July 19, 2007: 07:46 AM EST
JIANGSU, China, July 19 /Xinhua-PRNewswire/ -- Canadian Solar Inc. (''the Company'', or ''CSI'') announced today that it has signed an aggregate US$50 million syndicated loan agreement with Industrial and Commercial Bank of China (ICBC) and Communication Bank of China. The majority of this loan will be used for the expansion of CSI's solar cell manufacturing facilities in the Suzhou New District. This new loan agreement, together with other existing banking arrangements, provides CSI with approximately US$90 million in available credit lines. CSI also signed strategic partnership agreements with both banks, which pledged continuous support to CSI's five- year growth plan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of CSI, together with other representatives from CSI and the bank syndicate were present at the signing ceremony held in Jiangsu, China.
Dr. Shawn Qu, Chairman and CEO of CSI, said, ''We appreciate the support of our local banks as they continue to be supportive, long-term strategic partners. This credit agreement is very positive for CSI, as it enables us to execute our long-term growth plan without causing any dilution to shareholders. We have already completed our second 25MW cell line, currently in test run. We expect this second line to be at full production in August. We continue to expect lines three and four to be completed for full production in the fourth quarter. By then, CSI will have 100MW of annual cell manufacturing capacity. CSI remains well-positioned for continued fast growth given our global customer base, reputation for high quality modules, and the financial strength to support the increased customer demand levels.''
About Canadian Solar Inc.
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and customer-designed solar application products serving worldwide customers. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information, please visit http://www.csisolar.com .
Friday, July 20, 2007
Cleantech Investments in China Soar
New report said 2007 investment will rise 38 percent.July 19, 2007
By Marie Alpman
Chinese cleantech companies scored $154 million in venture funding in the first-quarter, a fourfold increase from the same period two years ago, a new report released Thursday said.
The report from the Cleantech Group, a research firm based in Brighton, Mitchigan, that tracks cleantech investments around the world, also noted that investments in China’s cleantech sector for all of 2007 likely will surpass investments in 2006. The report estimated that total investments in alternative energy and other clean technologies in China will reach $580 million this year, compared to $420 million in 2006.
The report said investment in cleantech is being driven by China's Renewable Energy Law, which went into effect last year and states that 10 percent of the nation's energy output should come from renewable sources by 2010.
China's solar sector is particularly hot. In 2006, about 70 percent of the venture capital was spent on solar companies, and the biggest first-quarter 2007 deal was an $82 million investment, led by Goldman Sachs, in Jiangsu Shunda, a photovoltaic solar company. To boot, five Chinese solar companies went public on U.S. exchanges and London's AIM in 2006; so far this year, three more Chinese firms have been listed in the U.S.
According to the report, the next booming segment will be water purification. Investments in water technologies are expected to reach $100 million in 2008, the report said.
By Marie Alpman
Chinese cleantech companies scored $154 million in venture funding in the first-quarter, a fourfold increase from the same period two years ago, a new report released Thursday said.
The report from the Cleantech Group, a research firm based in Brighton, Mitchigan, that tracks cleantech investments around the world, also noted that investments in China’s cleantech sector for all of 2007 likely will surpass investments in 2006. The report estimated that total investments in alternative energy and other clean technologies in China will reach $580 million this year, compared to $420 million in 2006.
The report said investment in cleantech is being driven by China's Renewable Energy Law, which went into effect last year and states that 10 percent of the nation's energy output should come from renewable sources by 2010.
China's solar sector is particularly hot. In 2006, about 70 percent of the venture capital was spent on solar companies, and the biggest first-quarter 2007 deal was an $82 million investment, led by Goldman Sachs, in Jiangsu Shunda, a photovoltaic solar company. To boot, five Chinese solar companies went public on U.S. exchanges and London's AIM in 2006; so far this year, three more Chinese firms have been listed in the U.S.
According to the report, the next booming segment will be water purification. Investments in water technologies are expected to reach $100 million in 2008, the report said.
Wednesday, July 18, 2007
For China's JA Solar, Supplier Alliances Create Solid Outlook
BY BRIAN WOMACK
INVESTOR'S BUSINESS DAILY
Posted 7/17/2007
In solar energy, the latter half of the supply and demand equation is the easy part. That's what makes JA Solar's (JASO) new supply pact, plus its close ties to another supplier, big.
JA Solar enjoys a strong relationship with a big supplier of polysilicon, the material used to make solar cells. JA says that company, Jinglong Group, is China's biggest maker of polysilicon. Jinglong's parent, Jinglong BVI, owns the biggest piece of JA Solar. The size of that stake appears to be 32%. And JA Solar's chairman is the president of Jinglong. JA Solar says it gets the polysilicon from Jinglong at 5% below spot market prices.
But then last month, JA Solar inked a pact with M.Setek, a privately held Japanese company, to supply it with polysilicon starting this month. That agreement about doubles the amount of silicon wafers that will be available to JA Solar through 2010.
New supply agreements are huge because the industry is struggling through silicon shortages that may not clear up until '09, analysts say.
"That (deal) brought to light a lot of the differences between them and some other" solar companies, said John Hardy, an analyst with American Technology Research.
The deal also helped propel JA's American Depositary Receipts to an all-time high of 43.87 on July 9. The company went public in the U.S. in early February at $15 a share. It trades near 38. It fell about 6% on Tuesday after Needham & Co. downgraded the stock to hold, based on its recent quick run-up.
Still, the stock's gains exceed such big solar highfliers as solar installer SunPower, (SPWR) which is up 50% since JA's IPO and panel maker Suntech, (STP) up about 15%.
Solar is one of the best stock sectors today. IBD's Energy-Other group, which includes solar companies, ranks No. 7 among 197 industry groups tracked by IBD in terms of stock performance over the past six months. Governments around the world are subsidizing solar companies, looking to promote clean energy that helps the environment and reduces their dependence on oil, gas and other energy resources that have seen fast price hikes.
Hardy, who has a buy rating on JA Solar, says investors hope the company will be able to ramp up its manufacturing faster thanks to the M.Setek pact.
This month, JA Solar confirmed that it planned to boost its output by more than 50%, adding four new production lines. The company hasn't yet said anything about its production plans in 2008.
Last month, CIBC Markets analyst Jeff Osborne upgraded the stock to outperformer from sector performer. "We see this announcement (with M.Setek) as putting JA up with Suntech as a leader in China in regards to supply," he wrote in a research note.
He notes they appear to be the only two Chinese solar companies with silicon needs already "in the bag" for 2008.
The supply outlook justifies JA Solar's stock price, says Pavel Molchanov, an analyst with Raymond James. He rates the stock a strong buy. He says the solar industry's outlook calls for 30% annual revenue growth for the time being.
The company is expected to earn $1.06 a share this year, based on the consensus of eight analysts polled by Thomson Financial. That's vs. 37 cents last year and the loss of a penny a share in 2005.
INVESTOR'S BUSINESS DAILY
Posted 7/17/2007
In solar energy, the latter half of the supply and demand equation is the easy part. That's what makes JA Solar's (JASO) new supply pact, plus its close ties to another supplier, big.
JA Solar enjoys a strong relationship with a big supplier of polysilicon, the material used to make solar cells. JA says that company, Jinglong Group, is China's biggest maker of polysilicon. Jinglong's parent, Jinglong BVI, owns the biggest piece of JA Solar. The size of that stake appears to be 32%. And JA Solar's chairman is the president of Jinglong. JA Solar says it gets the polysilicon from Jinglong at 5% below spot market prices.
But then last month, JA Solar inked a pact with M.Setek, a privately held Japanese company, to supply it with polysilicon starting this month. That agreement about doubles the amount of silicon wafers that will be available to JA Solar through 2010.
New supply agreements are huge because the industry is struggling through silicon shortages that may not clear up until '09, analysts say.
"That (deal) brought to light a lot of the differences between them and some other" solar companies, said John Hardy, an analyst with American Technology Research.
The deal also helped propel JA's American Depositary Receipts to an all-time high of 43.87 on July 9. The company went public in the U.S. in early February at $15 a share. It trades near 38. It fell about 6% on Tuesday after Needham & Co. downgraded the stock to hold, based on its recent quick run-up.
Still, the stock's gains exceed such big solar highfliers as solar installer SunPower, (SPWR) which is up 50% since JA's IPO and panel maker Suntech, (STP) up about 15%.
Solar is one of the best stock sectors today. IBD's Energy-Other group, which includes solar companies, ranks No. 7 among 197 industry groups tracked by IBD in terms of stock performance over the past six months. Governments around the world are subsidizing solar companies, looking to promote clean energy that helps the environment and reduces their dependence on oil, gas and other energy resources that have seen fast price hikes.
Hardy, who has a buy rating on JA Solar, says investors hope the company will be able to ramp up its manufacturing faster thanks to the M.Setek pact.
This month, JA Solar confirmed that it planned to boost its output by more than 50%, adding four new production lines. The company hasn't yet said anything about its production plans in 2008.
Last month, CIBC Markets analyst Jeff Osborne upgraded the stock to outperformer from sector performer. "We see this announcement (with M.Setek) as putting JA up with Suntech as a leader in China in regards to supply," he wrote in a research note.
He notes they appear to be the only two Chinese solar companies with silicon needs already "in the bag" for 2008.
The supply outlook justifies JA Solar's stock price, says Pavel Molchanov, an analyst with Raymond James. He rates the stock a strong buy. He says the solar industry's outlook calls for 30% annual revenue growth for the time being.
The company is expected to earn $1.06 a share this year, based on the consensus of eight analysts polled by Thomson Financial. That's vs. 37 cents last year and the loss of a penny a share in 2005.
Tuesday, July 17, 2007
China Henan Xuntianyu Technology produces polysilicon by some physical way
China Henan Xuntianyu Technology produces polysilicon by some physical way, and the first phase project can produce 1000 ton polysilicon per year, and the whole project production capacity is 6000 ton.
It is said that its production cost is just one sixth of its international counterpart, and its electricity consumption and water consumption is just one third and one tenth of Siemens process.
And its polycrystalline silicon has been exported to Germany, Japan and Switzerland.
It is said that its production cost is just one sixth of its international counterpart, and its electricity consumption and water consumption is just one third and one tenth of Siemens process.
And its polycrystalline silicon has been exported to Germany, Japan and Switzerland.
LDK's new 100MW solar polysilicon wafer project got approved
2007-07-16
LDK got approval from Jiangxi government for their new 100MW solar polysilicon wafer project. The total investment for this new project is 763 million RMB.
The LDK's total solar polysilicon wafer production capacity will reach 300 MW including this 100MW. And LDK even plans to increase their production capacity to 400 MW at the end of 2007, and to 1000 MW in 2008.
LDK got approval from Jiangxi government for their new 100MW solar polysilicon wafer project. The total investment for this new project is 763 million RMB.
The LDK's total solar polysilicon wafer production capacity will reach 300 MW including this 100MW. And LDK even plans to increase their production capacity to 400 MW at the end of 2007, and to 1000 MW in 2008.
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