SAN FRANCISCO and WUXI, China, NOV 20, 2008 /PRNewswire via COMTEX/ -- Suntech Power Holdings Co., Ltd. the world's largest photovoltaic (PV) module manufacturer, today announced financial results for the third quarter ended September 30, 2008.
Third Quarter Highlights(1)
-- Third quarter 2008 total net revenues grew 53.7% year-over-year to $594.4 million.
-- On a consolidated basis, GAAP gross margin increased to 21.6% for the third quarter 2008 compared to 20.7% for the third quarter 2007. Non-GAAP(2) gross margin reached 21.8% for the third quarter 2008, compared to 21.4% for the third quarter 2007.
-- GAAP net income for the third quarter was $55.9 million or $0.33 per diluted American Depository Share (ADS). On a non-GAAP basis, Suntech's net income for the third quarter was $60.3 million or $0.35 per diluted ADS. Each ADS represents one ordinary share.
-- Suntech's PV cell production capacity was 750MW at the end of the third quarter 2008.
-- Due to the depreciation of the Euro versus the U.S. dollar combined with the impact of tighter credit markets, Suntech has revised its full year 2008 revenue guidance from a range of $2.05 billion to $2.15 billion to a new expected range of $1.85 billion to $1.87 billion. Suntech has revised its full year 2008 PV product shipment target from 550MW to approximately 490MW.
"Our third quarter performance was driven by healthy demand for our solar products, resulting in strong top-line growth that exceeded the high end of our guidance," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "However, the rapid weakening of the Euro relative to the USD over the past two months combined with the unstable credit markets has created a challenging environment in the fourth quarter of 2008. This has resulted in a faster than expected sequential decline in sales prices and the deferment of some customer orders, which will significantly impact our profitability in the fourth quarter of 2008."
"Due to these near-term challenges, we have been implementing a range of measures to prudently manage this temporary downturn. These include the minimization of cash outlays, renegotiation of high priced, short-term silicon contracts, optimization of our supply chain and production, and the enhancement of currency risk management. We believe that these steps will enable us to weather the short term market disturbances and we expect our profitability will steadily improve in 2009 as multiple long term, low cost silicon contracts initiate delivery."
''In addition, we believe that the industry recalibration will benefit Suntech as we expect a flight to quality solar companies that are positioned to be long-term leaders in the solar industry," continued Dr. Shi. ''Suntech's exceptional project history, dedication to innovation and focus on producing premium quality solar products differentiate Suntech's products and brand. Moreover, our localized customer service, broad product range and manufacturing scale provide a stable base to serve our customers' long-term needs. We are confident that our customers recognize the value in partnering with Suntech, and we expect to improve our market position in 2009.''
"Suntech's goal is to drive down the cost of solar to grid parity, and these macroeconomic changes should accelerate the reduction in silicon costs and sales prices and stimulate demand. In addition, the outlook for 2009 demand is encouraging. Although customers have deferred some orders in the fourth quarter, many are committing to increased volumes for 2009 indicative of customers' confidence that the financing environment will improve. We have already received orders for over 600MW of PV products for 2009 from our European customers and are pursuing a growing pipeline of additional orders."
Recent Business Highlights
Acquisitions and Joint Venture Agreements
-- Suntech acquired EI Solutions, a leading California-based commercial solar system integration company, to provide complete solar solutions to commercial, utility and government customers in the U.S.. Renamed Suntech Energy Solutions, it has designed and implemented solar
projects for many leading US companies, including Google, Disney, Sony Pictures, The North Face, and Puget Sound Energy.
-- Suntech established a joint venture with MMA Renewable Resources to create Gemini Solar Development Company (Gemini Solar), to develop and finance photovoltaic projects 10MW and larger. Gemini Solar will provide an end-to-end solution to address the growing demand for large-scale solar projects.
Suntech Energy Solutions Projects
-- Suntech Energy Solutions recently substantially completed numerous installations including:
-- A distribution center for The North Face in Visalia, CA which included a 1MW installation of Suntech modules on tracking systems in a 5 acre retention pond abutting the facility.
-- A 250kW rooftop installation for a carport at Caltech in Pasadena CA.
-- A 250kW ground mounted tracking system for the luxury eco-resort Post Ranch Inn, in Big Sur, CA.
-- A 100kW carport installation for The Venetian Hotel in Las Vegas, NV.
Capital and Credit Facilities
-- Suntech had cash and cash equivalents of $394.6 million, restricted cash of $124.1 million and short term investments of $145.6 million as of September 30, 2008. In addition, Suntech had value-added tax recoverable of $201.8 million at the end of September 30, 2008 of which approximately $126 million has been approved for refund by the P.R.C. government.
-- Suntech had approximately $1.7 billion of approved credit lines to be used for fixed asset purchase, working capital or trade financing as of September 30, 2008. Of these credit facilities approximately $1.1 billion had been drawn down as of September 30, 2008. During the fourth
quarter, Suntech has secured a further $600 million of credit facilities, which can be utilized for fixed asset purchase, working capital or trade financing. Suntech expects that its capital will be
sufficient to cover its capital expenditures in 2008 and 2009, while maintaining adequate working capital to support its operations.
Technology
-- Suntech is on track to expand Pluto PV cell production capacity from 10MW to 30MW by the end of 2008. During the temporary period of downturn, Suntech intends to accelerate retrofitting of existing lines to Pluto technology and achieve 100MW of Pluto PV cell
capacity by the end of the first quarter 2009.
Collaboration on Climate Change
-- Suntech joined The Climate Group, a global independent organization dedicated to accelerating action on climate change. Suntech is the first and only energy company to join The Climate Group. The Climate Group is an independent, nonprofit organization that works
with government and business leaders to accelerate the transition to a low-carbon economy.
Third Quarter 2008 Results
Non-GAAP Non-GAAP
Net Revenues Gross Profit Gross Margin
(in $ millions) % of Net Revenues (in $millions) (%)
Standard PV Modules $523.1 88.0% $122.2 23.4%
Others $71.3 12.0% $7.5 10.5%
Total Net Revenues $594.4 100% $129.7 21.8%
Total net revenues for the third quarter of 2008 were $594.4 million, representing an increase of 53.7% from the corresponding period in 2007.
Non-GAAP gross profit for the third quarter of 2008 was $129.7 million, an increase of 56.6% year-over-year. Non-GAAP gross margin for the Company's standard PV module business was 23.4% and non-GAAP consolidated gross margin was 21.8%. Gross margin decreased from the second quarter of 2008 primarily due to a decrease in the average selling price resulting from the depreciation of the Euro versus the U.S. dollar and a slight increase in silicon wafer costs.
Non-GAAP operating expenses in the third quarter of 2008 totaled $37.1 million or 6.2% of total net revenues. The sequential increase in operating expenses was primarily due to increased spending on research and development of the Pluto technology.
Non-GAAP income from operations for the third quarter of 2008 was $92.6 million, an increase of 43.1% year-over-year. Non-GAAP operating margin was 15.6%.
Net interest expense was $7.9 million in the third quarter of 2008 compared to net interest expense of $5.2 million in the second quarter of 2008. The sequential increase in net interest expenses was primarily due to increased bank borrowing balances.
Foreign currency exchange loss was $16.6 million in the third quarter of 2008 compared to a foreign currency exchange gain of $2.5 million in the second quarter of 2008. The foreign currency exchange loss in the third quarter of 2008 was primarily due to the revaluation of some assets, which were impacted by the depreciation of the Euro against the U.S. dollar, and the revaluation of some liabilities, which were impacted by the appreciation of the CNY against the U.S. dollar.
Net other expenses decreased from $6.3 million in the second quarter of 2008 to $3.2 million in the third quarter of 2008. The decrease was mainly due to the reduced mark-to-market valuation losses associated with foreign currency derivative instruments.
Non-GAAP net income for the third quarter of 2008 was $60.3 million, or $0.35 per non-GAAP diluted ADS, compared to non-GAAP net income of $61.2 million, or $0.36 per non-GAAP diluted ADS in the third quarter of 2007.
On a GAAP basis, for the third quarter of 2008 gross profit was $128.3 million, an increase of 60.4% year-over-year. Gross margin for the standard PV module business was 23.1% and consolidated gross margin was 21.6% for the third quarter of 2008.
On a GAAP basis, operating expenses for the third quarter of 2008 were $41.3 million or 6.9% of total net revenues. Income from operations was $87.1 million for the third quarter of 2008, an increase of 52.0% year-over-year. Operating margin was 14.6%. Net income increased 5.0% year-over-year to $55.9 million, or $0.33 per diluted ADS.
In the third quarter of 2008, capital expenditures, which were primarily related to production capacity expansion and the construction of Suntech's new production facilities, totaled $102.4 million and depreciation and amortization expenses totaled $10.2 million.
As of September 30, 2008, Suntech had cash and cash equivalents of $394.6 million, compared to $605.2 million as of June 30, 2008. The decrease in cash and cash equivalents was mainly due to capital expenditures related to capacity expansions and prepayments to suppliers. This was partially offset by an increase of bank borrowings.
Value-added tax recoverable totaled $201.8 million as of September 30, 2008, compared to $143.0 million as of June 30, 2008. The increase was mainly due to the long clearance process required by local regulation. Approximately $126 million value-added tax recoverable has been approved for refund by the P.R.C. government of which approximately $15 million is expected to be refunded in the fourth quarter of 2008.
Inventory totaled $247.9 million as of September 30, 2008 compared to $182.6 million as of June 30, 2008. The increase in inventory was partially due to the late receipt of raw materials from some silicon suppliers due to storm weather in the U.S. at the end of the third quarter.
Accounts receivable increased from $218.9 million as of June 30, 2008 to $232.8 million as of September 30, 2008. Days sales outstanding were 36 days in the third quarter of 2008 compared to 41 days in the second quarter of 2008.
Business Outlook
During the quarter ended September 30, 2008 the average value of the U.S. dollar was $1.50 to the Euro. Assuming an exchange rate of $1.28 U.S. dollars to the Euro in the fourth quarter of 2008, the Euro will have depreciated approximately 15% against the U.S. dollar sequentially resulting in an approximate $45 million impact on fourth quarter 2008 gross profit and approximately 12 percentage point impact on gross margin.
Based on current operating conditions and assuming an exchange rate of $1.28 U.S. dollars to the Euro for the fourth quarter, Suntech expects revenues for the fourth quarter of 2008 to be in the range of $345 million to $360 million. The sequential decline in revenues primarily reflects the depreciation of the Euro versus the U.S. dollar, the deferment of some customer orders due to delays in project financing and the seasonality impact due to winter in Northern Europe.
Assuming an exchange rate of $1.28 U.S. dollars to the Euro for the fourth quarter, GAAP consolidated gross margin for the fourth quarter 2008 is expected to be marginally positive or breakeven. The sequential decline in gross margin primarily reflects the decline in product sales prices due to the rapid depreciation of the Euro versus the U.S. dollar, the negative impact of high cost inventories from the third quarter of 2008, and the high cost of raw materials purchased in October 2008.
Due to the abnormal depreciation of the Euro versus the U.S. dollar and the tighter credit markets, Suntech has reduced full year 2008 revenue guidance from a range of $2.05 billion to $2.15 billion to a range of $1.85 billion to $1.87 billion. Suntech has revised its full year 2008 PV product shipment target from 550MW to approximately 490MW. Suntech remains on target to reach 1GW of installed PV cell production capacity by year-end 2008.
Suntech expects full-year 2009 shipments of more than 800MW. Suntech intends to hold PV cell production capacity at 1GW in 2009 until credit market visibility has improved. Suntech expects to reduce capital expenditures to approximately $80 million in 2009 from approximately $300 million in 2008. The majority of 2009 capital expenditures will be utilized to retrofit existing production capacity to the high efficiency, Pluto technology.
New Senior Management Hires and Promotions
Mr. Steven Chan, Suntech's Chief Strategy Officer, has assumed the additional role of President, Global Sales/Marketing. Mr. Chan, who is also responsible for the Company's business development and investor relations functions, joined Suntech in 2006. Originally based in the Company's Wuxi, China headquarters, Mr. Chan moved to San Francisco last year to open its U.S. headquarters and to focus on expanding its global sales and marketing initiatives.
Mr. Roger Ye, Suntech's Sales Director, has been promoted to Vice President of Global Sales. Mr. Ye joined Suntech in 2006 and has since led Suntech's global sales efforts. Prior to joining Suntech, Mr. Ye spent eight years with Siemens Limited China where he progressed through a number of sales management roles, ultimately being promoted to Sales Director. He earned a Masters degree from Shanghai Jiaotong University majoring in Photovoltaics.
Mr. Mauro Sgherri joined Suntech to assume the role of Managing Director, Italy, based in Milan, with responsibility for all sales and business development activities in Italy. Prior to joining Suntech, Mr. Sgherri was a consultant to the Board of Directors of Sharp Italy for the establishment of their solar division, and in establishing relationships with leading systems integrators and customers. He brings more than 30 years of business experience in sales management, product management and marketing strategy. Mr. Sgherri holds a degree in Business Management.
Mr. Thilo Kinkel has joined Suntech to assume the role of Director of Sales, Central Europe. Mr. Kinkel will be based in Frankfurt, Germany. Prior to joining Suntech, Mr. Kinkel was Sales Coordinator and Key Account Manager for Schott Solar GmbH, a photovoltaic manufacturer in Germany. He brings over 9 years of experience in the sales and development of markets for photovoltaics and glass. Mr. Kinkel attended the University of Applied Science in Giessen-Friedberg where he studied Industrial Engineering.
Mr. Bert van Kampen has joined Suntech in the role of Financial Controller, Suntech Europe, based in Suntech's recently opened office in Switzerland. Mr. Van Kampen was most recently Financial Director of Makhteshim-Agan Industries in Switzerland, where he had responsibility for accounting, reporting, budgeting, cash management, treasury and tax, as well as human resources, legal and IT. He brings more than 20 years of experience in financial management to Suntech, as well as implementation of internal control procedures. Mr. van Kampen attended the Economic College (HEAO-BE).
Corporate Governance
In November 2007, the Company revised its Corporate Governance Guidelines to reduce the minimum size of the Audit Committee from three members to two members. Currently, Mr. Julian Worley and Mr. Jason Maynard, both independent directors, serve on the Audit Committee.
Showing posts with label photovoltaic module. Show all posts
Showing posts with label photovoltaic module. Show all posts
Friday, November 21, 2008
Saturday, October 18, 2008
Yingli to supply China Mobile's PV needs
October 17, 2008
China's largest wireless carrier also expects to receive an additional estimated 2MWp of PV modules from Suntech.
Tianwei Yingli New Energy Resources, a subsidiary of Baoding, China's Yingli Green Energy (NYSE: YGE), won a bid today to supply photovoltaic modules to the largest mobile phone operator in China.
Tianwei Yingli is expected to deliver approximately 1.5 megawatts of PV modules to China Mobile Communications (HYSE: CHL) from November 2008 to October 2009.
Yingli Green Energy previously signed a contract to supply Germany's S.A.G. Solarstrom with 36.6 MW of PV solar modules.
And in May Yingli agreed to supply 17.35 MW of PV modules to Japan's Eiko Trading.
Considered one of the largest manufacturers of PV products in the world as measured by annual production capacity, Yingli Green Energy has said it will not increase its production capacity next year. The worldwide credit crunch is thought to have influenced the company's decision.
Yingli Green Energy currently has a manufacturing capacity of 600 MW.
The winning bid from Tianwei Yingli represents a third of China Mobile's total recent PV module procurement. Earlier this week Jiangsu-based PV manufacturer Suntech (NYSE: STP) announced it had won a bid for China Mobile's PV system integration and controller procurement project, offering an estimated 2 megawatt-peak output in solar cell modules.
Suntech was China Mobile's largest solar supplier in 2007, providing 1.4 MWp of solar modules to nine provinces. The company acquired California-based EI Solutions earlier this month as part of its plans to triple U.S. sales in 2009.
China Mobile is the largest wireless operator in the world, with more than 260 million subscribers. The company is controlled by China's Ministry of Information Industry.
China's largest wireless carrier also expects to receive an additional estimated 2MWp of PV modules from Suntech.
Tianwei Yingli New Energy Resources, a subsidiary of Baoding, China's Yingli Green Energy (NYSE: YGE), won a bid today to supply photovoltaic modules to the largest mobile phone operator in China.
Tianwei Yingli is expected to deliver approximately 1.5 megawatts of PV modules to China Mobile Communications (HYSE: CHL) from November 2008 to October 2009.
Yingli Green Energy previously signed a contract to supply Germany's S.A.G. Solarstrom with 36.6 MW of PV solar modules.
And in May Yingli agreed to supply 17.35 MW of PV modules to Japan's Eiko Trading.
Considered one of the largest manufacturers of PV products in the world as measured by annual production capacity, Yingli Green Energy has said it will not increase its production capacity next year. The worldwide credit crunch is thought to have influenced the company's decision.
Yingli Green Energy currently has a manufacturing capacity of 600 MW.
The winning bid from Tianwei Yingli represents a third of China Mobile's total recent PV module procurement. Earlier this week Jiangsu-based PV manufacturer Suntech (NYSE: STP) announced it had won a bid for China Mobile's PV system integration and controller procurement project, offering an estimated 2 megawatt-peak output in solar cell modules.
Suntech was China Mobile's largest solar supplier in 2007, providing 1.4 MWp of solar modules to nine provinces. The company acquired California-based EI Solutions earlier this month as part of its plans to triple U.S. sales in 2009.
China Mobile is the largest wireless operator in the world, with more than 260 million subscribers. The company is controlled by China's Ministry of Information Industry.
Saturday, May 31, 2008
Yingli Green Energy signs sales contract
Associated Press 05.30.08, 6:23 PM ET YGE
NEW YORK - China-based Yingli Green Energy Holding Co. Ltd., which makes photovoltaic products, said Friday it signed a sales contract with S.A.G. Solarstrom Vertriebsgesellschaft mbH, a solar power company.
Under the terms of the deal, Yingli said it will supply 5.75 MW of photovoltaic modules to S.A.G. from June to September.
The company said the modules are expected to be installed in S.A.G.'s projects in Italy.
Yingli said the agreement was the company's eighth contract with S.A.G.
NEW YORK - China-based Yingli Green Energy Holding Co. Ltd., which makes photovoltaic products, said Friday it signed a sales contract with S.A.G. Solarstrom Vertriebsgesellschaft mbH, a solar power company.
Under the terms of the deal, Yingli said it will supply 5.75 MW of photovoltaic modules to S.A.G. from June to September.
The company said the modules are expected to be installed in S.A.G.'s projects in Italy.
Yingli said the agreement was the company's eighth contract with S.A.G.
Thursday, April 3, 2008
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 .
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 .
Friday, March 28, 2008
Solarfun Reports 2007 Full-Year and Fourth Quarter Results
SHANGHAI, China, Mar 27, 2008 (BUSINESS WIRE) -- Solarfun Power Holdings Co., Ltd. ("Solarfun" or "the Company") (NASDAQ:SOLF), a vertically integrated manufacturer of silicon ingots and photovoltaic cells and modules in China, today reported its unaudited financial results for the fourth quarter and the year ended December 31, 2007.
2007 ANNUAL RESULTS
* Net revenue was RMB 2.395 billion (US$ 328.3 million), up 280% from 2006
* Total PV module shipments as reported were 78.4 MW, up 310% from 19.1 MW in 2006 (Note: Full year shipments were actually 80.6 MW. However, due to certain conditions which require future deliveries of products in order to secure payment for the shipments made in 4Q 07, we have deferred revenue recognition until the future deliveries have been made and the cash has been collected.)
* The average selling price was $3.74 for 2007
* Gross profit reached RMB 397.8 million (US$54.5 million), rising over 116% from 2006
* Gross margins reached 16.6% for the full year 2007, showing continuing improvement beginning in 2Q07
* Net income was RMB 148.0 million (US$20.3 million), rising 40% from 2006
* Earnings per basic ADS were RMB 3.081 (US$ 0.42), down from RMB 4.76(US$0.60) in 2006. There was a 132% increase in basic shares outstanding as a result of the Company's initial public offering in December 2006
Mr. Yonghua Lu, Chairman of Solarfun commented, "The year 2007 was a period of significant progress for the Company and I believe established a foundation for further growth in the burgeoning PV industry. Our financial results met our expectations and showed progress in key measures such as revenue and profit growth. They are also a reflection of our increased scale, vertical integration, broadened customer base, and successful ability to secure supply of key raw materials to meet our growth objectives."
"Specifically, we expanded manufacturing capacity to a year-end level of 240 MW, acquired and began production of ingots at our 52 %-owned ingot manufacturing facility - Jiangsu Yangguang Solar Technology Co. Ltd., increased our customer base more than six-fold, and signed five significant supply contracts totaling $1.4 billion, four of which were with suppliers outside of China."
"We also achieved a few other significant milestones over the past year. We significantly strengthened our senior management team with a group of executives with relevant industry experience and global expertise and improved our internal management structure and discipline to keep pace with our rapid growth. Additionally, we believe that the increased share ownership of Good Energies provides us with access to significant additional industry expertise and will contribute to the long-term success of our business," concluded Chairman Lu.
FOURTH QUARTER 2007 HIGHLIGHTS
* Net revenue was RMB 987.8 million (US$ 135.4 million), a 304% increase over 4Q06 and a 31% increase from the 3Q07
* PV module shipments as reported totaled 28.1 MW, which was nearly three times higher than 4Q06 and continued successive quarter-over-quarter shipment increases. Module shipments were 27.3 MW in 3Q07 (Note: 4Q07 shipments were actually 30 MW. However, as mentioned above, due to certain conditions which require future deliveries of products in order to secure payment for the shipments made in 4Q07, we have deferred revenue recognition until the future deliveries have been made and the cash has been collected.)
* The average selling price ("ASP") was $3.85, which rose from $3.66 in 3Q07
* Gross profit rose 45.3 % from 3Q07 to RMB 174.5 million (US$ 23.9 million)
* Gross margin reached 17.7%, the third consecutive quarter-over-quarter increase.
* Operating expenses as a percent of sales were 8.3%, which was a decrease from 12.4% in 4Q06, but a rise from 7.0% in 3Q07.
* Exchange losses of RMB 3.3 million (US $ 0.5 million) were up from RMB 2.2 million in 4Q06 and RMB 0.70 million in 3Q07.
* Net income was RMB 66.4 million (US$ 9.1 million), a rise of 101% over 4Q06.
* Earnings per basic ADS were RMB 1.38 (US$ 0.19), an increase of 4.2% from RMB 1.32 (US$ 0.18 in 3Q07.
Harold Hoskens, CEO of Solarfun, noted "The fourth quarter concluded an outstanding year for the Company with sequential momentum in shipments, ASP's and gross margins. We had a non-recurring trend of increased G&A expenses during the quarter, due largely to a ramp-up in our infrastructure costs, including the consolidation of Yangguang, legal expenses associated with becoming a public company, including SOX compliance and audit fees, as well as a larger management infrastructure and non-cash items such as stock-based compensation."
FINANCIAL POSITION
As of December 31, 2007 the Company had cash and cash equivalents of RMB 273 million (US$ 37.4 million) and working capital of RMB 959.8 million (US$ 131.6 million). Total bank borrowings were RMB 980 million (US$ 134.3 million). Note that on January 29, 2008 the Company placed US $172.5 million of Convertible Senior Notes due 2018.
Net accounts receivable decreased to RMB 430.69 million (US$ 59 million) due to continued focus on cash management practices. Days sales outstanding (DSO's) improved to 51 days from 62 days in 3Q07.
MANAGEMENT CHANGES
On January 3, 2008 the Company announced the appointment of Harold Hoskens as CEO beginning on February 25, 2008. Mr. Hoskens joins Solarfun from TPO Displays Corporation, Chunan, Taiwan, where he recently served as Deputy CEO. Harold began his career with Royal Philips in 1988, and moved to the Royal Philips' Mobile Display Systems division in Hong Kong, serving as CEO beginning in 2003.
Mr Lu continues to serve as Chairman and will remain actively involved in areas of strategic importance to Solarfun.
BUSINESS OUTLOOK
FIRST QUARTER 2008
Based on current operating trends and other conditions, Solarfun is providing first quarter 2008 and full year 2008 guidance as follows:
* Although the first quarter is not yet concluded, management believes that shipments for 1Q08 will continue to improve. Volumes are expected to be at least 35 MW. ASP's should remain strong and relatively constant.
* The Company was affected by the winter weather in China in February and continues to be affected by the relatively tight supply and increasing costs of polysilicon. Therefore, management would expect these factors to have some downward pressure on gross margins for the first quarter of 2008.
FULL YEAR 2008
* Based on existing sales and pricing, contracted supply agreements, and other expected business and industry conditions, management provided the following guidance for the full year 2008: The Company has sales contracts totaling over 160 MW (a level that is over double last year's 78.4MW) and expects prices to be flat or slightly higher from the $3.74 recorded for the full year 2007. Solarfun has secured supply of polysilicon on a contracted basis slightly exceeding its contracted sales volume.
* Capacity will increase from 240 MW to 360 MW by mid-year 2008.
* Management has seen a continued tightness of polysilicon supply and escalating prices on the spot market. With these conditions expected to exist throughout most or all of 2008, management believes some continued negative impact on gross margins from the level achieved in 2007.
CEO Harold Hoskens concluded, "2008 is a mix of opportunities and challenges. We believe Solarfun is well-positioned to continue to gain market share, expand scale, improve our manufacturing efficiencies, penetrate new markets, and develop and expand our supply chain in both China and elsewhere. Our management team, Board of Directors, and key shareholders are determined and committed to building shareholder value over the long term "
2007 ANNUAL RESULTS
* Net revenue was RMB 2.395 billion (US$ 328.3 million), up 280% from 2006
* Total PV module shipments as reported were 78.4 MW, up 310% from 19.1 MW in 2006 (Note: Full year shipments were actually 80.6 MW. However, due to certain conditions which require future deliveries of products in order to secure payment for the shipments made in 4Q 07, we have deferred revenue recognition until the future deliveries have been made and the cash has been collected.)
* The average selling price was $3.74 for 2007
* Gross profit reached RMB 397.8 million (US$54.5 million), rising over 116% from 2006
* Gross margins reached 16.6% for the full year 2007, showing continuing improvement beginning in 2Q07
* Net income was RMB 148.0 million (US$20.3 million), rising 40% from 2006
* Earnings per basic ADS were RMB 3.081 (US$ 0.42), down from RMB 4.76(US$0.60) in 2006. There was a 132% increase in basic shares outstanding as a result of the Company's initial public offering in December 2006
Mr. Yonghua Lu, Chairman of Solarfun commented, "The year 2007 was a period of significant progress for the Company and I believe established a foundation for further growth in the burgeoning PV industry. Our financial results met our expectations and showed progress in key measures such as revenue and profit growth. They are also a reflection of our increased scale, vertical integration, broadened customer base, and successful ability to secure supply of key raw materials to meet our growth objectives."
"Specifically, we expanded manufacturing capacity to a year-end level of 240 MW, acquired and began production of ingots at our 52 %-owned ingot manufacturing facility - Jiangsu Yangguang Solar Technology Co. Ltd., increased our customer base more than six-fold, and signed five significant supply contracts totaling $1.4 billion, four of which were with suppliers outside of China."
"We also achieved a few other significant milestones over the past year. We significantly strengthened our senior management team with a group of executives with relevant industry experience and global expertise and improved our internal management structure and discipline to keep pace with our rapid growth. Additionally, we believe that the increased share ownership of Good Energies provides us with access to significant additional industry expertise and will contribute to the long-term success of our business," concluded Chairman Lu.
FOURTH QUARTER 2007 HIGHLIGHTS
* Net revenue was RMB 987.8 million (US$ 135.4 million), a 304% increase over 4Q06 and a 31% increase from the 3Q07
* PV module shipments as reported totaled 28.1 MW, which was nearly three times higher than 4Q06 and continued successive quarter-over-quarter shipment increases. Module shipments were 27.3 MW in 3Q07 (Note: 4Q07 shipments were actually 30 MW. However, as mentioned above, due to certain conditions which require future deliveries of products in order to secure payment for the shipments made in 4Q07, we have deferred revenue recognition until the future deliveries have been made and the cash has been collected.)
* The average selling price ("ASP") was $3.85, which rose from $3.66 in 3Q07
* Gross profit rose 45.3 % from 3Q07 to RMB 174.5 million (US$ 23.9 million)
* Gross margin reached 17.7%, the third consecutive quarter-over-quarter increase.
* Operating expenses as a percent of sales were 8.3%, which was a decrease from 12.4% in 4Q06, but a rise from 7.0% in 3Q07.
* Exchange losses of RMB 3.3 million (US $ 0.5 million) were up from RMB 2.2 million in 4Q06 and RMB 0.70 million in 3Q07.
* Net income was RMB 66.4 million (US$ 9.1 million), a rise of 101% over 4Q06.
* Earnings per basic ADS were RMB 1.38 (US$ 0.19), an increase of 4.2% from RMB 1.32 (US$ 0.18 in 3Q07.
Harold Hoskens, CEO of Solarfun, noted "The fourth quarter concluded an outstanding year for the Company with sequential momentum in shipments, ASP's and gross margins. We had a non-recurring trend of increased G&A expenses during the quarter, due largely to a ramp-up in our infrastructure costs, including the consolidation of Yangguang, legal expenses associated with becoming a public company, including SOX compliance and audit fees, as well as a larger management infrastructure and non-cash items such as stock-based compensation."
FINANCIAL POSITION
As of December 31, 2007 the Company had cash and cash equivalents of RMB 273 million (US$ 37.4 million) and working capital of RMB 959.8 million (US$ 131.6 million). Total bank borrowings were RMB 980 million (US$ 134.3 million). Note that on January 29, 2008 the Company placed US $172.5 million of Convertible Senior Notes due 2018.
Net accounts receivable decreased to RMB 430.69 million (US$ 59 million) due to continued focus on cash management practices. Days sales outstanding (DSO's) improved to 51 days from 62 days in 3Q07.
MANAGEMENT CHANGES
On January 3, 2008 the Company announced the appointment of Harold Hoskens as CEO beginning on February 25, 2008. Mr. Hoskens joins Solarfun from TPO Displays Corporation, Chunan, Taiwan, where he recently served as Deputy CEO. Harold began his career with Royal Philips in 1988, and moved to the Royal Philips' Mobile Display Systems division in Hong Kong, serving as CEO beginning in 2003.
Mr Lu continues to serve as Chairman and will remain actively involved in areas of strategic importance to Solarfun.
BUSINESS OUTLOOK
FIRST QUARTER 2008
Based on current operating trends and other conditions, Solarfun is providing first quarter 2008 and full year 2008 guidance as follows:
* Although the first quarter is not yet concluded, management believes that shipments for 1Q08 will continue to improve. Volumes are expected to be at least 35 MW. ASP's should remain strong and relatively constant.
* The Company was affected by the winter weather in China in February and continues to be affected by the relatively tight supply and increasing costs of polysilicon. Therefore, management would expect these factors to have some downward pressure on gross margins for the first quarter of 2008.
FULL YEAR 2008
* Based on existing sales and pricing, contracted supply agreements, and other expected business and industry conditions, management provided the following guidance for the full year 2008: The Company has sales contracts totaling over 160 MW (a level that is over double last year's 78.4MW) and expects prices to be flat or slightly higher from the $3.74 recorded for the full year 2007. Solarfun has secured supply of polysilicon on a contracted basis slightly exceeding its contracted sales volume.
* Capacity will increase from 240 MW to 360 MW by mid-year 2008.
* Management has seen a continued tightness of polysilicon supply and escalating prices on the spot market. With these conditions expected to exist throughout most or all of 2008, management believes some continued negative impact on gross margins from the level achieved in 2007.
CEO Harold Hoskens concluded, "2008 is a mix of opportunities and challenges. We believe Solarfun is well-positioned to continue to gain market share, expand scale, improve our manufacturing efficiencies, penetrate new markets, and develop and expand our supply chain in both China and elsewhere. Our management team, Board of Directors, and key shareholders are determined and committed to building shareholder value over the long term "
Friday, November 2, 2007
Yingli Green Energy Signs 16.5 MW Agreement with ATERSA
BAODING, China--(BUSINESS WIRE)--Yingli Green Energy Holding Company Limited (NYSE: YGE), one of the leading vertically integrated photovoltaic (PV) product manufacturers in China, today announced that it has signed an agreement to sell 16.5 MW of photovoltaic ("PV") modules to Aplicaciones Técnicas de la Energía, S.L. ("ATERSA"). ATERSA and its parent company, the Elecnor S.A. ("Elecnor"), are leaders in producing and distributing PV modules and PV equipment as well as PV "Turn-Key Projects" in Spain.
The PV modules provided by Yingli in this agreement will be installed in the Argasol Project and the Alumbra Project, which are located in Ciudad Real and Badajoz, Spain, respectively. The quality and power output of the modules supplied to ATERSA will be tested by ATERSA's laboratories. This new agreement makes Yingli Green Energy one of ATERSA and Elecnor's major module suppliers in terms of module shipments.
"The new agreement with ATERSA marks another milestone in our development in the market of Spain, which is currently one of the fastest growing PV markets in the world," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "This new agreement strengthens our competitive position in Spain and helps us further solidify our market position in the European market."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited ("Yingli Green Energy") is one of the leading vertically integrated PV product manufacturers in China. 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 China. Additionally, Yingli Green Energy is one of the limited number of large-scale PV companies in China 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 megawatts by 2010. 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.
About ATERSA
With nearly 30 years experience, ATERSA, a subsidiary of the ELECNOR, is a pioneering company within the photovoltaic solar power sector in Spain. ATERSA develops, manufactures and markets all the components and equipment needed for any electrical solar system. Its production center is located in Almussafes, Valencia, with sales offices in Madrid, Valencia and Cordoba.
About ELECNOR
With a fifty year history, ELECNOR continues to be one of the central players in major infrastructure projects that are undertaken in Spain, participating in most of the major infrastructures projects that are undertaken in Spain, reinforcing its traditional high profile abroad and consolidating its permanent diversification towards other business areas.
The PV modules provided by Yingli in this agreement will be installed in the Argasol Project and the Alumbra Project, which are located in Ciudad Real and Badajoz, Spain, respectively. The quality and power output of the modules supplied to ATERSA will be tested by ATERSA's laboratories. This new agreement makes Yingli Green Energy one of ATERSA and Elecnor's major module suppliers in terms of module shipments.
"The new agreement with ATERSA marks another milestone in our development in the market of Spain, which is currently one of the fastest growing PV markets in the world," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "This new agreement strengthens our competitive position in Spain and helps us further solidify our market position in the European market."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited ("Yingli Green Energy") is one of the leading vertically integrated PV product manufacturers in China. 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 China. Additionally, Yingli Green Energy is one of the limited number of large-scale PV companies in China 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 megawatts by 2010. 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.
About ATERSA
With nearly 30 years experience, ATERSA, a subsidiary of the ELECNOR, is a pioneering company within the photovoltaic solar power sector in Spain. ATERSA develops, manufactures and markets all the components and equipment needed for any electrical solar system. Its production center is located in Almussafes, Valencia, with sales offices in Madrid, Valencia and Cordoba.
About ELECNOR
With a fifty year history, ELECNOR continues to be one of the central players in major infrastructure projects that are undertaken in Spain, participating in most of the major infrastructures projects that are undertaken in Spain, reinforcing its traditional high profile abroad and consolidating its permanent diversification towards other business areas.
Saturday, September 29, 2007
Trina Solar, EniPower enter solar supply agreement
Filed from Houston 9/28/2007 10:10:06 PM GMT
CHINA/ITALY: China-based Trina Solar Ltd. and EniPower, a subsidiary of Italy-based Eni, have entered into an agreement under which Trina Solar will supply EniPower with high quality photovoltaic (PV) modules. Trina Solar said the agreement is an important milestone for the company as its continues to strengthen its brand in Italy's growing PV market.
The agreement is the result of a letter of intent signed in April of this year to establish a long-term business relationship. A 1 MW contract has been already signed with an option of an additional 5 MW for the rest of the contract period.
Trina Solar said recent regulations to promote solar PV installations in Italy make the country one of the most attractive markets in the solar PV industry today.
CHINA/ITALY: China-based Trina Solar Ltd. and EniPower, a subsidiary of Italy-based Eni, have entered into an agreement under which Trina Solar will supply EniPower with high quality photovoltaic (PV) modules. Trina Solar said the agreement is an important milestone for the company as its continues to strengthen its brand in Italy's growing PV market.
The agreement is the result of a letter of intent signed in April of this year to establish a long-term business relationship. A 1 MW contract has been already signed with an option of an additional 5 MW for the rest of the contract period.
Trina Solar said recent regulations to promote solar PV installations in Italy make the country one of the most attractive markets in the solar PV industry today.
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