From http://www.tradingmarkets.com
Monday, October 29, 2007; Posted: 11:12 AM
BAODING, China, Oct 29, 2007 (BUSINESS WIRE) -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the leading vertically integrated photovoltaic (PV) product manufacturers in China, today announced that on October 19, 2007 the Company entered into a new supply contract and on October 29, 2007 an associated supplementary contract (the "New Contracts") to replace its 1,232 ton polysilicon supply arrangements (the "Original Contract") with Sichuan Xinguang Silicon Science and Technology Co., Ltd. of China ("Xinguang"). Under the Original Contract, 50 tons have already been delivered and an additional 182 tons are committed to be delivered before the end of the first quarter of 2008 with the remainder to be delivered by the end of 2008.
Under the Original Contract, the price of the polysilicon that Xinguang will supply to Yingli Green Energy in 2008 was not specified. The New Contracts provide a fixed unit price on the total committed volume as well as a unit price adjustment mechanism. Under the terms of the New Contracts, the fixed unit price will be adjusted if the market price of polysilicon upon delivery fluctuates outside a 5% band that was based on the then prevailing market price. In addition, the New Contracts provide that if one of the parties requests further adjustment to the unit price, the performance of the New Contracts will be suspended until both parties reach an agreement on pricing. Yingli Green Energy expects the New Contract to help clarify the visibility on the Company's 2008 cost structure.
"As one of China's leading polysilicon producers, we are pleased that the quality of our products has been recognized by Yingli Green Energy, one of the world's leading PV product manufacturers," Mr. Shaozhang Chen, President of Xinguang commented. "This amended contract demonstrates both parties' commitment to further strengthen our strong relationship in the fast growing and rapidly changing PV market."
"Xinguang has been one of our major suppliers and we are very pleased that a significant portion of our polysilicon requirement for 2008 remains secured," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "The polysilicon shipped from Xinguang so far in 2007 has already been processed and used in the production of our PV products, and to date, our PV product output using this polysilicon has met our quality standards."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited ("Yingli Green Energy") is one of the leading vertically integrated photovoltaic (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 for 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 among a 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, China and the United States.
Tuesday, October 30, 2007
LDK Solar Announces Independent Audit Committee Investigation Into Alleged Inventory Discrepancies
From http://money.cnn.com
October 30, 2007: 03:15 AM EST
XINYU CITY, China and SUNNYVALE, Calif., Oct. 30 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced that its Audit Committee has commenced an independent investigation into the recent allegations made by LDK's former employee, Mr. Charley Situ, that the Company has incorrectly reported its inventories of polysilicon. The two outside directors on the Company's Audit Committee, Louis T. Hsieh and Bing Xiang, are overseeing the ongoing investigation.
The Audit Committee has retained Simpson Thacher & Bartlett LLP to serve as its independent counsel for the investigation. Simpson Thacher, in turn, has retained a Big Four independent accounting and consulting firm, separate from the Company's external auditors, for purposes of the review. Commenting on the investigation, Mr. Hsieh stated: "The Audit Committee intends to analyze Mr. Situ's allegations as thoroughly and in as much detail as necessary. We have retained some of the premier professionals in the world to assist us in this endeavor."
In a prior press release on October 4, 2007, the Company's management stated that it had conducted an internal review of Mr. Situ's allegations and concluded that the Company had correctly reported its inventories of polysilicon and that Mr. Situ's allegations had no merit. Management stands by its prior statements and believes that the Audit Committee's ongoing independent investigation will confirm its conclusions. Due to the independent nature of the Audit Committee's ongoing investigation, LDK Solar cannot provide a specific timeframe for its completion. However, this is an important matter, and the Audit Committee intends to fully and thoroughly address it in a timely manner. The October 4 press release also correctly stated that LDK had not been contacted by any regulatory authority. Since then, however, LDK has been contacted by the U.S. Securities and Exchange Commission ("SEC") regarding this matter. LDK will cooperate fully with the SEC's inquiry.
In addition, the Company announced that it has retained outside counsel, Latham & Watkins LLP, to defend the Company and certain of its directors and officers who have been named in certain class action complaints in the United States. The Company's management believes that these claims lack merit and intends to vigorously defend the cases.
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.
October 30, 2007: 03:15 AM EST
XINYU CITY, China and SUNNYVALE, Calif., Oct. 30 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced that its Audit Committee has commenced an independent investigation into the recent allegations made by LDK's former employee, Mr. Charley Situ, that the Company has incorrectly reported its inventories of polysilicon. The two outside directors on the Company's Audit Committee, Louis T. Hsieh and Bing Xiang, are overseeing the ongoing investigation.
The Audit Committee has retained Simpson Thacher & Bartlett LLP to serve as its independent counsel for the investigation. Simpson Thacher, in turn, has retained a Big Four independent accounting and consulting firm, separate from the Company's external auditors, for purposes of the review. Commenting on the investigation, Mr. Hsieh stated: "The Audit Committee intends to analyze Mr. Situ's allegations as thoroughly and in as much detail as necessary. We have retained some of the premier professionals in the world to assist us in this endeavor."
In a prior press release on October 4, 2007, the Company's management stated that it had conducted an internal review of Mr. Situ's allegations and concluded that the Company had correctly reported its inventories of polysilicon and that Mr. Situ's allegations had no merit. Management stands by its prior statements and believes that the Audit Committee's ongoing independent investigation will confirm its conclusions. Due to the independent nature of the Audit Committee's ongoing investigation, LDK Solar cannot provide a specific timeframe for its completion. However, this is an important matter, and the Audit Committee intends to fully and thoroughly address it in a timely manner. The October 4 press release also correctly stated that LDK had not been contacted by any regulatory authority. Since then, however, LDK has been contacted by the U.S. Securities and Exchange Commission ("SEC") regarding this matter. LDK will cooperate fully with the SEC's inquiry.
In addition, the Company announced that it has retained outside counsel, Latham & Watkins LLP, to defend the Company and certain of its directors and officers who have been named in certain class action complaints in the United States. The Company's management believes that these claims lack merit and intends to vigorously defend the cases.
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.
Sunday, October 28, 2007
China CHINT Group will invest 1 Billion RMB in Solar Cell Production
On October 26th China CHINT group announced that they will invest 1 billioin RMB in the second phase solar cell production facility and thin film solar cell production. It is estimated that by 2010 the solar cell production capacity will reach 300MW.
And CHINT solar plans to go public in US next year.
And CHINT solar plans to go public in US next year.
100MW Solar Cell Factory Was Built in Changsha
On October 27th, the 100MW solar cell production factory was completed in Hunan Solar Energy PV Industry Park. And the first 25MW solar cell production line in Hunan will begin to produce solar cell by the end of this year.
Saturday, October 27, 2007
China Solar Power Enters Thin Film Solar Module Market in China by Forging Strategic Alliance with ULVAC Inc. of Japan
October 25, 2007 07:00 PM Eastern Daylight Time
SAN MATEO, Calif.--(BUSINESS WIRE)--Charles E. Johnson, Managing Director of Tano China Capital Management, Inc. (TCCMI), announced today the signing of a three-way strategic alliance between its affiliates China Solar Power (Holdings) Ltd. (CSP), Tano China Private Equity Fund II (TCPEF II) and ULVAC Inc. of Japan. The parties signed a Strategic Alliance Agreement in Chigasaki, Japan on October 17, 2007. With the establishment of this strategic alliance, CSP enters the thin film solar module market in China by partnering with ULVAC, a leading manufacturer of thin film solar cell production lines (2.2 billion Yen annual revenue).
Messrs. Charles E. Johnson and Frank Liu, co-founders and Managing Directors of CSP, and their delegation were hosted by Chairman Dr. Kyozu Nakamura, President and CEO Mr. Hidenori Suwa and senior executives of ULVAC.
Mr. Johnson stated at the signing ceremony:
“We are all very excited to have formed this strategic alliance. We have spent the last twelve months evaluating emerging thin film solar technologies, and believe that by partnering with ULVAC, a research and development oriented design and turnkey manufacturer with impeccable credentials, we will quickly be in position to realize our goal of becoming the leading manufacturer of thin film solar modules in China.”
Manny Krakaris, the co-founder of the project, added:
“After an exhaustive review of the PV market and various technologies for manufacturing solar panels, we are convinced that thin film technology will lead the industry’s push to make the cost of solar energy competitive with electricity rates generated from conventional sources. We are very impressed with ULVAC’s amorphous silicon manufacturing technology and are excited to be partnering with ULVAC to help make solar a significant component of the world’s energy mix.”
The goals of the strategic alliance are to both develop CSP into the leading manufacturer of thin film solar modules in China and to enhance ULVAC’s position as a leading provider of thin film photovoltaic (PV) production lines worldwide.
In the second phase of the collaboration, CSP intends to purchase a complete turnkey thin film PV fabrication plant from ULVAC. An extensive search of thin film technologies led CSP to conclude that the world is on the cusp of seeing large-scale, low cost thin film PV manufacturing becoming a profitable growth business. CSP chose this technology and equipment supplier due to ULVAC’s successful track record in the technologically-similar LCD manufacturing industry, and in the PV industry in Japan, where they are the dominant supplier of manufacturing equipment to the world’s largest PV module manufacturers.
CSP plans to build its first plant in Yantai, China to capitalize upon low manufacturing costs, among other benefits, and to establish a presence in what most industry observers expect will become the largest PV market in the world. CSP’s plant, relying upon tandem junction technology, will be among the first and largest of its kind in Asia. The project’s initial two manufacturing lines will initially have a rated annual capacity of 50 MW which is expected to be upgraded to 64 MW within a short time.
This technology’s reliance on abundant, low-cost raw materials, the equipment’s scalability and the manufacturing process’s high yield and reliability will enable CSP to quickly establish a strong position in the worldwide PV module market.
CSP was founded in 2007 as a subsidiary of Tano China Capital Management, Inc. TCCMI is a private equity investment management company focusing on Chinese companies and industries. It is jointly owned by Tano Capital, LLC (Mr. Charles E. Johnson of the U.S.) and an investment group headed by Mr. Chi-Jen Frank Liu of Taiwan.
SAN MATEO, Calif.--(BUSINESS WIRE)--Charles E. Johnson, Managing Director of Tano China Capital Management, Inc. (TCCMI), announced today the signing of a three-way strategic alliance between its affiliates China Solar Power (Holdings) Ltd. (CSP), Tano China Private Equity Fund II (TCPEF II) and ULVAC Inc. of Japan. The parties signed a Strategic Alliance Agreement in Chigasaki, Japan on October 17, 2007. With the establishment of this strategic alliance, CSP enters the thin film solar module market in China by partnering with ULVAC, a leading manufacturer of thin film solar cell production lines (2.2 billion Yen annual revenue).
Messrs. Charles E. Johnson and Frank Liu, co-founders and Managing Directors of CSP, and their delegation were hosted by Chairman Dr. Kyozu Nakamura, President and CEO Mr. Hidenori Suwa and senior executives of ULVAC.
Mr. Johnson stated at the signing ceremony:
“We are all very excited to have formed this strategic alliance. We have spent the last twelve months evaluating emerging thin film solar technologies, and believe that by partnering with ULVAC, a research and development oriented design and turnkey manufacturer with impeccable credentials, we will quickly be in position to realize our goal of becoming the leading manufacturer of thin film solar modules in China.”
Manny Krakaris, the co-founder of the project, added:
“After an exhaustive review of the PV market and various technologies for manufacturing solar panels, we are convinced that thin film technology will lead the industry’s push to make the cost of solar energy competitive with electricity rates generated from conventional sources. We are very impressed with ULVAC’s amorphous silicon manufacturing technology and are excited to be partnering with ULVAC to help make solar a significant component of the world’s energy mix.”
The goals of the strategic alliance are to both develop CSP into the leading manufacturer of thin film solar modules in China and to enhance ULVAC’s position as a leading provider of thin film photovoltaic (PV) production lines worldwide.
In the second phase of the collaboration, CSP intends to purchase a complete turnkey thin film PV fabrication plant from ULVAC. An extensive search of thin film technologies led CSP to conclude that the world is on the cusp of seeing large-scale, low cost thin film PV manufacturing becoming a profitable growth business. CSP chose this technology and equipment supplier due to ULVAC’s successful track record in the technologically-similar LCD manufacturing industry, and in the PV industry in Japan, where they are the dominant supplier of manufacturing equipment to the world’s largest PV module manufacturers.
CSP plans to build its first plant in Yantai, China to capitalize upon low manufacturing costs, among other benefits, and to establish a presence in what most industry observers expect will become the largest PV market in the world. CSP’s plant, relying upon tandem junction technology, will be among the first and largest of its kind in Asia. The project’s initial two manufacturing lines will initially have a rated annual capacity of 50 MW which is expected to be upgraded to 64 MW within a short time.
This technology’s reliance on abundant, low-cost raw materials, the equipment’s scalability and the manufacturing process’s high yield and reliability will enable CSP to quickly establish a strong position in the worldwide PV module market.
CSP was founded in 2007 as a subsidiary of Tano China Capital Management, Inc. TCCMI is a private equity investment management company focusing on Chinese companies and industries. It is jointly owned by Tano Capital, LLC (Mr. Charles E. Johnson of the U.S.) and an investment group headed by Mr. Chi-Jen Frank Liu of Taiwan.
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