10th March 2008
Chinese photovoltaic equipment maker Trina Solar has signed an agreement to purchase primary converter and reactor systems for its planned polysilicon production project from GT Solar for a total consideration of approximately $49 million, with the purchase price to be paid in installments over an approximate period of 12 to 18 months.
The agreement was signed by Trina Solar Lianyungang, a subsidiary of Trina Solar, at the Washington International Renewable Energy Conference.
Senior government officials from both the US State Department and China's National Development Reform Commission attended this conference and expressed strong support for greater co-operation between companies of both countries. This agreement is a part of the US and China governments' co-operation framework in renewable energy.
Jifan Gao, Trina Solar's chairman and CEO, said: "We are very excited to further our partnership with GT Solar, who will provide us a world-class platform which is expected to extend our technology, brand and cost advantages to include silicon feedstock under our vertically integrated manufacturing model."
Tuesday, March 11, 2008
Solargiga aims to raise $127 mln in scaled-back IPO
HONG KONG, March 11 (Reuters) - Chinese solar wafer maker Solargiga Energy Holdings Ltd, which scrapped a planned Hong Kong IPO in January, has relaunched a smaller, cheaper share sale to raise $127 million, according to a term sheet.
The move comes a day after Shanghai-listed China Pacific Insurance delayed plans to raise about $4 billion in a Hong Kong share sale due to poor investor sentiment, joining roughly 65 companies globally this year to withdraw or postpone IPOs worth nearly $23 billion, according to Thomson Financial.
Solargiga on Tuesday began selling about 338.13 million shares, or 20 percent of its enlarged share capital, at an indicative price of HK$2.92 each in a deal handled by BNP Paribas with a listing date set for March 31.
The company had earlier sought to raise as much as $292 million by selling 422.7 million shares at a range of HK$4.57-HK$5.38 each, and subsequently cut its target price range to HK$4.08-HK$4.88 before putting the deal on hold amid the global markets meltdown in January.
The move comes a day after Shanghai-listed China Pacific Insurance delayed plans to raise about $4 billion in a Hong Kong share sale due to poor investor sentiment, joining roughly 65 companies globally this year to withdraw or postpone IPOs worth nearly $23 billion, according to Thomson Financial.
Solargiga on Tuesday began selling about 338.13 million shares, or 20 percent of its enlarged share capital, at an indicative price of HK$2.92 each in a deal handled by BNP Paribas with a listing date set for March 31.
The company had earlier sought to raise as much as $292 million by selling 422.7 million shares at a range of HK$4.57-HK$5.38 each, and subsequently cut its target price range to HK$4.08-HK$4.88 before putting the deal on hold amid the global markets meltdown in January.
Suntech to Offer $425 Million in Notes
March 10, 2008: 05:44 PM EST
NEW YORK (Associated Press) - Suntech Power Holdings Co., a Chinese maker of solar-power products, said Monday it plans to offer $425 million in convertible senior notes due 2013 in a private offering.
In some instances, the notes will be convertible into cash, American depositary shares, or a combination of both, Suntech said.
The interest rate, conversion price and other terms will be determined when the offering is priced, the company said.
Suntech said it plans to grant to the initial buyers a 30-day option to purchase up to an additional $75 million of the notes to cover possible over-allotments.
Suntech said it expects to use about $300 million of the offering's net proceeds for procuring upstream supplies and the rest for production capacity expansion and new technology commercialization.
Any additional net proceeds received from the exercise of options to buy additional notes will be used for general corporate purposes and potential acquisitions, Suntech said.
NEW YORK (Associated Press) - Suntech Power Holdings Co., a Chinese maker of solar-power products, said Monday it plans to offer $425 million in convertible senior notes due 2013 in a private offering.
In some instances, the notes will be convertible into cash, American depositary shares, or a combination of both, Suntech said.
The interest rate, conversion price and other terms will be determined when the offering is priced, the company said.
Suntech said it plans to grant to the initial buyers a 30-day option to purchase up to an additional $75 million of the notes to cover possible over-allotments.
Suntech said it expects to use about $300 million of the offering's net proceeds for procuring upstream supplies and the rest for production capacity expansion and new technology commercialization.
Any additional net proceeds received from the exercise of options to buy additional notes will be used for general corporate purposes and potential acquisitions, Suntech said.
Pan Jit preps for solar wafer production in China
Nuying Huang, Taipei; Esther Lam, DIGITIMES [Monday 10 March 2008]
Already having acquired a controlling stake in China-based solar module maker Jiangsu Aide Solar Energy Technology, Pan Jit International is extending its presence into the solar sector by preparing for solar-grade silicon wafer production in China in the third quarter of 2008.
Pan Jit plans to locate 20 furnaces for silicon wafer production at its existing production site in Xuzhou, China, with an initial annual capacity of 40 peak megawatt (MWp), according to company executives. The company will also purchase about three to four sets of equipment for ingot slicing.
Company executives attributed the vertical integration to satisfactory material sufficiency. Pan Jit anticipates that its vertical integration will help enhance its competitiveness in solar deployment. Regarding plans to expand, the executives said that will depend on ongoing material sufficiency.
Pan Jit posted an earnings per share (EPS) of about NT$2 in 2007. Under the anticipation of strong demand for diodes, as well as contribution from Aide, investors estimate that Pan Jit should see its EPS hit NT$3.50 in 2008. The profitability is set to enhance further if production of silicon wafer is smooth as gross margin from silicon wafer is as high as above 30%, they highlighted. The gross margin of Pan Jit averaged 15% in 2007.
Aide housed a solar cell capacity of 35MWp in 2007. The company plans for aggressive expansion in 2008 as its solar module bookings have been extended through September, the investors said. Gross margins from solar cell and module production are 15% and 8%, respectively.
Besides Pan Jit's extended deployment in the solar industry, fellow rectifier diode makers in Taiwan are also gearing up their deployment in the sector. Taiwan Semiconductor Company (TSC) is having pilot production of polysilicon at its Yilan, Taiwan production site. Mospec Semiconductor, in the meantime, is equipping furnaces for silicon wafer production at its site with a capacity set at 20-25MWp in 2008 with customer validations having already been secured.
Already having acquired a controlling stake in China-based solar module maker Jiangsu Aide Solar Energy Technology, Pan Jit International is extending its presence into the solar sector by preparing for solar-grade silicon wafer production in China in the third quarter of 2008.
Pan Jit plans to locate 20 furnaces for silicon wafer production at its existing production site in Xuzhou, China, with an initial annual capacity of 40 peak megawatt (MWp), according to company executives. The company will also purchase about three to four sets of equipment for ingot slicing.
Company executives attributed the vertical integration to satisfactory material sufficiency. Pan Jit anticipates that its vertical integration will help enhance its competitiveness in solar deployment. Regarding plans to expand, the executives said that will depend on ongoing material sufficiency.
Pan Jit posted an earnings per share (EPS) of about NT$2 in 2007. Under the anticipation of strong demand for diodes, as well as contribution from Aide, investors estimate that Pan Jit should see its EPS hit NT$3.50 in 2008. The profitability is set to enhance further if production of silicon wafer is smooth as gross margin from silicon wafer is as high as above 30%, they highlighted. The gross margin of Pan Jit averaged 15% in 2007.
Aide housed a solar cell capacity of 35MWp in 2007. The company plans for aggressive expansion in 2008 as its solar module bookings have been extended through September, the investors said. Gross margins from solar cell and module production are 15% and 8%, respectively.
Besides Pan Jit's extended deployment in the solar industry, fellow rectifier diode makers in Taiwan are also gearing up their deployment in the sector. Taiwan Semiconductor Company (TSC) is having pilot production of polysilicon at its Yilan, Taiwan production site. Mospec Semiconductor, in the meantime, is equipping furnaces for silicon wafer production at its site with a capacity set at 20-25MWp in 2008 with customer validations having already been secured.
Trina Solar Signs Equipment Supply Contract with GT Solar
CHANGZHOU, China, March 9 /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 it has signed an agreement with GT Solar Incorporated ("GT Solar") to purchase primary converter and reactor systems for its planned polysilicon production project for a total consideration of approximately US$49 million, with purchase price to be paid in installments over an approximate period of 12 to 18 months. The execution of this agreement is subject to final approval by the Boards of both companies.
"We are very excited to further our partnership with GT Solar, who will provide us a world class platform which is expected to extend our technology, brand and cost advantages to include silicon feedstock under our vertically integrated manufacturing model," said Jifan Gao, Trina Solar's Chairman and CEO. "We believe GT Solar's advanced technology will help Trina Solar to reduce cost in the long run in connection with our polysilicon production."
Tom Zarrella, GT Solar's CEO, stated "Trina Solar's order for our advanced polysilicon manufacturing equipment and technologies to support their upstream expansion plan is a strong indication of GT Solar's continued expansion in the Asia market. We value our relationship with Trina Solar and appreciate its continued confidence in our products."
The agreement was signed through Trina Solar (Lianyungang) Co. Ltd., a subsidiary of Trina Solar, at the Washington International Renewable Energy Conference (WIREC). Senior governmental officials from both the United States State Department and China's National Development Reform Commission attended this conference and expressed strong support for greater cooperation between companies of both countries. This agreement is a part of the governments' cooperation framework in renewable energy. The signing ceremony was co-hosted by ACORE (American Council on Renewable Energy) and CREIA (China Renewable Energy Industries Association).
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.
About GT Solar
GT Solar Incorporated, a wholly-owned subsidiary of GT Solar International, is a key global provider of manufacturing equipment and turnkey manufacturing solutions across the photovoltaic supply chain. Based in Merrimack, NH (USA), the company's products include equipment used to produce multi-crystalline solar wafers, cells and modules. GT Solar also manufactures polysilicon reactors, which allow its customers to produce polysilicon from which solar wafers are made. For more information, go to http://www.gtsolar.com.
"We are very excited to further our partnership with GT Solar, who will provide us a world class platform which is expected to extend our technology, brand and cost advantages to include silicon feedstock under our vertically integrated manufacturing model," said Jifan Gao, Trina Solar's Chairman and CEO. "We believe GT Solar's advanced technology will help Trina Solar to reduce cost in the long run in connection with our polysilicon production."
Tom Zarrella, GT Solar's CEO, stated "Trina Solar's order for our advanced polysilicon manufacturing equipment and technologies to support their upstream expansion plan is a strong indication of GT Solar's continued expansion in the Asia market. We value our relationship with Trina Solar and appreciate its continued confidence in our products."
The agreement was signed through Trina Solar (Lianyungang) Co. Ltd., a subsidiary of Trina Solar, at the Washington International Renewable Energy Conference (WIREC). Senior governmental officials from both the United States State Department and China's National Development Reform Commission attended this conference and expressed strong support for greater cooperation between companies of both countries. This agreement is a part of the governments' cooperation framework in renewable energy. The signing ceremony was co-hosted by ACORE (American Council on Renewable Energy) and CREIA (China Renewable Energy Industries Association).
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.
About GT Solar
GT Solar Incorporated, a wholly-owned subsidiary of GT Solar International, is a key global provider of manufacturing equipment and turnkey manufacturing solutions across the photovoltaic supply chain. Based in Merrimack, NH (USA), the company's products include equipment used to produce multi-crystalline solar wafers, cells and modules. GT Solar also manufactures polysilicon reactors, which allow its customers to produce polysilicon from which solar wafers are made. For more information, go to http://www.gtsolar.com.
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