Thursday, February 28, 2008

China Topraysolar soars 400 pct in Shenzhen debut

SHANGHAI, Feb 28 (Reuters) - Shares of Shenzhen Topraysolar Co, China's first specialist maker of solar power cells to list domestically, soared 400 percent as they began trading on Thursday, beating analysts' forecasts by far.

The shares opened on the Shenzhen Stock Exchange at 54.00 yuan against their initial public offer price of 10.79 yuan. Analysts had expected an opening price of around 45 yuan.

After five minutes of trade, the shares were up 382 percent at 52.00 yuan.

Topraysolar raised about $60 million in its IPO, selling 25 percent of its expanded capital. The offer attracted strong demand because of increasing Chinese investor interest in clean energy shares.

The company plans to invest funds raised in the IPO in expanding production. It earned a net profit of 76.29 million yuan ($10.7 million) in 2007, up 13 percent from 2006.

A number of bigger Chinese solar energy firms, such as SunTech Power and Yingli Green Energy, have listed their shares on U.S. markets over the past several years.

In late December, shares in Xinjiang Goldwind Science & Technology Co, China's biggest maker of wind power generation equipment, far exceeded expectations by soaring 264 percent from their issue price in their Shenzhen debut. ($1 = 7.12 yuan) (Reporting by Claire Zhang, Editing by Andrew Torchia and Edmund Klamann)

Canadian Solar Signs Wafer Supply Contracts with Four Wafer Suppliers

JIANGSU, China, Feb 27, 2008 /Xinhua-PRNewswire via COMTEX/ -- Canadian Solar Inc. ("the Company" or "CSI") (Nasdaq: CSIQ) today announced it signed solar wafer supply contracts with four suppliers, including Jiangsu Shunda Group Corporation ("Shunda").

Under the contracts, these suppliers will deliver approximately 12 MW of wafers to CSI before the summer of 2008, including 4MW from Shunda. Delivery of wafers to CSI under these contracts commenced in January 2008. In addition, CSI signed a multi-year supply contract with Shunda, which gives CSI the option of two fixed prepayments in late 2008 and 2010 for wafer supplies through 2015 at predetermined prices and schedules. If fully executed, the contract is expected to provide more than 700MW of wafers over the eight-year period.

Dr. Shawn Qu, CEO of CSI, said, "These contracts allow us to immediately diversify our silicon wafer supply sources while giving us the option of securing additional wafers from Shunda through 2015. We continue to execute our balanced supply portfolio strategy, a part of which aims to further strengthen and diversify our supplier base. The ability to develop strategic, win-win relationships with companies across the solar value chain is a strength that CSI continues to demonstrate. We look forward to further advancing our relationships with our loyal supply partners, as the increased visibility into 2008, 2009 and future years gives us added confidence that CSI will meet the robust demand for its products."

About Canadian Solar Inc. (Nasdaq: CSIQ)

Founded in 2001, Canadian Solar Inc. is a vertically integrated manufacturer of solar cell, solar module and customer-designed solar application products serving worldwide customers. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information, please visit .

Bright Future Seen For Suntech Power


With rising demand for solar energy in Europe and the United States, China-based Suntech Power Holdings is expected to increase its profit by 75% and become the world's No. 1 solar module manufacturer in 2008.

In a research report published Wednesday, Citigroup projected that Suntech Power would become the largest supplier of photovoltaic cells and modules in the world this year, with year-end capacity of 1 gigawatt, almost double the production scale it had in 2007. Headquartered in Wuxi, an industrial city in the coastal province of Jiangsu, Suntech was ranked the world's No. 3 solar module producer in 2007, with annual capacity of 540 megawatts.

Citigroup estimated Suntech's sales would grow 53%, to $2.06 billion, in 2008, from $1.3 billion last year. Net profit is forecast to soar by 75%, to $299.5 million, this year, up from the $171.3 million recorded in 2007.

Suntech has been expanding rapidly in the past few years. It was established in 2001 and listed on New York Stock Exchange in December 2005. With four production sites in Wuxi, Luoyang (in Henan province), Qinghai province and Shanghai, Suntech is currently the No. 2 photovoltaic module supplier in Germany, the world’s largest solar market, which accounted 50% of Suntech's sales in 2007.

Citigroup forecast a favorable outlook for China’s solar industry generally, with strong demand growth in Spain, Italy, South Korea and potentially the United States, as well as solid demand from Germany, driven by increased adoption of solar incentives by governments worldwide as a matter of policy. Nevertheless, Citigroup expected the present undersupply of solar polysilicon will continue only through 2008. "By second half in 2009 and entering 2010, a significant increase in new polysilicon capacity would likely cause industry oversupply, resulting in a potential industry cyclical correction which could drive down both polysilicon and module prices." Citigroup anticipated that the industry will be 33% oversupplied by 2010.

Amid fierce competition in the solar industry, the bank chose Suntech as its top pick in the field, the most capable of weathering the coming market correction: "We believe Suntech is among the best positioned in the sector, given its leading scale, low-cost China manufacturing and roadmap for improved cell efficiency." Citigroup initiated coverage on Suntech with a "buy/ high risk" rating, setting a target price of $55.

China Solar & Clean Energy Solutions, Inc. Raises $11 Million in Private Placement

LOS ANGELES and BEIJING, Feb. 26 /Xinhua-PRNewswire-FirstCall/ -- China Solar & Clean Energy Solutions, Inc. (BULLETIN BOARD: CSOL) (the "Company"), a premier manufacturer and distributor of solar water heaters, space heating devices and renewable energy solutions in the People's Republic of China (the "PRC"), today announced that it has entered into a Securities Purchase Agreement with certain institutional investors pursuant to which China Solar agreed to issue and sell up to 4.7 million shares of common stock at a purchase price of $2.40 per share, for gross proceeds of up to US$11 million.

The net proceeds of the offering will be utilized to complete the acquisition of Shenzhen PengSangPu, for general working capital, and future acquisitions.

Mr. Deli Du, President and CEO of China Solar said, "We are very pleased to have completed this financing which provides us with additional capital to help fund our future growth, including our recently announced acquisition of Shenzhen PengSangPu. We are also quite pleased with the quality of the institutional investors that participated in our private placement and their confidence in our ability to carry out our strategic vision and become the leading Clean Tech energy solution provider in China."

For more detailed information on the financing referred to in this release, reference is made to the Company's Current Report on Form 8-K and related exhibits thereto being filed with the Securities and Exchange Commission on the date hereof.

The common stock issued in the private placement has not been registered under the Securities Act of 1933, as amended, and may not be subsequently offered or sold by the investors in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements. China Solar has agreed to file a registration statement covering the resale by the investors of the common stock issued in the private placement within 45 days of the closing date.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About China Solar & Clean Energy Solutions, Inc.

China Solar & Clean Energy Solutions, Inc. operates through its wholly owned subsidiaries Bazhou Deli Solar Heating Energy Co. Ltd., Beijing Deli Solar Technology Development Co., Ltd. and its 51% ownership in Tianjin Huaneng Energy Equipment Company, all of which are located in the PRC. The Company manufactures and distributes hot water and space heating devices to customers in the PRC, in addition to waste heat recovery systems. For more information, please visit .

ET Solar Group Announces Agreement with OPDE

NANJING, China, Feb. 26 /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-axistracking systems with manufacturing facilities located in Taizhou, China, announced today a framework collaborative agreement (the "Agreement") with Spain-based Meca Solar, one of the largest global state-of-the-artmanufacturers of solar tracker systems.

Under the Agreement, Meca Solar will (1) provide technical and technological support and assistance for ET Solar's tracker design and manufacturing, and provide installation training for ET Meca dual-axisprojects; and (2) become a minority share holder of ET Solar. Additionally,with guidance of Meca Solar, ET's engineering staff will become authorized and certified installation technicians

Commenting on the Agreement, Xinghua Wang, CEO and President of ET Solar said: "With our on-going sales over the past 12 months and a recent additional 10MW contract for 2008 with OPDE (Meca Solar's parent company), and now a strong strategic tracker manufacturing partnership with MecaSolar, I have every reason to believe that future opportunities between the two organizations are abundant.

"The strategic investment of a leading foreign system integration company into a fast growing Chinese solar company like this transaction is totally unprecedented. This is an important milestone for ET Solar, staying on the cutting edge of technology, as China becomes the world's largest producer of solar components and equipment.

"With successful projects dating back half a decade, Meca Solar is currently one of the global leaders of dual-axis tracker projects, achieving turnkey utility scale solar systems as a tracker manufacturer, integrator/installer, system financier and maintenance company.

"With such an experienced global partner, ET Solar will be catapulted into the burgeoning tracker market, offering trackers to our existing portfolio of products available to our global customer base. By focusing on downstream system integration products, ET Solar is keeping in step withour anticipated long term corporate growth strategy."

Commenting further, CEO of OPDE/Meca Solar, Alejandros Chave, added:"We are pleased to be expanding our existing business relationship with ET Solar. This is a very substantial strategic partnership and we look forward to supporting ET Solar with on-going technical and technological support. We have big plans in the near future and look forward to implementing them. I have no doubt that both parties will benefit from this partnership greatly."

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 Meca Solar:
Meca Solar is a Spanish company that is dedicated to the design, manufacture and distribution of state-of-the-art dual-axis tracking systems, building turnkey utility scale solar systems with increased energy production of up to 43% (relative to fixed installation).

Hoku Scientific Announces $25 Million Private Placement

Monday, Feb. 25 2008

KAPOLEI, HI, Feb 25, 2008 (MARKET WIRE via COMTEX) -- Hoku Scientific, Inc. (NASDAQ: HOKU), a materials science company focused on clean energy technologies, today announced it has entered into a securities purchase agreement with certain institutional investors, and a wholly owned subsidiary of Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers of photovoltaic cells and modules, to raise approximately $25 million through the issuance of 2,893,520 shares of common stock. Suntech's subsidiary has agreed to contribute approximately $20 million of the financing. The financing is expected to close on or before February 29, 2008, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from this financing for the construction of its planned polysilicon production plant in Pocatello, Idaho, and for general corporate purposes, including working capital.

"This equity financing is a significant step forward to obtain our larger debt financing for the construction and procurement of our planned polysilicon plant in Pocatello, Idaho, as we believe that the proceeds from this offering, plus our other cash commitments to the construction and procurement of the polysilicon plant, will satisfy the Merrill Lynch requirement that we contribute up to $35 million in equity towards the project prior to completing our debt financing," said Dustin Shindo, chairman and CEO of Hoku Scientific. "We are especially pleased that one of our key polysilicon customers, Suntech, has made this investment in our company, as it is a sign of their confidence in our business."

In June 2007, Suntech entered into a supply agreement with Hoku Materials, Inc., a wholly owned subsidiary of Hoku Scientific, to purchase up to $678 million of polysilicon from Hoku Materials over a ten year period, with the first shipment scheduled for delivery in 2009. Under the supply agreement, Suntech is obligated to pay Hoku Materials up to $47 million in prepayments for products, subject to Hoku's successful completion of various milestones. Suntech has paid Hoku $2 million of the prepayment, and the $45 million balance is secured by a letter of credit issued to Hoku by ABN Amro NV. Hoku Materials also announced today that it has amended its supply agreement with Suntech to extend the date for Hoku Materials to complete the financing for its planned polysilicon plant to May 31, 2008. This is the only modification to the agreement and aligns the financing deadline in the Suntech agreement with the financing deadline in Hoku's polysilicon supply contract with Sanyo Electric Co, Ltd. Under the terms of the original agreement and the amendment, Hoku Materials or Suntech may terminate the supply agreement if Hoku Materials has not secured financing for its polysilicon plant by the financing deadline.

"We are pleased to strengthen our partnership with Hoku through this investment," said Dr. Zhengrong Shi, chairman and CEO of Suntech. "Through the long term supply of silicon at prices well below today's spot-market rates, Hoku will play a key role in our plan to produce grid parity solar products. Hoku's polysilicon supply will also enable Suntech to continuously expand its production capacity and deliver the means to generate clean, renewable energy to a growing proportion of the world's population."

Deutsche Bank Securities Inc. acted as the sole placement agent for the transaction.

The securities offered and sold in the private placement were not registered under the Securities Act of 1933, as amended (the "Act"), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act and applicable state securities laws.

Under an agreement with the investors, Hoku Scientific is required to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock issued to the investors no later than ten days after the closing and to use best efforts to have the registration statement declared effective as soon as practicable thereafter

LDK Solar Reports Financial Results for the Fourth Quarter of Fiscal 2007

Monday, February 25, 2008; Posted: 04:17 PM

XINYU CITY, China and SUNNYVALE, Calif., Feb 25, 2008 /PRNewswire-FirstCall via COMTEX/ -- LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, today reported its unaudited financial results for the fourth quarter ended December 31, 2007.

All financial results are reported in US dollars on a U.S. GAAP basis.

Fourth Quarter 2007 Financial Highlights:
-- Revenue of $192.8 million, up 21.4% quarter-over-quarter
-- Gross profit of $58.0 million, up 18.6% quarter-over-quarter
-- Net income of $49.2 million, or $0.44 per diluted ADS, up 18.2% quarter-over-quarter
-- Signed 9 long-term wafer supply agreements during the fourth quarter
-- Total wafer shipments increased 18.4% sequentially to 93.4MW in the fourth quarter

Net sales for the fourth quarter of fiscal 2007 were $192.8 million, up 21.4% sequentially from $158.7 million for the third quarter of fiscal 2007, and up 212% year-over-year from $61.9 million for the fourth quarter of fiscal 2006.

Gross profit for the fourth quarter of fiscal 2007 was $58.0 million, up 18.6% sequentially from $48.9 million for the third quarter of fiscal 2007, and up 119% year-over-year from $26.6 million for the fourth quarter of fiscal 2006. Gross profit margin for the fourth quarter of fiscal 2007 was 30.1% compared with 30.8% in the third quarter of fiscal 2007 and 42.9% in the fourth quarter of fiscal 2006.

Net income for the fourth quarter of fiscal 2007 was $49.2 million, or $0.44 per diluted ADS, compared to net income of $41.6 million, or $0.37 per diluted ADS for the third quarter of fiscal 2007.

The Company ended the fourth quarter of fiscal 2007 with $83.5 million in cash and cash equivalents.

"The fourth quarter closed a very strong year for LDK marked by record revenue and continued rapid growth," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "During the year, we had a number of significant achievements. We exceeded our annual wafer production capacity target for 2007 by 5% to reach 420 MW. We also broadened our customer base by securing 16 long-term wafer supply contracts during the year. Our success is a testament not only to the quality of our wafers, but also to our strong customer relationships and our leading position amongst multicrystalline solar wafer manufacturers.

"As we enter 2008, we continue to experience strong demand for our wafers coupled with a significant backlog of long-term supply contracts. The construction on our new polysilicon plants is progressing as planned and we expect to enjoy further cost reductions and the advancement of our production processes in 2008."

In accordance with its filing requirements, LDK expects to file its 20-F document which includes detailed financials for the full year 2007 in the second quarter of 2008.

Business Outlook

The following statements are based upon management's current expectations. These statements are forward-looking, and actual results may differ materially. The Company undertakes no obligation to update these statements.

For the first quarter of fiscal 2008, LDK estimates its revenue to be in the range of $210 million to $220 million for wafer shipments of 98 MW to 104 MW. The Company also estimates fully diluted earnings per ADS to be in the range of $0.41 to $0.45. The first quarter is typically a seasonally slow period due to Chinese New Year holidays, and this year may have some impact from the severe snow storms.

For the full year 2008, LDK reiterates estimated revenue to be in the range of $960 million to $1.0 billion for wafer shipments of 510 MW to 530 MW. The Company also estimates polysilicon production to be in the range of 100MT to 350MT and gross margins of 26% to 31%.

Yingli Green Energy Signs Two Polysilicon Supply Agreements with DC Chemical

Monday, Feb. 25, 2008

BAODING, China — Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it has signed two polysilicon supply agreements with DC Chemical Co., Ltd. ("DC Chemical"), a leading Korean chemicals producer. Under the first agreement, DC Chemical will supply polysilicon with a value of approximately US$27 million to Yingli Green Energy in 2008. Under the second agreement, DC Chemical will supply polysilicon with a total value of approximately US$188 million to Yingli Green Energy from 2009 to 2013.

"We are very pleased to initiate a new relationship with such a well-respected company as DC Chemical," commented Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy. "One of our key strategies on the procurement side has been to establish long-term relationships with some of the most respected polysilicon suppliers around the world. These two supply agreements demonstrate our ability to work with major suppliers in the industry and we believe our relationship with DC Chemical will help us further secure our polysilicon needs in the short and long term."

About Yingli Green Energy

Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated photovoltaic (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

About DC Chemical

DC Chemical Co., Ltd (KRX:10060) is a leading Korean chemicals producer, covering a wide range of chemicals in the areas of inorganic chemicals, coal and petrochemicals and fine chemicals, including hydrogen peroxide, soda ash, sodium carbonate peroxyhydrate, fumed silica, carbon black, pitch, TDI and PVA. With its nearly 50 years experience in chemical industry, DC Chemical has selected polysilicon business as the core business of next generation.

Canadian Solar Building Silicon Wafer Plant

Monday, February 25, 2008; Posted: 04:45 AM

SUZHOU, Feb 25, 2008 (SinoCast via COMTEX) -- Canadian Solar Inc. (Nasdaq: CSIQ), a Chinese photovoltaic (PV) company registered in Canada, is creating a large-scale silicon wafer plant in the northern Chinese city of Luoyang, extending its industry chain, said Shawn Qu, the company's chairman.

In the past, the company always specialized in manufacturing solar modules. With a view to having the initiative in raw materials supply and further consolidating its position in industry, Canadian Solar decided to actively march into the upstream PV realm.

Last year, it began to build a 3,000-ton silicon wafer project with a total investment of CNY 1.2 billion, which was predicted to achieve annual sales revenues of CNY 6 billion once completed. The equipment for the Phase I will be installed in April 2008, and Canadian Solar is likely to put the Phase I into production this summer.

Canadian Solar Chairman Shawn Qu added that the company would support the project above, by virtue of the purchase of silicon material from overseas markets as before. Meanwhile, it has recently inked long-term silicon material supply contracts with many domestic polysilicon producers, such as Luoyang Zhonggui High-tech Co., Ltd.

Established in 2001, Canadian Solar settled its China headquarter in Suzhou, a coastal city in east China. So far, it has grown into a global provider of solar power products.

Currently, more Chinese investors are swarming into PV industry, and the polycrystalline silicon market has to witness extremely overheated investments. For instance, the market has allured Baoding Tianwei Baobian Electric Co.,Ltd.(SHSE: 600550), Sichuan Chuantou Energy Co., ltd. (SHSE: 600674), Leshan Electric Power Co.,Ltd.(SHSE: 600644), and Sichuan Minjiang Hydropower Co., Ltd. (SHSE: 600131).

However, Shi Zhengrong, chairman of Wuxi Suntech Power Co., Ltd. (NYSE: STP), one of China's solar energy giants, declared on December 12, 2007 that polysilicon investment misfitted the nation.

"As a matter of fact, it is not practical for China to produce polysilicon, mainly due to such a high electricity charge," said the chairman. "Therefore, I suggest that investors should seek more development opportunities in Canada, the US, Australia, and other countries with a lower electricity charge."

Till now, the total production capacity of China's companies, who are ready for polysilicon projects, has reached 30,000 tons, so that it is hard to say whether the heating investments in PV markets is good news or not, the domestic PV expert Mr. Wang Sicheng said anxiously.

LDK to supply Hyundai Heavy Industries with solar wafers

February 22, 2008

The eight-year agreement is for 450 megawatts of multicrystalline solar wafers.

Xinyu, China-based LDK Solar (NYSE: LDK) announced today that it signed a contract to supply solar wafers to South Korea's Hyundai Heavy Industries.

LDK did not disclose the financial terms of the contract, but said the eight-year deal is for 450 megawatts of multicrystalline solar wafers.

"This latest long-term wafer supply agreement with Hyundai Heavy Industries Co., Ltd. further exemplifies the strong demand levels for our high quality wafers," said Xiaofeng Peng, chairman and CEO of LDK.

LDK said the supply would begin later this year and run through 2015, with Hyundai Heavy Industries making an undisclosed advanced payment to LDK Solar.

"Having visited LDK Solar's polysilicon plant in Xinyu City, China, several times, we are confident that both their wafers and new manufacturing facilities will meet the highest industry standards," said Kwon-Tae Kim, executive VP at Hyundai Heavy Industries.

Aleo Solar, Sunvim Form Venture to Build Module Plant in China

By Nicholas Comfort

Feb. 22 (Bloomberg) -- Aleo Solar AG, a German maker of solar-energy products, will form a joint venture with Sunvim Group Co. Ltd. to build a production plant for modules in Gaomi, in the Chinese province of Shandong.

The Chinese plant will have an initial capacity to produce equipment with 50 megawatts of potential, Oldenburg, Germany- based Aleo Solar said in a statement on the PR Newswire today.