenging capital market environment."
About ET Solar
ET Solar is an integrated solar component manufacturer. Headquartered in Nanjing, China, ET Solar has two manufacturing facilities in Taizhou, China. The Company's diversified products range from mono crystalline ingot, mono and multi crystalline silicon wafer, module, dual-axis tracker systems and BIVP products. ET Solar has been implementing sales through a combination of extensive direct sales and global distribution. Marketing and after-sales services throughout the United States, Germany, Italy and Spain ensure our products are readily accessible in world's major solar markets. With a genuine effort to supply our customers with tailor-made modules for specific customer requirements, ET Solar provides pro-active solutions for everyone's solar energy needs.
About Tsing Capital / China Environment Fund
Managed by Tsing Capital, China Environment Fund is the first and most prominent VC fund in China that is fully dedicated to cleantech investment. With three funds (CEF I 2002, CEF II 2004, and CEF III) under management, Tsing Capital and China Environment Fund strive to pioneer the advent of clean investment with combined environmental benefits and financial returns.
The Series A redeemable convertible preferred share placement was led by Tsing Capital / China Environment Fund, a highly experienced institutional investor dedicated to cleantech investment in China, and joined by another prominent institutional investor.
Commenting on the news, Xinghua Wang, chairman of ET Solar, said, "As a vertically integrated solar company that focuses on downstream part of the value chain, ET Solar is well positioned to capture the exponential growth of the solar industry and represents a very attractive investment opportunity to the investors."
Fischer Chen, CFO of ET Solar, added "The clear differentiation in our business model and product portfolio, strong procurement and sales backlog, robust earnings visibility and new product commercialization roadmap ensured a successful completion of a sizeable fund raising in a challenging capital market environment."
About ET Solar
ET Solar is an integrated solar component manufacturer. Headquartered in Nanjing, China, ET Solar has two manufacturing facilities in Taizhou, China. The Company's diversified products range from mono crystalline ingot, mono and multi crystalline silicon wafer, module, dual-axis tracker systems and BIVP products. ET Solar has been implementing sales through a combination of extensive direct sales and global distribution. Marketing and after-sales services throughout the United States, Germany, Italy and Spain ensure our products are readily accessible in world's major solar markets. With a genuine effort to supply our customers with tailor-made modules for specific customer requirements, ET Solar provides pro-active solutions for everyone's solar energy needs.
About Tsing Capital / China Environment Fund
Managed by Tsing Capital, China Environment Fund is the first and most prominent VC fund in China that is fully dedicated to cleantech investment. With three funds (CEF I 2002, CEF II 2004, and CEF III) under management, Tsing Capital and China Environment Fund strive to pioneer the advent of clean investment with combined environmental benefits and financial returns.
Friday, April 4, 2008
Yingli Green Energy Enters Korean Market
BAODING, China, Apr 03, 2008 (BUSINESS WIRE) -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it has signed sales contracts with two Korean companies: Korea Electric Power Industrial Development Corporation ("KEPID") , a renewable energy company, and Kaycom Corporation ("Kaycom"), a distributor of electronic components and PV devices.
Under the terms of the contracts, Yingli Green Energy will deliver 1.3 MW of PV modules to KEPID by the end of April 2008 and 2.0 MW of PV modules to Kaycom by the end of May 2008. The PV modules to be provided by the Company under these contracts will be installed in KEPID's planned 1.8MW project in Naju, Jeon la nam-Do, Korea and Kaycom's Daelim Hae - Nam Project in Haenam-Gun, Jeon la nam-Do, Korea.
"Following successful achievements in Spain and Germany, I am pleased to announce these contracts with KEPID and Kaycom, which mark our first step in Korea's growing solar market," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Korea is expected to play an increasingly important role in the development of the alternative energy industry, especially due to its favorable feed-in-tariff policy. We believe that cooperating with KEPID and Kaycom will help us strengthen our global strategic development by establishing a presence in the Korean market."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 in 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of the limited numbers of large-scale PV companies in the world 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 MW by the end of 2009. 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, Italy, China and the United States. For more information, please visit www.yinglisolar.com.
Under the terms of the contracts, Yingli Green Energy will deliver 1.3 MW of PV modules to KEPID by the end of April 2008 and 2.0 MW of PV modules to Kaycom by the end of May 2008. The PV modules to be provided by the Company under these contracts will be installed in KEPID's planned 1.8MW project in Naju, Jeon la nam-Do, Korea and Kaycom's Daelim Hae - Nam Project in Haenam-Gun, Jeon la nam-Do, Korea.
"Following successful achievements in Spain and Germany, I am pleased to announce these contracts with KEPID and Kaycom, which mark our first step in Korea's growing solar market," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Korea is expected to play an increasingly important role in the development of the alternative energy industry, especially due to its favorable feed-in-tariff policy. We believe that cooperating with KEPID and Kaycom will help us strengthen our global strategic development by establishing a presence in the Korean market."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 in 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of the limited numbers of large-scale PV companies in the world 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 MW by the end of 2009. 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, Italy, China and the United States. For more information, please visit www.yinglisolar.com.
Solar Thin Films, Inc. Acquires Equity Interest in CG Solar of China
April 03, 2008: 03:47 PM EST
Solar Thin Films, Inc. (OTCBB: SLTN) today announced that it has acquired a 15% equity interest in China-based CG Solar (previously Weihai BlueStar Photovoltaic Co. Ltd.) in exchange for $1,500,000. As noted in Solar Thin Film's 8-K filing on 2/25/08, the acquisition was completed through two separate transactions.
On January 31, 2007, Solar Thin Films, Inc. (the "Company") entered into an Assignment and Assumption Agreement of Joint Venture Contract with Renewable Energy Solutions, Inc. ("RESI"), pursuant to which the Company agreed to transfer the sum of $500,000 on behalf of RESI to CG Solar in exchange for a 5% equity interest in CG Solar.
On January 31, 2007, the Company entered into an Agreement for the Plan and Sale of Equity Interest with Terra Solar, pursuant to which the Company agreed to transfer the sum of $1,000,000 to Terra Solar in exchange for the acquisition of a 10% equity interest in CG Solar.
The completion of both transactions has received all requisite approvals, including approval by the board of directors of China Solar Energy Holdings Limited, the parent company of Terra Solar.
The transactions, and acquisition of 15% of CG Solar, are consistent with the Company's strategy to take an equity interest, and purchase or marketing rights, in the operations of "turnkey" module manufacturing customers. Earlier the Company announced that it had entered into a marketing agreement with CG Solar providing certain rights to market their modules in North America and Europe.
About Solar Thin Films
Solar Thin Films (www.solarthinfilms.com) develops, manufactures and markets a complete line of manufacturing equipment for the production of "thin-film" amorphous silicon and CIGS photovoltaic ("PV") modules, together with a wholly owned subsidiary based in Budapest, Hungary. Personnel associated with the company have been responsible for the setup of 14 thin-film photovoltaic factories worldwide. The Company sells equipment and turnkey systems to customers including EPV Solar (Hamilton, NJ, USA) and CG Solar (Weihai, China). Management believes that its line of cost-effective thin-film photovoltaic manufacturing equipment positions the Company to take advantage of the rapidly growing demand for solar modules and an expected market shift towards "thin film" PV modules as part of a cost effective, "clean technology" energy solution.
About CG Solar
CG Solar (previously Weihai BlueStar Photovoltaic Co. Ltd.) is an amorphous silicon module manufacturing company based in Weihai, China. The company produces both standard amorphous silicon modules and building integrated modules for sale in China and for export internationally. The company's shareholders include Blue Star Glass Company -- a Chinese glass manufacturer, China Xingyes -- a Chinese curtain wall company, and Solar Thin Films.
Solar Thin Films, Inc. (OTCBB: SLTN) today announced that it has acquired a 15% equity interest in China-based CG Solar (previously Weihai BlueStar Photovoltaic Co. Ltd.) in exchange for $1,500,000. As noted in Solar Thin Film's 8-K filing on 2/25/08, the acquisition was completed through two separate transactions.
On January 31, 2007, Solar Thin Films, Inc. (the "Company") entered into an Assignment and Assumption Agreement of Joint Venture Contract with Renewable Energy Solutions, Inc. ("RESI"), pursuant to which the Company agreed to transfer the sum of $500,000 on behalf of RESI to CG Solar in exchange for a 5% equity interest in CG Solar.
On January 31, 2007, the Company entered into an Agreement for the Plan and Sale of Equity Interest with Terra Solar, pursuant to which the Company agreed to transfer the sum of $1,000,000 to Terra Solar in exchange for the acquisition of a 10% equity interest in CG Solar.
The completion of both transactions has received all requisite approvals, including approval by the board of directors of China Solar Energy Holdings Limited, the parent company of Terra Solar.
The transactions, and acquisition of 15% of CG Solar, are consistent with the Company's strategy to take an equity interest, and purchase or marketing rights, in the operations of "turnkey" module manufacturing customers. Earlier the Company announced that it had entered into a marketing agreement with CG Solar providing certain rights to market their modules in North America and Europe.
About Solar Thin Films
Solar Thin Films (www.solarthinfilms.com) develops, manufactures and markets a complete line of manufacturing equipment for the production of "thin-film" amorphous silicon and CIGS photovoltaic ("PV") modules, together with a wholly owned subsidiary based in Budapest, Hungary. Personnel associated with the company have been responsible for the setup of 14 thin-film photovoltaic factories worldwide. The Company sells equipment and turnkey systems to customers including EPV Solar (Hamilton, NJ, USA) and CG Solar (Weihai, China). Management believes that its line of cost-effective thin-film photovoltaic manufacturing equipment positions the Company to take advantage of the rapidly growing demand for solar modules and an expected market shift towards "thin film" PV modules as part of a cost effective, "clean technology" energy solution.
About CG Solar
CG Solar (previously Weihai BlueStar Photovoltaic Co. Ltd.) is an amorphous silicon module manufacturing company based in Weihai, China. The company produces both standard amorphous silicon modules and building integrated modules for sale in China and for export internationally. The company's shareholders include Blue Star Glass Company -- a Chinese glass manufacturer, China Xingyes -- a Chinese curtain wall company, and Solar Thin Films.
5 MW Thin-Film Factory Comes Online In China
China Stream Fund Solar Energy Co. has formally initiated production at its 5 MW thin-film amorphous silicon solar module manufacturing line in Changzhou, China.
According to the company's expansion plan, 30 additional 5 MW production lines with an output capacity of 150 MW will be completed by the end of the year.
"We are continuing to devote our best effort to accelerate the quality assurance testing and certification process of our final product, which is planned to be available on the market by the end of the second quarter of this year," says Alan Li, chairman and CEO of China Technology Development Group Corp., a strategic partner in the venture.
According to the company's expansion plan, 30 additional 5 MW production lines with an output capacity of 150 MW will be completed by the end of the year.
"We are continuing to devote our best effort to accelerate the quality assurance testing and certification process of our final product, which is planned to be available on the market by the end of the second quarter of this year," says Alan Li, chairman and CEO of China Technology Development Group Corp., a strategic partner in the venture.
Thursday, April 3, 2008
Linuo Paradigma Exports Solar Water Heater Production Line to Cuba
March 27 2008 Linuo Paradigma signed the solar water heater production line export agreement with Cuba client.
It is the first time for Chinese solar water heater manufacturer to export the production line, and Linuo Paradigma will offer the full training service also.
At present there are several thousands of solar water heater manufacturers in China, most of the manufacturers do not have advanced production technologies, and their solar water heaters are very cheap, and the quality is not good at all.
Many solar water heater manufacturers are trying to sell their products abroad, but they are not good at international marketing, and many companies just OEM their products to international clients. There is a long way for Chinese solar water heater manufacturers to build international brand and get widely recognized in international market.
It is the first time for Chinese solar water heater manufacturer to export the production line, and Linuo Paradigma will offer the full training service also.
At present there are several thousands of solar water heater manufacturers in China, most of the manufacturers do not have advanced production technologies, and their solar water heaters are very cheap, and the quality is not good at all.
Many solar water heater manufacturers are trying to sell their products abroad, but they are not good at international marketing, and many companies just OEM their products to international clients. There is a long way for Chinese solar water heater manufacturers to build international brand and get widely recognized in international market.
LDK Solar Signs a Ten-Year Wafer Supply Agreement With Moser Baer Photo Voltaic Ltd
XINYU CITY, China and SUNNYVALE, Calif., April 2, 2008 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, today announced that it has signed a ten-year contract which is a blend of "Take or Pay" linked with market-based pricing to supply multicrystalline solar wafers to India-based Moser Baer Photo Voltaic Limited (MBPV), a subsidiary of Moser Baer India Limited (MBI).
Under the terms of the agreement, LDK Solar will deliver 640 MW of multicrystalline solar wafers to MBPV over a ten-year period commencing in mid 2008 through 2017. MBPV will make a suitable advance payment reflecting the contract value to LDK Solar.
"The supply agreement with Moser Baer reflects the strong interest we continue to encounter for our high quality solar wafers," stated Xiaofeng Peng, Chairman and CEO. "We are excited to extend our business into an emerging market such as India, as we continue to diversify our market coverage and grow our customer list."
"We are very pleased to enter into this mutually equitable agreement with LDK Solar to secure quality solar wafers," commented Ravi Khanna, Chief Executive, Moser Baer Photo Voltaic Limited. "We look forward to a long-term relationship with LDK Solar as we work towards rapidly increasing our scale of operations and capacity to assume leadership position."
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.
About Moser Baer Photo Voltaic Ltd.
Moser Baer Photo Voltaic incorporated in New Delhi, a wholly owned subsidiary of Moser Baer India Ltd, in the business of photovoltaic (PV) cells and modules. MBPV plans to manufacture solar cells and modules by straddling multiple technologies including crystalline silicon, concentration, nano technology and thin films. The manufacturing facilities are housed in a renewable energy SEZ at Greater Noida. Website : http://www.moserbaerpv.in/
The parent company Moser Baer India Limited is the second largest manufacturer of optical storage media in the world and has business interests in Solar Energy, Entertainment and IT Peripherals & Consumer Electronics. MBIL reported revenues of almost Rs 2,000 cr in FY07. Please also see http://www.moserbaer.in/; http://www.moserbaerpv.in/
Under the terms of the agreement, LDK Solar will deliver 640 MW of multicrystalline solar wafers to MBPV over a ten-year period commencing in mid 2008 through 2017. MBPV will make a suitable advance payment reflecting the contract value to LDK Solar.
"The supply agreement with Moser Baer reflects the strong interest we continue to encounter for our high quality solar wafers," stated Xiaofeng Peng, Chairman and CEO. "We are excited to extend our business into an emerging market such as India, as we continue to diversify our market coverage and grow our customer list."
"We are very pleased to enter into this mutually equitable agreement with LDK Solar to secure quality solar wafers," commented Ravi Khanna, Chief Executive, Moser Baer Photo Voltaic Limited. "We look forward to a long-term relationship with LDK Solar as we work towards rapidly increasing our scale of operations and capacity to assume leadership position."
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.
About Moser Baer Photo Voltaic Ltd.
Moser Baer Photo Voltaic incorporated in New Delhi, a wholly owned subsidiary of Moser Baer India Ltd, in the business of photovoltaic (PV) cells and modules. MBPV plans to manufacture solar cells and modules by straddling multiple technologies including crystalline silicon, concentration, nano technology and thin films. The manufacturing facilities are housed in a renewable energy SEZ at Greater Noida. Website : http://www.moserbaerpv.in/
The parent company Moser Baer India Limited is the second largest manufacturer of optical storage media in the world and has business interests in Solar Energy, Entertainment and IT Peripherals & Consumer Electronics. MBIL reported revenues of almost Rs 2,000 cr in FY07. Please also see http://www.moserbaer.in/; http://www.moserbaerpv.in/
Trina Solar Signs Long Term Supply Agreement with GCL Silicon Technology
CHANGZHOU, China, April 2, 2008, 2008 /Xinhua-PRNewswire-FirstCall via COMTEX/ -- 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, today announced that the Company has signed a long-term polysilicon supply agreement with a subsidiary of GCL Silicon Technology Holdings Ltd. (collectively, ''GCL Silicon Technology'').
Under this agreement, GCL Silicon Technology will supply Trina Solar with virgin polysilicon sufficient to produce approximately 2,600 MW of solar modules in aggregate over eight years. Delivery of polysilicon at predetermined prices will start in April of 2008.
''This agreement represents a key component of our strategy to secure sufficient feedstock to support our sales growth. Combined with our other long-term agreements, planned in-house polysilicon production, and integrated manufacturing cost efficiencies, we believe we are in a strong position to expand our margins in the long term as the cost of solar energy approaches grid parity," said Jifan Gao, Trina Solar's Chairman and Chief Executive Officer. "This eight-year agreement will provide Trina Solar with a large quantity of polysilicon at favorable terms with delivery scheduled to commence this month."
"We are pleased to become a polysilicon supplier to Trina Solar and look forward to developing a close relationship with them," said Hunter Jiang, President of GCL Silicon Technology. "GCL Silicon Technology intends to expand its polysilicon production capacity to meet the growing demands of customers like Trina Solar.''
This long-term polysilicon supply agreement will enhance the Company's raw material supplies and increase its cost structure visibility to strengthen its position as a leading global PV manufacturer. After signing this agreement and together with other polysilicon supply agreements, the Company has now secured approximately 95% of its estimated silicon feedstock requirements for 2008, an equivalent of approximately 195 MW based on a production target of 200 to 210 MW of module output.
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 manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline 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. For further information, please visit Trina Solar's website at http://www.trinasolar.com .
About GCL Silicon Technology
GCL Silicon Technology Holdings Limited, through its subsidiary Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd., sells polysilicon and wafers to the solar industry. The company operates a polysilicon production facility in Xuzhou, Jiangsu Province in China.
Under this agreement, GCL Silicon Technology will supply Trina Solar with virgin polysilicon sufficient to produce approximately 2,600 MW of solar modules in aggregate over eight years. Delivery of polysilicon at predetermined prices will start in April of 2008.
''This agreement represents a key component of our strategy to secure sufficient feedstock to support our sales growth. Combined with our other long-term agreements, planned in-house polysilicon production, and integrated manufacturing cost efficiencies, we believe we are in a strong position to expand our margins in the long term as the cost of solar energy approaches grid parity," said Jifan Gao, Trina Solar's Chairman and Chief Executive Officer. "This eight-year agreement will provide Trina Solar with a large quantity of polysilicon at favorable terms with delivery scheduled to commence this month."
"We are pleased to become a polysilicon supplier to Trina Solar and look forward to developing a close relationship with them," said Hunter Jiang, President of GCL Silicon Technology. "GCL Silicon Technology intends to expand its polysilicon production capacity to meet the growing demands of customers like Trina Solar.''
This long-term polysilicon supply agreement will enhance the Company's raw material supplies and increase its cost structure visibility to strengthen its position as a leading global PV manufacturer. After signing this agreement and together with other polysilicon supply agreements, the Company has now secured approximately 95% of its estimated silicon feedstock requirements for 2008, an equivalent of approximately 195 MW based on a production target of 200 to 210 MW of module output.
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 manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline 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. For further information, please visit Trina Solar's website at http://www.trinasolar.com .
About GCL Silicon Technology
GCL Silicon Technology Holdings Limited, through its subsidiary Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd., sells polysilicon and wafers to the solar industry. The company operates a polysilicon production facility in Xuzhou, Jiangsu Province in China.
Suntech to Supply 4MW of Modules to Leading Italian PV System Developer Enerray
SAN FRANCISCO, April 2, 2008, 2008 /Xinhua-PRNewswire via COMTEX/ -- Suntech Power Holdings Co., Ltd. one of the world's leading manufacturers of photovoltaic cells and modules, today announced a 4MW module supply agreement with Enerray, an Italian designer, developer and manager of photovoltaic systems. The Suntech modules will be installed by Enerray in PV systems for the rooftops of large Italian industrial complexes.
"The Italian government's proven commitment to renewable energy has fueled significant solar market growth in the region. Suntech is resolute in supporting utilization of renewable energy resources through the supply of high quality and reliable solar products to European PV system providers such as Enerray," said Jerry Stokes, President of Suntech Europe.
Italy is an avid supporter of the solar industry with attractive feed-in-tariffs of EUR0.36/kWh for ground-mounted PV systems and EUR0.44/kWh for buildings integrated PV systems. The current government regulations have set the total feed-in-tariff program cap to 1.2GW before a re-evaluation of the solar program.
"We are experiencing significant demand for the deployment of commercial rooftop solar systems," said Dr. Eng. Marco Ghirardello, Chief Executive Officer of Enerray. "As one of Italy's leading installers of photovoltaic systems, we have chosen to partner with the well respected Suntech brand to bring their superior quality solar products to key projects in high commerce cities across Italy."
Europe is currently the largest regional market for solar photovoltaic systems with countries such as Germany, Spain and Italy experiencing rapid annual growth. In order to better serve customers in the region, Suntech has recently established local sales and service centers in Germany and Spain and plans to continue to expand its European network by establishing offices in Italy and Greece over the next 12 months.
About Enerray
Enerray is a company that designs, develops and manages photovoltaic systems of medium and large size. Thanks to its design and business network located in the most important Italian cities, Enerray operates throughout the whole of the Italian territory. The economies of scale that Enerray has obtained with its projects make it competitive also in the supply of modules, inverters and other components to installers of photovoltaic systems. For more information, please visit http://www.enerray.com .
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com .
"The Italian government's proven commitment to renewable energy has fueled significant solar market growth in the region. Suntech is resolute in supporting utilization of renewable energy resources through the supply of high quality and reliable solar products to European PV system providers such as Enerray," said Jerry Stokes, President of Suntech Europe.
Italy is an avid supporter of the solar industry with attractive feed-in-tariffs of EUR0.36/kWh for ground-mounted PV systems and EUR0.44/kWh for buildings integrated PV systems. The current government regulations have set the total feed-in-tariff program cap to 1.2GW before a re-evaluation of the solar program.
"We are experiencing significant demand for the deployment of commercial rooftop solar systems," said Dr. Eng. Marco Ghirardello, Chief Executive Officer of Enerray. "As one of Italy's leading installers of photovoltaic systems, we have chosen to partner with the well respected Suntech brand to bring their superior quality solar products to key projects in high commerce cities across Italy."
Europe is currently the largest regional market for solar photovoltaic systems with countries such as Germany, Spain and Italy experiencing rapid annual growth. In order to better serve customers in the region, Suntech has recently established local sales and service centers in Germany and Spain and plans to continue to expand its European network by establishing offices in Italy and Greece over the next 12 months.
About Enerray
Enerray is a company that designs, develops and manages photovoltaic systems of medium and large size. Thanks to its design and business network located in the most important Italian cities, Enerray operates throughout the whole of the Italian territory. The economies of scale that Enerray has obtained with its projects make it competitive also in the supply of modules, inverters and other components to installers of photovoltaic systems. For more information, please visit http://www.enerray.com .
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com .
ET Solar Group Announces 6.6MW Module (for Rooftop Trackers) Sales to a Leading Italian Energy Equipment Provider
NANJING, China, April 2, 2008 /Xinhua-PRNewswire/ -- ET Solar Group Corp. ("ET Solar"), a Nanjing-based integrated manufacturer of photovoltaic products including ingot, wafer, module, and state-of-the-art dual-axis tracking systems with manufacturing facilities located in Taizhou, China, announced today a 6.6MW module sales contract with a leading Italian energy equipment provider.
Under the contract, ET Solar will ship a total of 6.6MW modules to be mounted on rooftop, single-axis trackers between second quarter of 2008 and first quarter of 2009. With ET Solar being a joint producer, these trackers are designed to operate on both residential and commercial rooftops and can generate 15-20% more power than the fixed tilt arrays, achieving lower unit cost on both per watt and per kilo watt hour basis.
Commenting on the news, Xinghua Wang, chairman of ET Solar said, "The transaction is another solid execution of ET Solar's diversification driven sales and marketing strategy from both geographical and customer segmentation perspectives. In particular, ET Solar is very honored to be a significant business partner with one of Europe's largest energy equipment providers and also a premier household name in Italy. We see the Italian PV market as a new engine for global PV market growth. With this transaction, ET Solar is very well positioned to expand our presence and be a significant contributor in this market."
About ET Solar:
ET Solar is an integrated solar component manufacturer. Headquartered in Nanjing, China, ET Solar has two manufacturing facilities in Taizhou, China. The Company's diversified products range from mono crystalline ingot, mono and multi crystalline silicon wafer, module, dual-axis tracker systems and BIVP products. ET Solar has been implementing sales through a combination of extensive direct sales and global distribution. Marketing and after-sales services throughout the United States, Germany, Italy and Spain ensure our products are readily accessible in world's major solar markets. With a genuine effort to supply our customers with tailor-made modules for specific customer requirements, ET Solar provides pro-active solutions for everyone's solar energy needs.
Under the contract, ET Solar will ship a total of 6.6MW modules to be mounted on rooftop, single-axis trackers between second quarter of 2008 and first quarter of 2009. With ET Solar being a joint producer, these trackers are designed to operate on both residential and commercial rooftops and can generate 15-20% more power than the fixed tilt arrays, achieving lower unit cost on both per watt and per kilo watt hour basis.
Commenting on the news, Xinghua Wang, chairman of ET Solar said, "The transaction is another solid execution of ET Solar's diversification driven sales and marketing strategy from both geographical and customer segmentation perspectives. In particular, ET Solar is very honored to be a significant business partner with one of Europe's largest energy equipment providers and also a premier household name in Italy. We see the Italian PV market as a new engine for global PV market growth. With this transaction, ET Solar is very well positioned to expand our presence and be a significant contributor in this market."
About ET Solar:
ET Solar is an integrated solar component manufacturer. Headquartered in Nanjing, China, ET Solar has two manufacturing facilities in Taizhou, China. The Company's diversified products range from mono crystalline ingot, mono and multi crystalline silicon wafer, module, dual-axis tracker systems and BIVP products. ET Solar has been implementing sales through a combination of extensive direct sales and global distribution. Marketing and after-sales services throughout the United States, Germany, Italy and Spain ensure our products are readily accessible in world's major solar markets. With a genuine effort to supply our customers with tailor-made modules for specific customer requirements, ET Solar provides pro-active solutions for everyone's solar energy needs.
Wednesday, April 2, 2008
Dalu Group and Kunical International Group, Ltd. Announce Long-Term Polysilicon Supply Contract
Apr 02, 2008 (Hugin via COMTEX) -- -- Space Energy Corporation of Tokyo, Japan, Agrees to Buy Polysilicon Produced at Dalu's Polysilicon Production Plant in Hohhot, China
HOHHOT, CHINA--(Marketwire - April 01, 2008) - Dalu Group and their marketing partner, Kunical International Group, Ltd., have signed a long-term polysilicon supply contract with Space Energy Corporation.
An international delegation led by Mr. Toshinao Nimura, President of Space Energy Corporation (SEC), Japan, and Mr. Terry Kunimune, CEO of Kunical International Group Corp. (Kunical), visited the Dalu polysilicon production plant site in Hohhot, China. Mr. Tang Aijun, the mayor of Hohhot, and vice mayor, Mr.Wu Wenyuan, met with the guests. The delegation paid a visit to the Dalu Group headquarters in Nanjing. Mr. Houping Lu, CEO of Dalu Group, and other management members attended the reception of the visiting delegation.
During the meeting, Inner Mongolia Dalu Semi-conductor Material Co., Ltd., and Kunical International Group, Ltd., the exclusive marketing partner for Dalu, signed a 10-year supply contract with Space Energy Corporation. The agreement would enable SEC's wafer production to begin in 2010 at more than 150 MW, and have a projected capacity by the end of the agreement in 2019 of 1.3 GW per year.
"Dalu's polysilicon plant project introduced advanced polysilicon production technology and major equipment from Europe and the United States. Following its commencement, this project has drawn worldwide industry attention. During our visit, we have seen that the project is progressing quite well. We've now come to a mutually beneficial agreement for long-term cooperation with Dalu Group for the supply of polysilicon and we are looking forward to a successful strategic cooperation in the solar energy industry," said Mr. Toshinao Nimura, the founder and president of Space Energy Corporation.
Dalu's polysilicon production plant will be constructed in three phases with a final capacity of 18,000 tons per year. Work on Phase I began in September 2007, and will be put into operation by the end of 2009. Phase II capacity is 5,500 tons per year, and Phase III is 10,000 tons per year. The project is expected to be completed in five years, when the plant will become one of the major bases of polysilicon production in the world.
About Space Energy Corporation
Space Energy Corporation is one of the largest companies engaged in manufacturing wafers for photovoltaic industry in Japan. The company is committed to helping solve the global energy problem through continuous research and improvement in technologies. SEC is dedicated to helping create a cleaner planet for future generations to live in. SEC is investing technology and human resources to keep up with this phenomenal growth. Located in Tokyo, Japan, the company's goal is to establish, maintain and improve its position in the worldwide market through continuously investing in manufacturing facilities, securing supply flow. SEC's Web site URL is www.space-energy.co.jp.
About the Dalu Group
Located in Nanjing Jiangning District National-level High-Tech Development Zone, Dalu Group is a private energy investment company in high-tech industries including power system measurement and control, environmental protection, information technology and biotechnology. The company is now building the largest industrial base of coal, electricity, silicon, and solar energy in Inner Mongolia. Dalu Group's polysilicon production plant continues its work in the energy industry and is the first step in its growth into alternative energy technologies. The URL for Dalu's Web site is www.dalutech.com.
About Kunical International Group, Ltd.
Kunical International Group, Ltd. is one of the premiere suppliers of polysilicon recyclable materials. Originally founded in 1979, Kunical has been offering a wide range of products and services to the semiconductor, wafer fabrication, solar and silicon crystal growing industries. Kunical is a privately held company with long-term, established relationships with many of the major Poly silicon, wafer and Photovoltaic manufacturers around the world. From its processing facility, located in Burbank, California, Kunical supplies quality wafers of all types, dimensions and the company is capable of fulfilling specialized material requests directly from some of the major silicon manufacturers. Kunical also obtains silicon bulk materials from quality manufacturers around the world and its processing facility sorts this material to customers' specifications, in order to comply with their need for the highest quality materials. Kunical's updated Web site can be found at www.Kunical.com.
HOHHOT, CHINA--(Marketwire - April 01, 2008) - Dalu Group and their marketing partner, Kunical International Group, Ltd., have signed a long-term polysilicon supply contract with Space Energy Corporation.
An international delegation led by Mr. Toshinao Nimura, President of Space Energy Corporation (SEC), Japan, and Mr. Terry Kunimune, CEO of Kunical International Group Corp. (Kunical), visited the Dalu polysilicon production plant site in Hohhot, China. Mr. Tang Aijun, the mayor of Hohhot, and vice mayor, Mr.Wu Wenyuan, met with the guests. The delegation paid a visit to the Dalu Group headquarters in Nanjing. Mr. Houping Lu, CEO of Dalu Group, and other management members attended the reception of the visiting delegation.
During the meeting, Inner Mongolia Dalu Semi-conductor Material Co., Ltd., and Kunical International Group, Ltd., the exclusive marketing partner for Dalu, signed a 10-year supply contract with Space Energy Corporation. The agreement would enable SEC's wafer production to begin in 2010 at more than 150 MW, and have a projected capacity by the end of the agreement in 2019 of 1.3 GW per year.
"Dalu's polysilicon plant project introduced advanced polysilicon production technology and major equipment from Europe and the United States. Following its commencement, this project has drawn worldwide industry attention. During our visit, we have seen that the project is progressing quite well. We've now come to a mutually beneficial agreement for long-term cooperation with Dalu Group for the supply of polysilicon and we are looking forward to a successful strategic cooperation in the solar energy industry," said Mr. Toshinao Nimura, the founder and president of Space Energy Corporation.
Dalu's polysilicon production plant will be constructed in three phases with a final capacity of 18,000 tons per year. Work on Phase I began in September 2007, and will be put into operation by the end of 2009. Phase II capacity is 5,500 tons per year, and Phase III is 10,000 tons per year. The project is expected to be completed in five years, when the plant will become one of the major bases of polysilicon production in the world.
About Space Energy Corporation
Space Energy Corporation is one of the largest companies engaged in manufacturing wafers for photovoltaic industry in Japan. The company is committed to helping solve the global energy problem through continuous research and improvement in technologies. SEC is dedicated to helping create a cleaner planet for future generations to live in. SEC is investing technology and human resources to keep up with this phenomenal growth. Located in Tokyo, Japan, the company's goal is to establish, maintain and improve its position in the worldwide market through continuously investing in manufacturing facilities, securing supply flow. SEC's Web site URL is www.space-energy.co.jp.
About the Dalu Group
Located in Nanjing Jiangning District National-level High-Tech Development Zone, Dalu Group is a private energy investment company in high-tech industries including power system measurement and control, environmental protection, information technology and biotechnology. The company is now building the largest industrial base of coal, electricity, silicon, and solar energy in Inner Mongolia. Dalu Group's polysilicon production plant continues its work in the energy industry and is the first step in its growth into alternative energy technologies. The URL for Dalu's Web site is www.dalutech.com.
About Kunical International Group, Ltd.
Kunical International Group, Ltd. is one of the premiere suppliers of polysilicon recyclable materials. Originally founded in 1979, Kunical has been offering a wide range of products and services to the semiconductor, wafer fabrication, solar and silicon crystal growing industries. Kunical is a privately held company with long-term, established relationships with many of the major Poly silicon, wafer and Photovoltaic manufacturers around the world. From its processing facility, located in Burbank, California, Kunical supplies quality wafers of all types, dimensions and the company is capable of fulfilling specialized material requests directly from some of the major silicon manufacturers. Kunical also obtains silicon bulk materials from quality manufacturers around the world and its processing facility sorts this material to customers' specifications, in order to comply with their need for the highest quality materials. Kunical's updated Web site can be found at www.Kunical.com.
Tuesday, April 1, 2008
Nitol Solar and Suntech Expand Polysilicon Supply Agreement
Expansion of Strategic Partnership Between Nitol and Suntech
April 01, 2008: 08:00 AM EST
SAN FRANCISCO, April 1, 2008 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, and Nitol Solar Ltd., an independent polysilicon producer, today announced an expansion to the terms of their existing seven-year polysilicon supply agreement which runs from 2009 to 2015. Under the expanded agreement, Nitol has agreed to substantially increase the aggregate committed volumes to be supplied between 2009 and 2015.
Suntech recently announced a strategic investment whereby Suntech will acquire newly issued ordinary shares comprising a minority interest in Nitol Solar for a total consideration of up to $100 million, subject to the satisfaction of certain conditions. Suntech has already paid the first $33 million installment of this investment to Nitol Solar. The proceeds from this transaction will enable Nitol Solar to advance the development of its new 3,700 metric ton polysilicon plant based near Irkutsk, Russia which is expected to be completed in 2009. The new facility will utilize advanced polysilicon production equipment and the mature Siemens production technique with advanced recycling process to ensure the clean and safe manufacture of purified polysilicon.
Dr. Zhengrong Shi, Suntech's Chairman and CEO, said: ''The expansion of our supply relationship with Nitol Solar further improves our long term silicon outlook and provides a robust base to rapidly grow our business. With Suntech's financial strength from the recent capital raising and plans for rapid capacity expansion, we will continue to build relationships with silicon producers that increase our long term cost visibility. We believe that this favorably priced silicon will accelerate our path to grid parity and we are confident that this will drive enormous demand for solar power systems regardless of the subsidy environment. We look forward to solar power becoming an increasingly important part of the global energy mix and meaningfully reducing carbon emissions and the dependence on fossil fuels.''
Dmitry Kotenko, Chief Executive Officer of Nitol Solar said: ''Suntech is a highly valued partner and our cornerstone customer, and we are pleased to expand our role as one of their key suppliers. This is another important step in our strategic relationship and we look forward to continuing to build our collaboration. Now that we have a strong order backlog and a diverse customer base, we are concentrating on ramping our first phase polysilicon plant and initiating the production of high-quality polysilicon as soon as possible.''
About Nitol Solar
Nitol Solar is an international Group manufacturing key chemical components for the global Solar Energy industry from an established chemical chlorine and silicon gas facility in the Irtutsk Region, Russia. Nitol Solar's current and envisaged product groups encompass a number of steps in the photovoltaic value chain from trichlorosilane gas through polycrystalline wafers utilized in solar cells. Nitol Solar's aim is to become a global leader in the efficient supply of products for the fast growing solar energy industry. For more detailed information please visit Nitol Solar's website at http://www.nitolsolar.com .
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com .
April 01, 2008: 08:00 AM EST
SAN FRANCISCO, April 1, 2008 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, and Nitol Solar Ltd., an independent polysilicon producer, today announced an expansion to the terms of their existing seven-year polysilicon supply agreement which runs from 2009 to 2015. Under the expanded agreement, Nitol has agreed to substantially increase the aggregate committed volumes to be supplied between 2009 and 2015.
Suntech recently announced a strategic investment whereby Suntech will acquire newly issued ordinary shares comprising a minority interest in Nitol Solar for a total consideration of up to $100 million, subject to the satisfaction of certain conditions. Suntech has already paid the first $33 million installment of this investment to Nitol Solar. The proceeds from this transaction will enable Nitol Solar to advance the development of its new 3,700 metric ton polysilicon plant based near Irkutsk, Russia which is expected to be completed in 2009. The new facility will utilize advanced polysilicon production equipment and the mature Siemens production technique with advanced recycling process to ensure the clean and safe manufacture of purified polysilicon.
Dr. Zhengrong Shi, Suntech's Chairman and CEO, said: ''The expansion of our supply relationship with Nitol Solar further improves our long term silicon outlook and provides a robust base to rapidly grow our business. With Suntech's financial strength from the recent capital raising and plans for rapid capacity expansion, we will continue to build relationships with silicon producers that increase our long term cost visibility. We believe that this favorably priced silicon will accelerate our path to grid parity and we are confident that this will drive enormous demand for solar power systems regardless of the subsidy environment. We look forward to solar power becoming an increasingly important part of the global energy mix and meaningfully reducing carbon emissions and the dependence on fossil fuels.''
Dmitry Kotenko, Chief Executive Officer of Nitol Solar said: ''Suntech is a highly valued partner and our cornerstone customer, and we are pleased to expand our role as one of their key suppliers. This is another important step in our strategic relationship and we look forward to continuing to build our collaboration. Now that we have a strong order backlog and a diverse customer base, we are concentrating on ramping our first phase polysilicon plant and initiating the production of high-quality polysilicon as soon as possible.''
About Nitol Solar
Nitol Solar is an international Group manufacturing key chemical components for the global Solar Energy industry from an established chemical chlorine and silicon gas facility in the Irtutsk Region, Russia. Nitol Solar's current and envisaged product groups encompass a number of steps in the photovoltaic value chain from trichlorosilane gas through polycrystalline wafers utilized in solar cells. Nitol Solar's aim is to become a global leader in the efficient supply of products for the fast growing solar energy industry. For more detailed information please visit Nitol Solar's website at http://www.nitolsolar.com .
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK product line. Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com .
Solargiga Energy ends flat in HK debut
Apr. 1, 2008 (China Knowledge) - Shares in Solargiga Energy Holdings Ltd<757>, China's second-largest solar wafer maker in terms of output and sale volume, ended its Hong Kong debut almost flat on Monday.
The company raised about US$127 million in the IPO that was delayed and downsized due to weak markets. The proceeds will be used for business expansion.
Its shares finished at HK$2.93 after rising as much as 6.85% at a point, slightly higher than its IPO price of HK$2.92. Only 82.6% of Solargiga's retail tranche was subscribed.
Many companies have quitted or shelved Hong Kong IPOs as investors remained cautious amid unpleasing market situation.
The company raised about US$127 million in the IPO that was delayed and downsized due to weak markets. The proceeds will be used for business expansion.
Its shares finished at HK$2.93 after rising as much as 6.85% at a point, slightly higher than its IPO price of HK$2.92. Only 82.6% of Solargiga's retail tranche was subscribed.
Many companies have quitted or shelved Hong Kong IPOs as investors remained cautious amid unpleasing market situation.
Yingli Green Energy Announces Completion of Solar Project in Spain Using Modules Supplied by It
BAODING, China, Apr 01, 2008 (BUSINESS WIRE) -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that the Installation Solar Villar De Canas 2 Project (the "Project") in Cuenca, Spain has been recently completed with 9.5 MW modules supplied by Yingli Green Energy under a previously announced sales contract between Yingli Green Energy and Control y Montages Industriales CYMI S.A. ("CYMI").
Yingli Green Energy was the sole PV modules supplier of the Project. The Project is expected to have a total annual power output of approximately 13.1 million kW/h. The Project was completed on February 28, 2008, which lasted seven months.
"I am very grateful to have had Yingli Green Energy work with us to successfully complete the Installation Solar Villar De Canas 2 Project," commented by Mr. Carlos Palli, Solar Manager of CYMI. "Yingli's top quality products and support played a very important role in our success on this project which powers Villar De Canas in Cuenca, Spain and I hope we can further expand the relationship between our two companies."
"We are very pleased to see the completion of the Installation Solar Villar De Canas 2 Project," commented Mr. Yiyu Wang, Chief Strategic Officer of Yingli Green Energy, who attended the completion ceremony. "I believe our high-quality products and active involvement in the Project's construction has helped us further demonstrate our well-established brand recognition in the region, our excellent customer support and our commitment to creating sustainable relationship with our customers."
Yingli Green Energy was the sole PV modules supplier of the Project. The Project is expected to have a total annual power output of approximately 13.1 million kW/h. The Project was completed on February 28, 2008, which lasted seven months.
"I am very grateful to have had Yingli Green Energy work with us to successfully complete the Installation Solar Villar De Canas 2 Project," commented by Mr. Carlos Palli, Solar Manager of CYMI. "Yingli's top quality products and support played a very important role in our success on this project which powers Villar De Canas in Cuenca, Spain and I hope we can further expand the relationship between our two companies."
"We are very pleased to see the completion of the Installation Solar Villar De Canas 2 Project," commented Mr. Yiyu Wang, Chief Strategic Officer of Yingli Green Energy, who attended the completion ceremony. "I believe our high-quality products and active involvement in the Project's construction has helped us further demonstrate our well-established brand recognition in the region, our excellent customer support and our commitment to creating sustainable relationship with our customers."
Globe Specialty Metals Inc. to produce polysilicon in China
Globe Specialty Metals Inc. has signed investment agreement with Shengji Silicon to build polysilicon project in Baoshan Yunnan, China.
The total investment will be 1.1 billion RMB, and the first phase project will have capacity of 50,000 ton metal silicon and 2,000 ton polysilicon, and the first phase project will be completed by the end of July 2009. The whole project will be completed at the end of 2010, and then the total production capacity will be 100,000 ton metal silicon and 5,000 ton polysilicon.
The total investment will be 1.1 billion RMB, and the first phase project will have capacity of 50,000 ton metal silicon and 2,000 ton polysilicon, and the first phase project will be completed by the end of July 2009. The whole project will be completed at the end of 2010, and then the total production capacity will be 100,000 ton metal silicon and 5,000 ton polysilicon.
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