Monday, July 23, 2007
Xinjiang SunOasis to construct three solar power stations in Tibet
Shanghai. July 23. INTERFAX-CHINA - China Xinjiang SunOasis Co. Ltd., a hi-tech enterprise engaged in the solar energy industry, signed a cooperative contract last week with China Mobile Group to construct three solar power stations in the Tibet Autonomous Region, state media reported over the weekend. The three solar power stations will be finished at the end of August.
Saturday, July 21, 2007
LDK Solar Signs Contract to Purchase Polysilicon Production Equipment from GT Solar
July 20, 2007: 08:30 AM EST
XINYU CITY, China and SUNNYVALE, Calif., July 20 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced today that it has signed a contract to purchase polysilicon production equipment from U.S.-based GT Solar Incorporated, a subsidiary of GT Solar International, Inc.
Under this contract, LDK Solar will purchase polysilicon reactors and other polysilicon production equipment for installation in its manufacturing facilities in Xinyu City, enabling the Company to produce virgin silicon feedstock for use in its production of multicrystalline solar wafers. LDK expects that following installation of this equipment, the Company will have polysilicon production capacity of up to 6,000 metric tons in 2008 and 15,000 metric tons in 2009.
"Through the purchase of this equipment, we are expanding our capabilities in the solar value chain, adding the production of pure polysilicon to our operations," stated Xiaofeng Peng, Chairman and CEO. "In combination with our ability to use recyclable polysilicon in our production process, producing our own pure polysilicon feedstock will enhance our cost efficiencies.
"We look forward to working with GT Solar and installing their best-in- class polysilicon production equipment into our manufacturing facilities. Our purchase contract with GT Solar is a key element of our expanding production plans," concluded Mr. Peng.
"We are excited to work with an industry leader, LDK, in providing them with the equipment that supports their operational expansion," stated Tom Zarrella, President and CEO of GT Solar International.
GT's VP for Polysilicon, David Keck, stated, "LDK has plans to become a leader in polysilicon production, so we are pleased to be working with them and to continue our long standing relationship."
LDK Sr. VP of manufacturing, Nick Sarno, also stated, "This is an exciting day for LDK Solar as the Company has taken one more step toward becoming the world leader in low cost solar wafer manufacturing by securing future polysilicon supplies. The LDK team is looking forward to working with GT Solar and, in particular, with the team headed by Dave Keck. The future offers both challenges and great rewards for all involved."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
About GT Solar
GT is one of the largest providers of manufacturing equipment and turnkey manufacturing solutions to the PV industry. Based in Merrimack, NH (USA), the company's products include equipment used to produce multicrystalline solar wafers, cells, modules. GT Solar also manufactures polysilicon reactors, which allow its customers to produce the polysilicon from which solar wafers are made. For more information, go to http://www.gtsolar.com.
XINYU CITY, China and SUNNYVALE, Calif., July 20 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced today that it has signed a contract to purchase polysilicon production equipment from U.S.-based GT Solar Incorporated, a subsidiary of GT Solar International, Inc.
Under this contract, LDK Solar will purchase polysilicon reactors and other polysilicon production equipment for installation in its manufacturing facilities in Xinyu City, enabling the Company to produce virgin silicon feedstock for use in its production of multicrystalline solar wafers. LDK expects that following installation of this equipment, the Company will have polysilicon production capacity of up to 6,000 metric tons in 2008 and 15,000 metric tons in 2009.
"Through the purchase of this equipment, we are expanding our capabilities in the solar value chain, adding the production of pure polysilicon to our operations," stated Xiaofeng Peng, Chairman and CEO. "In combination with our ability to use recyclable polysilicon in our production process, producing our own pure polysilicon feedstock will enhance our cost efficiencies.
"We look forward to working with GT Solar and installing their best-in- class polysilicon production equipment into our manufacturing facilities. Our purchase contract with GT Solar is a key element of our expanding production plans," concluded Mr. Peng.
"We are excited to work with an industry leader, LDK, in providing them with the equipment that supports their operational expansion," stated Tom Zarrella, President and CEO of GT Solar International.
GT's VP for Polysilicon, David Keck, stated, "LDK has plans to become a leader in polysilicon production, so we are pleased to be working with them and to continue our long standing relationship."
LDK Sr. VP of manufacturing, Nick Sarno, also stated, "This is an exciting day for LDK Solar as the Company has taken one more step toward becoming the world leader in low cost solar wafer manufacturing by securing future polysilicon supplies. The LDK team is looking forward to working with GT Solar and, in particular, with the team headed by Dave Keck. The future offers both challenges and great rewards for all involved."
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
About GT Solar
GT is one of the largest providers of manufacturing equipment and turnkey manufacturing solutions to the PV industry. Based in Merrimack, NH (USA), the company's products include equipment used to produce multicrystalline solar wafers, cells, modules. GT Solar also manufactures polysilicon reactors, which allow its customers to produce the polysilicon from which solar wafers are made. For more information, go to http://www.gtsolar.com.
Friday, July 20, 2007
CSI Received US$50 Million Syndicated Loan
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 .
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 .
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.
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