Friday, Jan 30, 2009
CHANGZHOU, China, Jan. 29 /PRNewswire-Asia-FirstCall/ --Trina Solar Limited a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, today announced that its subsidiary, Changzhou Trina Solar Energy Co.,Ltd., entered into a sales agreement with Spanish customer Gestamp Asetym Solar, S.L. ("GA Solar"). The agreement was signed during the recent World Future Energy Summit 2009 in Abu Dhabi,held on January 19-21.
Under the terms of this agreement, Trina Solar will supply GA Solar between 20 to 36 MW of PV modules for one year at pre-determined prices. Shipments under this agreement have recently been initiated.
"We are excited to have entered into this sales agreement which affirms our successful long-term supply partnership with GA Solar in the past," stated Mr. Arturo Herrero, Vice-President of Sales & Marketing of Trina Solar. "GA Solar's plan to implement new solar projects in markets such as Italy, Greece, the United States and the Middle East will be supported by their parent company's presence in over twenty countries, and we believe that our experience in working with PV system integrators can play an important part in GA's expansion plan."
"This agreement reinforces and confirms the strategic alliance between both companies," declared Mr. Jose Maria Rodriguez Paraja, Strategic Development Director of GA Solar. "This association assures a high quality technical solution that will enable us to successfully approach diverse PV markets worldwide, thereby assuring our needed requirements are fulfilled in terms of reliability, competitiveness and excellence proven by Trina Solar in our recent years of partnership.
Saturday, January 31, 2009
Suntech and Standard Solar Reach 5 Megawatt Solar Panel Supply Agreement
Wednesday, Jan 28, 2009
SAN FRANCISCO and GAITHERSBURG, Md., Jan. 27/PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's leading manufacturer of photovoltaic (PV) modules, and Standard Solar, Inc. are looking forward to powering cleaner energy solutions throughout the Mid-Atlantic U.S. under a new agreement by which Suntech will supply up to 5 megawatts of photovoltaic solar panels to the Maryland-based solar developerand installer during 2009.
"Partnering with Suntech, a top-tier manufactureroffering a broad assortment of high-quality solar panels, better equipsStandard Solar to fulfill its rapidly growing customer requirements from NewJersey and Pennsylvania to North Carolina and Virginia," said ScottWiater, Vice President of Procurement at Standard Solar.
"Suntech looks forward to partnering with StandardSolar in supplying cleaner, cost-effective solutions to businesses, governmentagencies and homeowners. In addition to reducing the dependence on highlypolluting fossil fuels, we believe that the solar industry can also help togenerate new domestic, green jobs," said Roger Efird, President, SuntechAmerica, Inc.
In his address after taking the oath of office and becomingthe nation's 44th President, Barack Obama called for Americans to "harnessthe sun . . . to meet the demands of a new age."
"This agreement," said Standard Solar Presidentand Chief Executive Officer Anthony Clifford, "strengthens our ability torespond to this challenge. We cannot agree more with our new President when headded from the West front of the U.S. Capitol: "All this we can do. Andall this we will do."
Standard Solar looks forward to deploying Suntech's high-quality panels in solar solutions that deliver cost-effective power.Recently, Standard Solar helped Kelly & Sons Electrical Construction sourceits electricity supply through a power purchase agreement with Washington GasEnergy Services. Find more information about this power purchase agreement athttp://www.standardsolar.com/News-and-Events/Press-Releases.aspx.
Suntech recently achieved 1 gigawatt of global solar panel production capacity. In doing so, it completed an 18,000 square meter, 1megawatt solar facade -- the world's largest to date -- at its new world headquarters in Wuxi, China. You can find a photo of this precedent-setting application on Suntech's website at http://www.suntech-power.com under Press:Press Assets.
SAN FRANCISCO and GAITHERSBURG, Md., Jan. 27/PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's leading manufacturer of photovoltaic (PV) modules, and Standard Solar, Inc. are looking forward to powering cleaner energy solutions throughout the Mid-Atlantic U.S. under a new agreement by which Suntech will supply up to 5 megawatts of photovoltaic solar panels to the Maryland-based solar developerand installer during 2009.
"Partnering with Suntech, a top-tier manufactureroffering a broad assortment of high-quality solar panels, better equipsStandard Solar to fulfill its rapidly growing customer requirements from NewJersey and Pennsylvania to North Carolina and Virginia," said ScottWiater, Vice President of Procurement at Standard Solar.
"Suntech looks forward to partnering with StandardSolar in supplying cleaner, cost-effective solutions to businesses, governmentagencies and homeowners. In addition to reducing the dependence on highlypolluting fossil fuels, we believe that the solar industry can also help togenerate new domestic, green jobs," said Roger Efird, President, SuntechAmerica, Inc.
In his address after taking the oath of office and becomingthe nation's 44th President, Barack Obama called for Americans to "harnessthe sun . . . to meet the demands of a new age."
"This agreement," said Standard Solar Presidentand Chief Executive Officer Anthony Clifford, "strengthens our ability torespond to this challenge. We cannot agree more with our new President when headded from the West front of the U.S. Capitol: "All this we can do. Andall this we will do."
Standard Solar looks forward to deploying Suntech's high-quality panels in solar solutions that deliver cost-effective power.Recently, Standard Solar helped Kelly & Sons Electrical Construction sourceits electricity supply through a power purchase agreement with Washington GasEnergy Services. Find more information about this power purchase agreement athttp://www.standardsolar.com/News-and-Events/Press-Releases.aspx.
Suntech recently achieved 1 gigawatt of global solar panel production capacity. In doing so, it completed an 18,000 square meter, 1megawatt solar facade -- the world's largest to date -- at its new world headquarters in Wuxi, China. You can find a photo of this precedent-setting application on Suntech's website at http://www.suntech-power.com under Press:Press Assets.
ReneSola secures funding for Sichuan facility
1/27/2009
JIASHAN, CHINA: Solar wafer manufacturer ReneSola subsidiary Sichuan ReneSola Material has signed a RMB 800 million (US$117 million) five year project loan agreement with the Sichuan branch of China Construction Bank to support the construction of a polysilicon production facility in Meishan, Sichuan province.
ReneSola Chief Financial Officer Charles Bai said that the company had now secured around 90 percent of the capital needed to fund the project to completion.
Pilot production for phase one of the Sichuan polysilicon facility is expected to begin late in the second quarter of 2009, while phase two will begin late in the third quarter. Each phase will consist of 1,500 metric tons (1,476 tons) of polysilicon production.
The facility will provide ReneSola with a stable source of polysilicon feedstock for its wafers.
JIASHAN, CHINA: Solar wafer manufacturer ReneSola subsidiary Sichuan ReneSola Material has signed a RMB 800 million (US$117 million) five year project loan agreement with the Sichuan branch of China Construction Bank to support the construction of a polysilicon production facility in Meishan, Sichuan province.
ReneSola Chief Financial Officer Charles Bai said that the company had now secured around 90 percent of the capital needed to fund the project to completion.
Pilot production for phase one of the Sichuan polysilicon facility is expected to begin late in the second quarter of 2009, while phase two will begin late in the third quarter. Each phase will consist of 1,500 metric tons (1,476 tons) of polysilicon production.
The facility will provide ReneSola with a stable source of polysilicon feedstock for its wafers.
Suntech Reports Preliminary Fourth Quarter and Full Year 2008 Financial Results
Company Exceeds Fourth Quarter Revenue and Full Year PV Product Shipment Guidance; Announces Repurchase of $93.8 Million of Convertible Senior Notes SAN FRANCISCO and WUXI, China, Jan. 23
SAN FRANCISCO and WUXI, China, Jan. 23 /PRNewswire-Asia/ -- Suntech Power
Holdings Co., Ltd. (NYSE: STP), the world's largest photovoltaic (PV) module
manufacturer, today announced preliminary financial results for the fourth
quarter and full year 2008.
For the fourth quarter of 2008, Suntech expects total net revenues to be
in the range of $405 million to $420 million, above previously issued guidance
of revenues in the range of $345 million to $360 million. Full year 2008 total
net revenues are expected to be in the range of $1.91 billion to $1.93 billion
and full year 2008 PV product shipments are expected to be in the range of
493MW to 496MW.
As a result of the rapid decline in silicon prices in the fourth quarter,
Suntech expects to make an inventory provision in the range of $46 million to
$58 million, which would have a negative impact to the gross margin of 11% to
14%. Fourth quarter 2008 consolidated GAAP gross margin is expected to be in
the range of -1% to 2%.
"We are pleased to have exceeded our revised revenue and shipment guidance
for the fourth quarter and full year 2008," said Dr. Zhengrong Shi, Suntech's
Chairman and CEO. "While the weakening macro-economic environment and limited
availability of credit has led to rapid changes in market conditions and
reduced visibility, we believe that there is relatively strong underlying
demand for Suntech products. We also believe that in this challenging
environment, customers recognize the value in partnering with Suntech due to
our reputation for consistently delivering premium quality modules, record of
very successful projects, localized customer service and commitment to solar
innovation."
Convertible Senior Notes Repurchase and Investment Impairment
During the fourth quarter of 2008, Suntech conducted open market
repurchases of Suntech's 0.25% Convertible Senior Notes due 2012. Through
December 31, 2008, Suntech re-purchased $93.8 million aggregate principal
amount of the Convertible Senior Notes for a total cash consideration of $61.0
million. As a result, Suntech realized a net gain of approximately $30 million.
Suntech may from time to time seek to make additional repurchases of its
Convertible Senior Notes. Such repurchases, if any, will depend on prevailing
market conditions, our liquidity requirements and other factors.
Due to the rapid decline in silicon prices and difficult financing
environment, Suntech expects to incur an expense related to the impairment of
Suntech's investments in Nitol Solar and Hoku Materials. The total value of
the investment impairment is expected to be in the range of approximately $49
million to $52 million.
As of December 31, 2008, Suntech's cash and cash equivalents balance was
approximately $508 million, which is approximately $113 million higher than
the cash and cash equivalents balance at the end of the third quarter of 2008.
Cash and cash equivalents increased primarily due to the liquidation of some
short term investments and the accelerated collection of some Value Added Tax
Recoverable.
Amy Zhang, Suntech's Chief Financial Officer, said, "The prudent
restructuring of our balance sheet enabled us to simultaneously reduce our
Convertible Senior Notes commitment and increase our cash balance during the
fourth quarter. With our relatively strong financial status, we believe we are
well positioned to weather the global economic downturn and capitalize on the
long term growth potential of the solar industry."
The Company also announced that it had reduced the workforce by
approximately 800 employees as a result of ongoing performance evaluation in
the fourth quarter of 2008. In addition, Suntech suspended the hiring of a
further 2,000 new staff in line with the Company's decision to maintain
production capacity at 1GW as a result of the difficult economic environment.
Suntech will consider further expansion and hiring when market conditions
improve. Suntech's headcount as of December 31, 2008 was 9,070.
The estimates presented in this press release are preliminary. Adjustments
to the estimates and projections set forth in this press release may be
identified as a result of, among other things, finalization of the company's
financial closing procedures and external audit process for the year ended
December 31, 2008. As such, these estimates and our expectations set forth
herein may change materially.
Suntech will hold a conference call to discuss fourth quarter and full
year 2008 financial results at 8am EST on February 18, 2009. For further
information and dial in details please visit http://www.suntech-power.com
under Investor Center: Financial Events.
SAN FRANCISCO and WUXI, China, Jan. 23 /PRNewswire-Asia/ -- Suntech Power
Holdings Co., Ltd. (NYSE: STP), the world's largest photovoltaic (PV) module
manufacturer, today announced preliminary financial results for the fourth
quarter and full year 2008.
For the fourth quarter of 2008, Suntech expects total net revenues to be
in the range of $405 million to $420 million, above previously issued guidance
of revenues in the range of $345 million to $360 million. Full year 2008 total
net revenues are expected to be in the range of $1.91 billion to $1.93 billion
and full year 2008 PV product shipments are expected to be in the range of
493MW to 496MW.
As a result of the rapid decline in silicon prices in the fourth quarter,
Suntech expects to make an inventory provision in the range of $46 million to
$58 million, which would have a negative impact to the gross margin of 11% to
14%. Fourth quarter 2008 consolidated GAAP gross margin is expected to be in
the range of -1% to 2%.
"We are pleased to have exceeded our revised revenue and shipment guidance
for the fourth quarter and full year 2008," said Dr. Zhengrong Shi, Suntech's
Chairman and CEO. "While the weakening macro-economic environment and limited
availability of credit has led to rapid changes in market conditions and
reduced visibility, we believe that there is relatively strong underlying
demand for Suntech products. We also believe that in this challenging
environment, customers recognize the value in partnering with Suntech due to
our reputation for consistently delivering premium quality modules, record of
very successful projects, localized customer service and commitment to solar
innovation."
Convertible Senior Notes Repurchase and Investment Impairment
During the fourth quarter of 2008, Suntech conducted open market
repurchases of Suntech's 0.25% Convertible Senior Notes due 2012. Through
December 31, 2008, Suntech re-purchased $93.8 million aggregate principal
amount of the Convertible Senior Notes for a total cash consideration of $61.0
million. As a result, Suntech realized a net gain of approximately $30 million.
Suntech may from time to time seek to make additional repurchases of its
Convertible Senior Notes. Such repurchases, if any, will depend on prevailing
market conditions, our liquidity requirements and other factors.
Due to the rapid decline in silicon prices and difficult financing
environment, Suntech expects to incur an expense related to the impairment of
Suntech's investments in Nitol Solar and Hoku Materials. The total value of
the investment impairment is expected to be in the range of approximately $49
million to $52 million.
As of December 31, 2008, Suntech's cash and cash equivalents balance was
approximately $508 million, which is approximately $113 million higher than
the cash and cash equivalents balance at the end of the third quarter of 2008.
Cash and cash equivalents increased primarily due to the liquidation of some
short term investments and the accelerated collection of some Value Added Tax
Recoverable.
Amy Zhang, Suntech's Chief Financial Officer, said, "The prudent
restructuring of our balance sheet enabled us to simultaneously reduce our
Convertible Senior Notes commitment and increase our cash balance during the
fourth quarter. With our relatively strong financial status, we believe we are
well positioned to weather the global economic downturn and capitalize on the
long term growth potential of the solar industry."
The Company also announced that it had reduced the workforce by
approximately 800 employees as a result of ongoing performance evaluation in
the fourth quarter of 2008. In addition, Suntech suspended the hiring of a
further 2,000 new staff in line with the Company's decision to maintain
production capacity at 1GW as a result of the difficult economic environment.
Suntech will consider further expansion and hiring when market conditions
improve. Suntech's headcount as of December 31, 2008 was 9,070.
The estimates presented in this press release are preliminary. Adjustments
to the estimates and projections set forth in this press release may be
identified as a result of, among other things, finalization of the company's
financial closing procedures and external audit process for the year ended
December 31, 2008. As such, these estimates and our expectations set forth
herein may change materially.
Suntech will hold a conference call to discuss fourth quarter and full
year 2008 financial results at 8am EST on February 18, 2009. For further
information and dial in details please visit http://www.suntech-power.com
under Investor Center: Financial Events.
Alcom Solar Equipments Obtained CNY78 mln VC from Govtor
The CNY78 million venture capital invested by Govtor will be used for Jiangyin Alcom’s development of solar battery fittings and solar integrated system, as well as its R&D center.
PRLog (Press Release) – Jan 21, 2009 – Jiangyin Alcom Solar Equipments Co., Ltd had signed strategic investment agreement with Jiangsu High-Tech Investment Group (Govtor) on Jan, 18, 2009 in order to maintain its leading position. The CNY78 million venture capital invested by Govtor will be used for Jiangyin Alcom’s development of solar battery fittings and solar integrated system, as well as its R&D center.
Founded in Mar, 2006, the sales revenue of Jiangyin Alcom reached CNY400 million in 2008. Its key product, aluminum frame special for solar battery panel, its precision has achieved 0.02mm, meeting the international advanced requirements. In addition, its solar frame had topped in the world successively from 2007 to 2008, accounting for 15% all over the globe. Alcom also had established the first solar fitting R&D center in Jun, 2008, and had applied for over 50 patents. Meanwhile, the first production line of solar EVA adhesive film with independent intellectual property rights, which Alcom had invested CNY80 million R&D expense, had been put into trial production in the beginning of 2009.
Govtor is one of the early provincial professional venture capital organizations in China. It has led and participated 27 professional venture capital funds in recent years, the management assets has reached CNY5 billion, and the accumulative investment projects has amounted to more than 140, as well as has helped 12 companies go public in domestic and international capital market. After the cooperation with Alcom, it will help Alcom to make, adjust and perfect the long-term development strategy, adjust optimizing business combination, integrate industry chain, and assist to establish standard management system and corporate structure, bring in strategic investors and high-grade management talents, and make up reasonable plans for going public.
PRLog (Press Release) – Jan 21, 2009 – Jiangyin Alcom Solar Equipments Co., Ltd had signed strategic investment agreement with Jiangsu High-Tech Investment Group (Govtor) on Jan, 18, 2009 in order to maintain its leading position. The CNY78 million venture capital invested by Govtor will be used for Jiangyin Alcom’s development of solar battery fittings and solar integrated system, as well as its R&D center.
Founded in Mar, 2006, the sales revenue of Jiangyin Alcom reached CNY400 million in 2008. Its key product, aluminum frame special for solar battery panel, its precision has achieved 0.02mm, meeting the international advanced requirements. In addition, its solar frame had topped in the world successively from 2007 to 2008, accounting for 15% all over the globe. Alcom also had established the first solar fitting R&D center in Jun, 2008, and had applied for over 50 patents. Meanwhile, the first production line of solar EVA adhesive film with independent intellectual property rights, which Alcom had invested CNY80 million R&D expense, had been put into trial production in the beginning of 2009.
Govtor is one of the early provincial professional venture capital organizations in China. It has led and participated 27 professional venture capital funds in recent years, the management assets has reached CNY5 billion, and the accumulative investment projects has amounted to more than 140, as well as has helped 12 companies go public in domestic and international capital market. After the cooperation with Alcom, it will help Alcom to make, adjust and perfect the long-term development strategy, adjust optimizing business combination, integrate industry chain, and assist to establish standard management system and corporate structure, bring in strategic investors and high-grade management talents, and make up reasonable plans for going public.
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