Monday, December 17, 2007;
BAODING, Dec 17, 2007 (SinoCast via COMTEX) -- China's leading photovoltaic product manufacturer Yingli Group kicked off the construction of 400MW-polysilicon cell plant, which is built by its two arms Yiling Green Energy Holding Co., Ltd. and Yiling Energy (China).
The new project, involves total investment of CNY 2.8 billion, will enable Yingli Group to have the world's most advanced solar cell production line. After it completes construction in March 2009, the project is estimated to generate production value of CNY 10.08 billion, and profits of CNY 4.03 billion.
Notably, New York-listed Yingli Green Energy has finished the three phases of construction by June 2007 and now has annual production capacity of polysilicon ingots, wafers, PV cells and PV modules of 200MW each.
Headed in Baoding, Hebei Province in Northern China, Yingli Group is a fast-growing group extending reaches into various fields. Given the solar photovoltaic sector is an emerging industry around the world, the group has spent huge money and effort building up a complete industrial chain to be a front-runner in China.
Monday, December 17, 2007
LDK Solar says completed independent audit investigation; finds no errors
December 17, 2007: 04:21 AM EST
XINYU CITY, China, Dec. 17, 2007 (Thomson Financial delivered by Newstex) -- LDK Solar Co Ltd (NYSE:LDK) said its audit committee has completed an independent investigation into allegations made by a former employee that it incorrectly reported its inventories of silicon feedstock, as evidenced by an alleged discrepancy in its inventory on Aug 31.
LDK said the investigation found no material errors in its stated silicon inventory quantities, and concluded the allegations of an inventory discrepancy were incorrect as they had not taken into account all locations in which the company stored its silicon feedstock.
The investigation further concluded that LDK is using each of its various types of silicon feedstock in the production of its multicrystalline solar wafers, and that a provision for obsolete or excess silicon feedstock is not required, the company said.
LDK also noted it expects to release its financial results for its third fiscal quarter 2007 following the NYSE market close on Wednesday, Dec 19.
XINYU CITY, China, Dec. 17, 2007 (Thomson Financial delivered by Newstex) -- LDK Solar Co Ltd (NYSE:LDK) said its audit committee has completed an independent investigation into allegations made by a former employee that it incorrectly reported its inventories of silicon feedstock, as evidenced by an alleged discrepancy in its inventory on Aug 31.
LDK said the investigation found no material errors in its stated silicon inventory quantities, and concluded the allegations of an inventory discrepancy were incorrect as they had not taken into account all locations in which the company stored its silicon feedstock.
The investigation further concluded that LDK is using each of its various types of silicon feedstock in the production of its multicrystalline solar wafers, and that a provision for obsolete or excess silicon feedstock is not required, the company said.
LDK also noted it expects to release its financial results for its third fiscal quarter 2007 following the NYSE market close on Wednesday, Dec 19.
Sunday, December 16, 2007
Suntech Power Chairman: Poly-Si Investment Misfits China
Friday, December 14, 2007;
WUXI, Dec 14, 2007 (SinoCast via COMTEX) -- Shi Zhengrong, chairman of Wuxi Suntech Power Co., Ltd. (NYSE: STP), one of China's solar energy giants, announced on December 12, 2007 that polysilicon investment was not suitable for the nation.
Currently, more investors are swarming into the Chinese photovoltaic (PV) industry. Meanwhile, the domestic polycrystalline silicon market receives extremely overheated investment.
"As a matter of fact, it is not practical for China to produce polysilicon, mainly due to such a high electricity charge," said the chairman. "Therefore, I suggest that investors should seek more development opportunities in Canada, the US, Australia, and other countries with a lower electricity charge."
Recently, the silicon materials prices are on the surge, and a large amount of the nation's capital was injected into the polycrystalline silicon field.
Two weeks ago, Baoding Tianwei Baodian Electric Co., Ltd. (SHSE: 600550) announced that its holding subsidiary Sichuan Xinguang Silicon Co., Ltd. would create two 3,000-ton polysilicon projects in the southwestern Chinese cities of Chengdu and Leshan, respectively.
Two newly incorporated ventures there will be responsible for the projects above with a total investment of about CNY 2.675 billion, said people familiar with the matter.
Several days later, Jiangxi LDK Solar Hi-Tech Co., Ltd. (NYSE: LDK), a domestic polycrystalline silicon wafer magnate, declared the start-up of its new polysilicon factory located in the southern Chinese city of Xinyu, Jiangxi Province.
It is predicted to complete the project with an annual production capacity of 6,000 tons at the end of 2008, according to the company's timetable.
The new project is part of LDK Solar's 15,000-ton silicon material plan, which draws a total investment in fixed assets of more than CNY 12 billion, is forecasted to turn into one of the world's solar power projects with most investments and biggest designed production capacity.
LDK Solar is to develop into one of front-runners in the global polysilicon field, after putting all projects into production in 2009 and forming a 15,000-ton production capacity.
Meanwhile, the LDK Solar project will contribute a lot to the fast and steady growth of China's PV industry. It can not only effectively cover the shortage of raw materials supply, but also largely cut the competitive edge of the sector above.
"Presently, the total production capacity of China's companies, who are ready for polysilicon projects, reaches 30,000 tons," the domestic PV expert Mr. Wang Sicheng said anxiously. "It is hard to say whether the heating investments in PV markets is good news or not."
WUXI, Dec 14, 2007 (SinoCast via COMTEX) -- Shi Zhengrong, chairman of Wuxi Suntech Power Co., Ltd. (NYSE: STP), one of China's solar energy giants, announced on December 12, 2007 that polysilicon investment was not suitable for the nation.
Currently, more investors are swarming into the Chinese photovoltaic (PV) industry. Meanwhile, the domestic polycrystalline silicon market receives extremely overheated investment.
"As a matter of fact, it is not practical for China to produce polysilicon, mainly due to such a high electricity charge," said the chairman. "Therefore, I suggest that investors should seek more development opportunities in Canada, the US, Australia, and other countries with a lower electricity charge."
Recently, the silicon materials prices are on the surge, and a large amount of the nation's capital was injected into the polycrystalline silicon field.
Two weeks ago, Baoding Tianwei Baodian Electric Co., Ltd. (SHSE: 600550) announced that its holding subsidiary Sichuan Xinguang Silicon Co., Ltd. would create two 3,000-ton polysilicon projects in the southwestern Chinese cities of Chengdu and Leshan, respectively.
Two newly incorporated ventures there will be responsible for the projects above with a total investment of about CNY 2.675 billion, said people familiar with the matter.
Several days later, Jiangxi LDK Solar Hi-Tech Co., Ltd. (NYSE: LDK), a domestic polycrystalline silicon wafer magnate, declared the start-up of its new polysilicon factory located in the southern Chinese city of Xinyu, Jiangxi Province.
It is predicted to complete the project with an annual production capacity of 6,000 tons at the end of 2008, according to the company's timetable.
The new project is part of LDK Solar's 15,000-ton silicon material plan, which draws a total investment in fixed assets of more than CNY 12 billion, is forecasted to turn into one of the world's solar power projects with most investments and biggest designed production capacity.
LDK Solar is to develop into one of front-runners in the global polysilicon field, after putting all projects into production in 2009 and forming a 15,000-ton production capacity.
Meanwhile, the LDK Solar project will contribute a lot to the fast and steady growth of China's PV industry. It can not only effectively cover the shortage of raw materials supply, but also largely cut the competitive edge of the sector above.
"Presently, the total production capacity of China's companies, who are ready for polysilicon projects, reaches 30,000 tons," the domestic PV expert Mr. Wang Sicheng said anxiously. "It is hard to say whether the heating investments in PV markets is good news or not."
China Sunergy to Supply Asola With Cells
Associated Press December 14, 2007
China Sunergy Co. said Friday it has agreed to supply Asola Advanced and Automotive Solar System GmbH with solar cells worth 10.2 megawatts of annual generating capacity.
Terms of the agreement were not disclosed. China Sunergy will deliver the products during 2008, and both parties will explore further agreements through 2012.
"As we look to develop our business in new markets such as the U.S., Italy and Spain we would like to double or even triple our purchase volumes from China Sunergy each year," said Asola Chief Executive Reinhard Wecker.
The companies said they would like to further expand geographically _ China Sunergy in Europe and Asola in the U.S., Italy and Spain. China Sunergy is a Nanjing, China-based solar-cell maker, and Asola is a German manufacturer of solar-power systems.
China Sunergy is targeting production of 160 megawatts to 170 megawatts worth of solar cells next year. A one-megawatt plant running continuously at full capacity can power 778 households each year, according to the U.S. Department of Energy. Solar technology has lower capacity than other technologies because its power generation is constrained by availability of the sun.
China Sunergy Co. said Friday it has agreed to supply Asola Advanced and Automotive Solar System GmbH with solar cells worth 10.2 megawatts of annual generating capacity.
Terms of the agreement were not disclosed. China Sunergy will deliver the products during 2008, and both parties will explore further agreements through 2012.
"As we look to develop our business in new markets such as the U.S., Italy and Spain we would like to double or even triple our purchase volumes from China Sunergy each year," said Asola Chief Executive Reinhard Wecker.
The companies said they would like to further expand geographically _ China Sunergy in Europe and Asola in the U.S., Italy and Spain. China Sunergy is a Nanjing, China-based solar-cell maker, and Asola is a German manufacturer of solar-power systems.
China Sunergy is targeting production of 160 megawatts to 170 megawatts worth of solar cells next year. A one-megawatt plant running continuously at full capacity can power 778 households each year, according to the U.S. Department of Energy. Solar technology has lower capacity than other technologies because its power generation is constrained by availability of the sun.
Friday, December 14, 2007
China listed firms invest 15.6b yuan in new energy
By Shangguan Zhoudong (chinadaily.com.cn)Updated: 2007-12-12 14:34
A total of 25 Chinese listed companies have invested 15.6 billion yuan ($2.11 billion) so far this year in new energies, including the wind energy, solar energy and coal chemical industries, the China Securities Journal reported today.
Guizhou Chitianhua Co Ltd invested a combined 5.58 billion yuan in new energies, the highest of the 25 listed firms.
Shanghai Aero Auto Electromechanical and Baoding Tianwei Baobian Electric Co have poured 1.9 billion yuan and 1.48 billion yuan respectively into the new energy sector.
The three publicly-traded companies' investment into new energies accounted for 57.25 percent of the 25 listed firms' total, statistics show.
The 25 firms include eight electricity-related enterprises, six electric equipment companies, and four chemical firms.
As price of crude soars, the new energy sector is gaining momentum. The World Energy Council says the global new energy market will reach $2 trillion by 2020, and wind power, solar energy, ethanol, and biofuel will become mainstream investment targets.
Additionally, new energy is one of the main focuses of China's 11th Five-Year Program (2006-10). The industry is likely to see rapid development, enjoying supportive policies.
In terms of energies, a combined 2.57 billion yuan was invested into wind power, accounting for 16.41 percent of the total; 7.49 billion yuan into the coal chemical industry, representing 47.89 percent; 4.66 billion yuan into solar energy; and 746 million yuan into battery firms.
Goldwind Science and Technology Co Ltd, China's leading wind energy equipment maker, is planning to list on the Shenzhen Stock Exchange. The firm's estimated sales revenue for 2007 is 3.24 billion yuan, with a considerable net profit of 601 million yuan.
New energy stocks are also performing better on China's stock market. The Shanghai Composite Index has declined 2.49 percent since November 21, but the 25 listed firms added 16.68 billion yuan in capitalization, or 6.49 percent, in the same time period.
Earlier this month, a draft of the energy law was officially published for public comment. The new law is expected to put China's energy management onto a legal track and help China better safeguard its energy security.
The draft energy law has 15 chapters and 140 articles that define energy management, strategy, development, supply, storage, and conservation. The law will also cover energy technology, international cooperation, fiscal and tax policies, and other issues.
A total of 25 Chinese listed companies have invested 15.6 billion yuan ($2.11 billion) so far this year in new energies, including the wind energy, solar energy and coal chemical industries, the China Securities Journal reported today.
Guizhou Chitianhua Co Ltd invested a combined 5.58 billion yuan in new energies, the highest of the 25 listed firms.
Shanghai Aero Auto Electromechanical and Baoding Tianwei Baobian Electric Co have poured 1.9 billion yuan and 1.48 billion yuan respectively into the new energy sector.
The three publicly-traded companies' investment into new energies accounted for 57.25 percent of the 25 listed firms' total, statistics show.
The 25 firms include eight electricity-related enterprises, six electric equipment companies, and four chemical firms.
As price of crude soars, the new energy sector is gaining momentum. The World Energy Council says the global new energy market will reach $2 trillion by 2020, and wind power, solar energy, ethanol, and biofuel will become mainstream investment targets.
Additionally, new energy is one of the main focuses of China's 11th Five-Year Program (2006-10). The industry is likely to see rapid development, enjoying supportive policies.
In terms of energies, a combined 2.57 billion yuan was invested into wind power, accounting for 16.41 percent of the total; 7.49 billion yuan into the coal chemical industry, representing 47.89 percent; 4.66 billion yuan into solar energy; and 746 million yuan into battery firms.
Goldwind Science and Technology Co Ltd, China's leading wind energy equipment maker, is planning to list on the Shenzhen Stock Exchange. The firm's estimated sales revenue for 2007 is 3.24 billion yuan, with a considerable net profit of 601 million yuan.
New energy stocks are also performing better on China's stock market. The Shanghai Composite Index has declined 2.49 percent since November 21, but the 25 listed firms added 16.68 billion yuan in capitalization, or 6.49 percent, in the same time period.
Earlier this month, a draft of the energy law was officially published for public comment. The new law is expected to put China's energy management onto a legal track and help China better safeguard its energy security.
The draft energy law has 15 chapters and 140 articles that define energy management, strategy, development, supply, storage, and conservation. The law will also cover energy technology, international cooperation, fiscal and tax policies, and other issues.
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