30 January 2009
Trina Solar Ltd., an integrated manufacturer of solar photovoltaic products, says that its subsidiary, Changzhou Trina Solar Energy Co. Ltd., has entered into a sales agreement with Spain-based customer Gestamp Asetym Solar SL (GA Solar).
Under the terms of this agreement, Trina Solar will supply GA Solar between 20 MW and 36 MW of PV modules for one year at predetermined prices. Shipments under this agreement have recently been initiated.
Saturday, January 31, 2009
China Winsaint Solar Acquires Blackhawk Financial
30 January 2009
Blackhawk Financial Inc. has signed a definitive stock purchase agreement to be acquired by China Winsaint Solar Inc., one of the largest recyclers of silicon wafers for the solar industry in China and a manufacturer of solar panels.
The company's 2008 revenues have increased 1,000% over the past 12 months. Winsaint posted unaudited revenue of approximately $4,200,000 in 2007, compared to $46,000,000 in 2008, with net earnings before taxes of $3,900,000. Investors seeking to own shares in China Winsaint Solar can purchase shares of BLWK in the open market.
Winsaint is in the process of becoming a fully reporting company, with plans to trade on the OTC BB. The company will commence a name change of the recently acquired public company in the near term.
Blackhawk Financial Inc. has signed a definitive stock purchase agreement to be acquired by China Winsaint Solar Inc., one of the largest recyclers of silicon wafers for the solar industry in China and a manufacturer of solar panels.
The company's 2008 revenues have increased 1,000% over the past 12 months. Winsaint posted unaudited revenue of approximately $4,200,000 in 2007, compared to $46,000,000 in 2008, with net earnings before taxes of $3,900,000. Investors seeking to own shares in China Winsaint Solar can purchase shares of BLWK in the open market.
Winsaint is in the process of becoming a fully reporting company, with plans to trade on the OTC BB. The company will commence a name change of the recently acquired public company in the near term.
Suntech and Standard Solar Reach 5 Megawatt Supply Agreement
January 27, 2009
Suntech Power and Standard Solar, Inc. are looking forward to powering cleaner energy solutions throughout the Mid-Atlantic U.S. under a new agreement by which Suntech will supply up to 5 megawatts of photovoltaic solar panels to the Maryland-based solar developer and installer during 2009.
"Partnering with Suntech, a top-tier manufacturer offering a broad assortment of high-quality solar panels, better equips Standard Solar to fulfill its rapidly growing customer requirements from New Jersey and Pennsylvania to North Carolina and Virginia," said Scott Wiater, Vice President of Procurement at Standard Solar.
"Suntech looks forward to partnering with Standard Solar in supplying cleaner, cost-effective solutions to businesses, government agencies and homeowners. In addition to reducing the dependence on highly polluting fossil fuels, we believe that the solar industry can also help to generate new domestic, green jobs," said Roger Efird, President, Suntech America, Inc.
Recently, Standard Solar helped Kelly & Sons Electrical Construction source its electricity supply through a power purchase agreement with Washington Gas Energy Services.
Suntech Power and Standard Solar, Inc. are looking forward to powering cleaner energy solutions throughout the Mid-Atlantic U.S. under a new agreement by which Suntech will supply up to 5 megawatts of photovoltaic solar panels to the Maryland-based solar developer and installer during 2009.
"Partnering with Suntech, a top-tier manufacturer offering a broad assortment of high-quality solar panels, better equips Standard Solar to fulfill its rapidly growing customer requirements from New Jersey and Pennsylvania to North Carolina and Virginia," said Scott Wiater, Vice President of Procurement at Standard Solar.
"Suntech looks forward to partnering with Standard Solar in supplying cleaner, cost-effective solutions to businesses, government agencies and homeowners. In addition to reducing the dependence on highly polluting fossil fuels, we believe that the solar industry can also help to generate new domestic, green jobs," said Roger Efird, President, Suntech America, Inc.
Recently, Standard Solar helped Kelly & Sons Electrical Construction source its electricity supply through a power purchase agreement with Washington Gas Energy Services.
Friday, January 30, 2009
Trina Solar signs sales agreement with GA Solar
29 January 2009
CHANGZHOU, CHINA: Photovoltaic (PV) product manufacturer Trina Solar subsidiary Changzhou Trina Solar Energy Co. has signed a sales agreement with Spanish solar project developer Gestamp Asetym Solar (GA Solar). The agreement was signed at the World Future Energy Summit in Abu Dhabi.
Trina Solar will supply GA solar between 20 to 36 MW of PV modules for one year at a pre-determined price. Shipments of the modules have already begun.
GA Solar plans to implement new solar projects in Italy, Greece, the United States and the Middle East.
GA Solar Strategic Development Director Jose Maria Rodriguez-Paraja said the agreement, "assures a high quality technical solution that will enable us to successfully approach diverse PV markets worldwide, thereby assuring our needed requirements are fulfilled in terms of reliability, competitiveness and excellence proven by Trina Solar in our recent years of partnership."
CHANGZHOU, CHINA: Photovoltaic (PV) product manufacturer Trina Solar subsidiary Changzhou Trina Solar Energy Co. has signed a sales agreement with Spanish solar project developer Gestamp Asetym Solar (GA Solar). The agreement was signed at the World Future Energy Summit in Abu Dhabi.
Trina Solar will supply GA solar between 20 to 36 MW of PV modules for one year at a pre-determined price. Shipments of the modules have already begun.
GA Solar plans to implement new solar projects in Italy, Greece, the United States and the Middle East.
GA Solar Strategic Development Director Jose Maria Rodriguez-Paraja said the agreement, "assures a high quality technical solution that will enable us to successfully approach diverse PV markets worldwide, thereby assuring our needed requirements are fulfilled in terms of reliability, competitiveness and excellence proven by Trina Solar in our recent years of partnership."
Thursday, January 29, 2009
Worldwide Energy and Manufacturing Applies for NASDAQ Capital Market Listing
Posted: 28 Jan 2009 06:23 AM PST
SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA--(Marketwire - January 28, 2009) - Worldwide Energy and Manufacturing USA, Inc. (OTCBB: WEMU), a U.S.-based China manufacturer specializing in the manufacturing and distribution of solar modules in the commercial sector, today announced that it has filed an application to have its common stock listed on the NASDAQ Capital Market.
CEO Jimmy Wang stated: "We have worked very hard over the last four years to put our company in a position to qualify for a NASDAQ listing. Our contract manufacturing division and our solar division are experiencing double- and triple-digit earnings and revenue growth, respectively. We have spent considerable time meeting with officials at the NASDAQ over the last 12 months, and we strongly believe this is the right time to take this significant step and apply for a listing on the NASDAQ. We also believe that a listing on NASDAQ will make it less difficult for retail brokers to build long-term positions in our stock and thus will contribute to producing more liquidity in the stock."
SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA--(Marketwire - January 28, 2009) - Worldwide Energy and Manufacturing USA, Inc. (OTCBB: WEMU), a U.S.-based China manufacturer specializing in the manufacturing and distribution of solar modules in the commercial sector, today announced that it has filed an application to have its common stock listed on the NASDAQ Capital Market.
CEO Jimmy Wang stated: "We have worked very hard over the last four years to put our company in a position to qualify for a NASDAQ listing. Our contract manufacturing division and our solar division are experiencing double- and triple-digit earnings and revenue growth, respectively. We have spent considerable time meeting with officials at the NASDAQ over the last 12 months, and we strongly believe this is the right time to take this significant step and apply for a listing on the NASDAQ. We also believe that a listing on NASDAQ will make it less difficult for retail brokers to build long-term positions in our stock and thus will contribute to producing more liquidity in the stock."
Wednesday, January 28, 2009
Suntech and Standard Solar Reach 5 Megawatt Solar Panel Supply Agreement
27 January 2009
Agreement strengthens both companies' ability to respond to President Obama's call to 'harness the sun'
SAN FRANCISCO and GAITHERSBURG, Md., Jan. 27 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. STP, the world's leading manufacturer of photovoltaic (PV) modules, and Standard Solar, Inc. are looking forward to powering cleaner energy solutions throughout the Mid-Atlantic U.S. under a new agreement by which Suntech will supply up to 5 megawatts of photovoltaic solar panels to the Maryland-based solar developer and installer during 2009.
"Partnering with Suntech, a top-tier manufacturer offering a broad assortment of high-quality solar panels, better equips Standard Solar to fulfill its rapidly growing customer requirements from New Jersey and Pennsylvania to North Carolina and Virginia," said Scott Wiater, Vice President of Procurement at Standard Solar.
"Suntech looks forward to partnering with Standard Solar in supplying cleaner, cost-effective solutions to businesses, government agencies and homeowners. In addition to reducing the dependence on highly polluting fossil fuels, we believe that the solar industry can also help to generate new domestic, green jobs," said Roger Efird, President, Suntech America, Inc.
In his address after taking the oath of office and becoming the nation's 44th President, Barack Obama called for Americans to "harness the sun . . . to meet the demands of a new age."
"This agreement," said Standard Solar President and Chief Executive Officer Anthony Clifford, "strengthens our ability to respond to this challenge. We cannot agree more with our new President when he added from the West front of the U.S. Capitol: "All this we can do. And all this we will do."
Standard Solar looks forward to deploying Suntech's high-quality panels in solar solutions that deliver cost-effective power. Recently, Standard Solar helped Kelly & Sons Electrical Construction source its electricity supply through a power purchase agreement with Washington Gas Energy Services. Find more information about this power purchase agreement at http://www.standardsolar.com/News-and-Events/Press-Releases.aspx .
Suntech recently achieved 1 gigawatt of global solar panel production capacity. In doing so, it completed an 18,000 square meter, 1 megawatt solar facade -- the world's largest to date -- at its new world headquarters in Wuxi, China. You can find a photo of this precedent-setting application on Suntech's website at http://www.suntech-power.com under Press: Press Assets.
About Standard Solar
Standard Solar is a full-service, turnkey solar system developer and integrator specializing in residential and commercial solar power installations in Maryland and the surrounding states. With hundreds of installations to date, Standard Solar is well-positioned to meet the growing demand for clean technologies and renewable sources of energy. The company has added more than 50 green collar jobs in the past year. For more information, please visit: www.StandardSolar.com.
About Suntech
Suntech Power Holdings Co., Ltd. STP is the world's leading solar energy company as measured by production output of solar modules. Suntech designs, develops, manufactures, and markets premium-quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's patent-pending Pluto technology for crystalline silicon solar cells improves power output by up to 12% compared to conventional production methods.
Suntech also offers one of the broadest ranges of building-integrated solar products under the MSK Solar Design Line(TM). Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and will own and operate projects greater than 10 megawatts in the United States through Gemini Solar Development Company, a joint venture with MMA Renewable Ventures. With regional headquarters in China, Switzerland and the United States and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit www.suntech-power.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and include Suntech's ability to supply 5MW of solar panels. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward- looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Agreement strengthens both companies' ability to respond to President Obama's call to 'harness the sun'
SAN FRANCISCO and GAITHERSBURG, Md., Jan. 27 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. STP, the world's leading manufacturer of photovoltaic (PV) modules, and Standard Solar, Inc. are looking forward to powering cleaner energy solutions throughout the Mid-Atlantic U.S. under a new agreement by which Suntech will supply up to 5 megawatts of photovoltaic solar panels to the Maryland-based solar developer and installer during 2009.
"Partnering with Suntech, a top-tier manufacturer offering a broad assortment of high-quality solar panels, better equips Standard Solar to fulfill its rapidly growing customer requirements from New Jersey and Pennsylvania to North Carolina and Virginia," said Scott Wiater, Vice President of Procurement at Standard Solar.
"Suntech looks forward to partnering with Standard Solar in supplying cleaner, cost-effective solutions to businesses, government agencies and homeowners. In addition to reducing the dependence on highly polluting fossil fuels, we believe that the solar industry can also help to generate new domestic, green jobs," said Roger Efird, President, Suntech America, Inc.
In his address after taking the oath of office and becoming the nation's 44th President, Barack Obama called for Americans to "harness the sun . . . to meet the demands of a new age."
"This agreement," said Standard Solar President and Chief Executive Officer Anthony Clifford, "strengthens our ability to respond to this challenge. We cannot agree more with our new President when he added from the West front of the U.S. Capitol: "All this we can do. And all this we will do."
Standard Solar looks forward to deploying Suntech's high-quality panels in solar solutions that deliver cost-effective power. Recently, Standard Solar helped Kelly & Sons Electrical Construction source its electricity supply through a power purchase agreement with Washington Gas Energy Services. Find more information about this power purchase agreement at http://www.standardsolar.com/News-and-Events/Press-Releases.aspx .
Suntech recently achieved 1 gigawatt of global solar panel production capacity. In doing so, it completed an 18,000 square meter, 1 megawatt solar facade -- the world's largest to date -- at its new world headquarters in Wuxi, China. You can find a photo of this precedent-setting application on Suntech's website at http://www.suntech-power.com under Press: Press Assets.
About Standard Solar
Standard Solar is a full-service, turnkey solar system developer and integrator specializing in residential and commercial solar power installations in Maryland and the surrounding states. With hundreds of installations to date, Standard Solar is well-positioned to meet the growing demand for clean technologies and renewable sources of energy. The company has added more than 50 green collar jobs in the past year. For more information, please visit: www.StandardSolar.com.
About Suntech
Suntech Power Holdings Co., Ltd. STP is the world's leading solar energy company as measured by production output of solar modules. Suntech designs, develops, manufactures, and markets premium-quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's patent-pending Pluto technology for crystalline silicon solar cells improves power output by up to 12% compared to conventional production methods.
Suntech also offers one of the broadest ranges of building-integrated solar products under the MSK Solar Design Line(TM). Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and will own and operate projects greater than 10 megawatts in the United States through Gemini Solar Development Company, a joint venture with MMA Renewable Ventures. With regional headquarters in China, Switzerland and the United States and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit www.suntech-power.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and include Suntech's ability to supply 5MW of solar panels. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward- looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Baoding, China: Yingli Green Energy Secures Three-Year Loan Facility
Yingli Green Energy has entered into a credit agreement for a three-year loan facility with a fund managed by Asia Debt Management Hong Kong Limited to secure additional financing for its business expansion.
ADM Capital has agreed to provide a three-year loan facility of up to $80.0 million to Yingli China for its production capacity expansion and general corporate use. The loan will accrue interest of 12% per annum (payable semi-annually) and is expected to be available for drawdown in one lump sum at any time up to 85 days from the date of the agreement (or such later date as agreed by ADM Capital), subject to the obtaining of certain governmental approvals and satisfaction of other customary closing conditions. Under the terms of the agreement, the lenders may also require Yingli China to prepay the loan in part or in full if Yingli Green Energy fails to meet certain agreed consolidated operating and financial targets.
"This loan facility will provide us with valuable support in these times of continued turmoil in the global financial markets and is expected to further strengthen our ability to complete our expansion plan as scheduled," commented Mr. Zongwei Li, Chief Financial Officer of Yingli Green Energy. "We believe this new financing demonstrates ADM Capital's confidence in our leading position in the industry and the growth potential of our fully integrated business model."
"ADM Capital has a long track record of investing in China and the Asian region," stated Grace Tan, a member of ADM Capital's investment committee. "We are very excited at the prospects of our partnership with Yingli Green Energy and the outlook for its solar energy business."
Yingli China's repayment obligations under the agreement will be guaranteed by the Company, Baoding Tianwei Yingli New Energy Resources Co., Ltd (the Company's principal operating subsidiary in China) and Ms. Qing Miao, Director of Investor Relations of the Company and daughter of Mr. Liansheng Miao, Chairman and Chief Executive Officer of the Company, and will be secured by certain collateral provided by affiliates of Yingli Green Energy. The collateral includes, among others, a pledge by Yingli Power Holding Company Ltd., a company controlled by Mr. Liansheng Miao and the controlling shareholder of the Company, of a fixed number of ordinary shares of the Company it holds (with no obligation to deliver additional shares of collateral nor any default tied to the trading price of the American depositary shares of Yingli Green Energy) and a pledge by Cyber Power Group Limited, a recently acquired, wholly-owned subsidiary of the Company, of all its equity interest in its Hong Kong subsidiary through which Cyber Power wholly owns Fine Silicon Co., Ltd., a development stage enterprise located in Baoding, China which plans to begin production of solar-grade polysilicon in the second half of 2009.
In connection with the loan, the Company has agreed to grant to ADM Capital warrants, exercisable with respect to approximately one-fifth of the warrants every six months starting from the drawdown date of the loan to the third anniversary of the drawdown date of the loan. The initial strike price of the warrants will be based on the volume weighted average closing price per ADS on the New York Stock Exchange for the 20 trading day period immediately prior to the issuance of the warrants, subject to customary antidilutive and similar adjustments. The number of warrants to be granted will be determined based on the final size of the loan on the drawdown date but in no event will exceed 6.6 million. The Company may at its discretion settle the warrants in cash, shares or a mix of cash and shares. The warrantholders' rights to exercise the warrants will terminate on the fifteenth day following the third anniversary of the drawdown date of the loan. The Company has the obligation to purchase all unexercised warrants on the termination date at a price of US$7.00 per warrant. The Company expects to issue the warrants concurrently with the drawdown of the loan. In addition, the Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission to cover the resale of the shares (in the form of American depositary shares) to be received by the warrantholders upon exercise of any warrants.
As the closing of the transaction contemplated under the agreement is subject to the obtaining of certain governmental approvals and other closing conditions, the Company cannot give assurance that the loan will ultimately close or that if it closes, the principal amount of the loan will reach the maximum principal amount of US$80.0 million as currently contemplated under the agreement.
ADM Capital has agreed to provide a three-year loan facility of up to $80.0 million to Yingli China for its production capacity expansion and general corporate use. The loan will accrue interest of 12% per annum (payable semi-annually) and is expected to be available for drawdown in one lump sum at any time up to 85 days from the date of the agreement (or such later date as agreed by ADM Capital), subject to the obtaining of certain governmental approvals and satisfaction of other customary closing conditions. Under the terms of the agreement, the lenders may also require Yingli China to prepay the loan in part or in full if Yingli Green Energy fails to meet certain agreed consolidated operating and financial targets.
"This loan facility will provide us with valuable support in these times of continued turmoil in the global financial markets and is expected to further strengthen our ability to complete our expansion plan as scheduled," commented Mr. Zongwei Li, Chief Financial Officer of Yingli Green Energy. "We believe this new financing demonstrates ADM Capital's confidence in our leading position in the industry and the growth potential of our fully integrated business model."
"ADM Capital has a long track record of investing in China and the Asian region," stated Grace Tan, a member of ADM Capital's investment committee. "We are very excited at the prospects of our partnership with Yingli Green Energy and the outlook for its solar energy business."
Yingli China's repayment obligations under the agreement will be guaranteed by the Company, Baoding Tianwei Yingli New Energy Resources Co., Ltd (the Company's principal operating subsidiary in China) and Ms. Qing Miao, Director of Investor Relations of the Company and daughter of Mr. Liansheng Miao, Chairman and Chief Executive Officer of the Company, and will be secured by certain collateral provided by affiliates of Yingli Green Energy. The collateral includes, among others, a pledge by Yingli Power Holding Company Ltd., a company controlled by Mr. Liansheng Miao and the controlling shareholder of the Company, of a fixed number of ordinary shares of the Company it holds (with no obligation to deliver additional shares of collateral nor any default tied to the trading price of the American depositary shares of Yingli Green Energy) and a pledge by Cyber Power Group Limited, a recently acquired, wholly-owned subsidiary of the Company, of all its equity interest in its Hong Kong subsidiary through which Cyber Power wholly owns Fine Silicon Co., Ltd., a development stage enterprise located in Baoding, China which plans to begin production of solar-grade polysilicon in the second half of 2009.
In connection with the loan, the Company has agreed to grant to ADM Capital warrants, exercisable with respect to approximately one-fifth of the warrants every six months starting from the drawdown date of the loan to the third anniversary of the drawdown date of the loan. The initial strike price of the warrants will be based on the volume weighted average closing price per ADS on the New York Stock Exchange for the 20 trading day period immediately prior to the issuance of the warrants, subject to customary antidilutive and similar adjustments. The number of warrants to be granted will be determined based on the final size of the loan on the drawdown date but in no event will exceed 6.6 million. The Company may at its discretion settle the warrants in cash, shares or a mix of cash and shares. The warrantholders' rights to exercise the warrants will terminate on the fifteenth day following the third anniversary of the drawdown date of the loan. The Company has the obligation to purchase all unexercised warrants on the termination date at a price of US$7.00 per warrant. The Company expects to issue the warrants concurrently with the drawdown of the loan. In addition, the Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission to cover the resale of the shares (in the form of American depositary shares) to be received by the warrantholders upon exercise of any warrants.
As the closing of the transaction contemplated under the agreement is subject to the obtaining of certain governmental approvals and other closing conditions, the Company cannot give assurance that the loan will ultimately close or that if it closes, the principal amount of the loan will reach the maximum principal amount of US$80.0 million as currently contemplated under the agreement.
Thursday, January 22, 2009
Is this the end of China's solar boom?
As Suntech lays off 10 percent of workers, other Chinese solar makers brace for 20 percent drop in industry revenue.
The success of China's solar industry has brought its downfall.
That's the sentiment amongst Chinese solar manufacturers in light of news of layoffs at industry giant Suntech, reports of oversupply, projections of a 20-percent decline in industry revenue this year, and the credit crisis, according to an article from China Daily.
China was the No. 1 producer of solar modules in 2007 with 1,180 MW in production capacity, according to the China Solar Association. The Jiangsu province alone accounted for 1,000 MW, which was a quarter of the global total.
Eight years of consecutive growth in the solar market prompted a number of new Chinese players to enter the solar market (see New Chinese players enter solar despite oversupply fears).
But the new inventory has come online in time to create an oversupply that is projected to drive down costs (see China solar market in late 2009 spells glut). Some firms are already folding (see Bankruptcies start to plague Chinese solar) while others can't find buyers for products (see Bad news from Q-Cells spreads through solar supply chain).
Jiangsu-based PV manufacturer Suntech Power (NYSE: STP) last week confirmed it laid off 10 percent of its workforce, in part because it projected a decline in panel prices in 2009 of about 25 percent to 30 percent. The company's production capacity has reached 1 gigawatt of solar panels a year.
A new report from research company iSuppli says 11.1 GW of panels will be produced in 2009, up 62 percent from 7.7 GW in 2008. However, iSuppli says just 4.2 GW is expected to be installed in 2009, up from 3.8 GW in 2008.
That means supply will exceed demand by 168 percent in 2009, up from 102 percent in 2008, China Daily reported.
The iSuppli report says the oversupply will drive overall revenues down 19 percent to $12.9 billion in 2009 from $15.9 billion in 2008. The average price of installed panels are projected to drop from the current $4.20 per watt to as low as $2.50 a watt.
The oversupply is exacerbated by the credit crunch, which has lowered demand for panels. China exports 98 percent of its solar PV products, according to China Daily.
"An over-reliance on the overseas market has led China's solar PV industry into trouble due to the global economic slump and regulatory conflict in Europe," said Ma Shenghong, a solar industry researcher at China Academy of Science, to China Daily.
Shi Jingli, a researcher of Energy Research Institute under the National Development and Reform Commission, said the downturn has the potential to weed out companies and establish environmental standards.
"Some small Chinese silicon manufacturers are criticized for polluting the environment with production waste, damaging the industry's reputation and unsettling the market by over-cutting production costs. So it might offer new opportunities for Chinese solar PV industry to reshuffle its structure," she said
She also predicted revenue will rebound in 2010 as price declines slow.
The success of China's solar industry has brought its downfall.
That's the sentiment amongst Chinese solar manufacturers in light of news of layoffs at industry giant Suntech, reports of oversupply, projections of a 20-percent decline in industry revenue this year, and the credit crisis, according to an article from China Daily.
China was the No. 1 producer of solar modules in 2007 with 1,180 MW in production capacity, according to the China Solar Association. The Jiangsu province alone accounted for 1,000 MW, which was a quarter of the global total.
Eight years of consecutive growth in the solar market prompted a number of new Chinese players to enter the solar market (see New Chinese players enter solar despite oversupply fears).
But the new inventory has come online in time to create an oversupply that is projected to drive down costs (see China solar market in late 2009 spells glut). Some firms are already folding (see Bankruptcies start to plague Chinese solar) while others can't find buyers for products (see Bad news from Q-Cells spreads through solar supply chain).
Jiangsu-based PV manufacturer Suntech Power (NYSE: STP) last week confirmed it laid off 10 percent of its workforce, in part because it projected a decline in panel prices in 2009 of about 25 percent to 30 percent. The company's production capacity has reached 1 gigawatt of solar panels a year.
A new report from research company iSuppli says 11.1 GW of panels will be produced in 2009, up 62 percent from 7.7 GW in 2008. However, iSuppli says just 4.2 GW is expected to be installed in 2009, up from 3.8 GW in 2008.
That means supply will exceed demand by 168 percent in 2009, up from 102 percent in 2008, China Daily reported.
The iSuppli report says the oversupply will drive overall revenues down 19 percent to $12.9 billion in 2009 from $15.9 billion in 2008. The average price of installed panels are projected to drop from the current $4.20 per watt to as low as $2.50 a watt.
The oversupply is exacerbated by the credit crunch, which has lowered demand for panels. China exports 98 percent of its solar PV products, according to China Daily.
"An over-reliance on the overseas market has led China's solar PV industry into trouble due to the global economic slump and regulatory conflict in Europe," said Ma Shenghong, a solar industry researcher at China Academy of Science, to China Daily.
Shi Jingli, a researcher of Energy Research Institute under the National Development and Reform Commission, said the downturn has the potential to weed out companies and establish environmental standards.
"Some small Chinese silicon manufacturers are criticized for polluting the environment with production waste, damaging the industry's reputation and unsettling the market by over-cutting production costs. So it might offer new opportunities for Chinese solar PV industry to reshuffle its structure," she said
She also predicted revenue will rebound in 2010 as price declines slow.
Solar Power Plant Planned for Northwest China
2 January 2009
LOS ANGELES (Reuters) - Two Chinese companies on Friday announced plans to build a solar power plant in northwestern China that could one day be the largest photovoltaic solar project in the world.
The news helped spur a rally in shares of solar power companies that was also underpinned by higher oil prices and a strong rise the broader market.
China Technology Development Group Corp and privately held Qinghai New Energy Group will begin building a 30 megawatt solar power station in China's Qaidam Basin this year with an initial investment of $150 million, they said in a joint statement.
The project, which will combine thin-film and traditional silicon-based technologies that turn the sun's rays into electricity, ultimately will produce 1 gigawatt of power, the companies said, without giving a timeframe.
According to Raymond James analyst Pavel Molchanov, the largest photovoltaic solar project announced to date is the 550 MW deal between closely held thin-film company OptiSolar and California utility PG&E Corp.
"The initial phase of the project is ... itself one of the largest solar farms ever announced in China," Molchanov wrote in a client note, adding that the Chinese government is beginning to offer more incentives for solar power projects.
"While PV demand has been historically driven by a small number of key countries, the demand profile should become more geographically diverse over time," Molchanov added.
The news was a welcome reprieve for investors in solar power companies, which have been hard hit by a lack of funding for new projects, a drop in prices on solar panels as supplies have jumped and a dramatic drop in oil prices that has tempered investor appetite for renewable energy.
China Technology Development shares rose 29 percent to $2.61 on Nasdaq following the announcement.
The rally extended across the industry, with U.S. solar equipment maker GT Solar International Inc up 24.6 percent at $3.60, Chinese solar cell maker JA Solar Holdings Co Ltd up 12.6 percent at $4.92, U.S. cell maker SunPower Corp up 12.8 percent at $41.74, and China's Yingli Green Energy Holding Co Ltd up 13.1 percent at $6.90.
A jump in the price of crude oil to over $46 a barrel and a 2 percent rise in Wall Street's main indexes also boosted solar stocks, Molchanov said in an interview.
The solar rally came despite a downward revision by Piper Jaffray analyst Jesse Pichel to five solar companies' earnings estimates. Pichel lowered his estimates on GT Solar, Canadian Solar Inc, Evergreen Solar Inc, LDK Solar Co Ltd and Renesola Ltd.
"We cautiously assume Q1 will be the industry shipment trough," Pichel wrote, adding that solar "stocks could trade higher in the next 12 months depending on credit and the extent renewables play in the Obama recovery package."
LOS ANGELES (Reuters) - Two Chinese companies on Friday announced plans to build a solar power plant in northwestern China that could one day be the largest photovoltaic solar project in the world.
The news helped spur a rally in shares of solar power companies that was also underpinned by higher oil prices and a strong rise the broader market.
China Technology Development Group Corp and privately held Qinghai New Energy Group will begin building a 30 megawatt solar power station in China's Qaidam Basin this year with an initial investment of $150 million, they said in a joint statement.
The project, which will combine thin-film and traditional silicon-based technologies that turn the sun's rays into electricity, ultimately will produce 1 gigawatt of power, the companies said, without giving a timeframe.
According to Raymond James analyst Pavel Molchanov, the largest photovoltaic solar project announced to date is the 550 MW deal between closely held thin-film company OptiSolar and California utility PG&E Corp.
"The initial phase of the project is ... itself one of the largest solar farms ever announced in China," Molchanov wrote in a client note, adding that the Chinese government is beginning to offer more incentives for solar power projects.
"While PV demand has been historically driven by a small number of key countries, the demand profile should become more geographically diverse over time," Molchanov added.
The news was a welcome reprieve for investors in solar power companies, which have been hard hit by a lack of funding for new projects, a drop in prices on solar panels as supplies have jumped and a dramatic drop in oil prices that has tempered investor appetite for renewable energy.
China Technology Development shares rose 29 percent to $2.61 on Nasdaq following the announcement.
The rally extended across the industry, with U.S. solar equipment maker GT Solar International Inc up 24.6 percent at $3.60, Chinese solar cell maker JA Solar Holdings Co Ltd up 12.6 percent at $4.92, U.S. cell maker SunPower Corp up 12.8 percent at $41.74, and China's Yingli Green Energy Holding Co Ltd up 13.1 percent at $6.90.
A jump in the price of crude oil to over $46 a barrel and a 2 percent rise in Wall Street's main indexes also boosted solar stocks, Molchanov said in an interview.
The solar rally came despite a downward revision by Piper Jaffray analyst Jesse Pichel to five solar companies' earnings estimates. Pichel lowered his estimates on GT Solar, Canadian Solar Inc, Evergreen Solar Inc, LDK Solar Co Ltd and Renesola Ltd.
"We cautiously assume Q1 will be the industry shipment trough," Pichel wrote, adding that solar "stocks could trade higher in the next 12 months depending on credit and the extent renewables play in the Obama recovery package."
Israel and China Build Israel’s Biggest Solar Power Plant
In mid-December 2008, Israel’s biggest solar power station was inaugurated in Katsrin, a place otherwise known for its archaeological sites. Generating 85,000 KWH per year, the power station represents a milestone in Israel’s adoption of alternative energy, which until now had hardly been a soaring success. But it also represents something else: A partnership between Israel and China.
The power plant was built with joint cooperation between Israel’s Solar-It Doral company and China’s Suntech Power Holdings Co., Ltd., a listed company in the NYSE, specializing in photovoltaics.
The power station has been integrated into Israel’s national grid and will be accompanied by incentives for consumers.
State officials of both countries have expressed hope that cooperation between Israel and China in renewable energies will continue. Suntech, for its part, is planning to build another solar power plant in southern Israel.
The power plant was built with joint cooperation between Israel’s Solar-It Doral company and China’s Suntech Power Holdings Co., Ltd., a listed company in the NYSE, specializing in photovoltaics.
The power station has been integrated into Israel’s national grid and will be accompanied by incentives for consumers.
State officials of both countries have expressed hope that cooperation between Israel and China in renewable energies will continue. Suntech, for its part, is planning to build another solar power plant in southern Israel.
Wednesday, January 21, 2009
PV power generation to be priced as RMB 1 per KWH
(Zoomchina.com.cn, Jan 21, 2009) Main PV enterprises in China has formulated project scheme of RMB 1 per KWH for PV power generation in 2012 and begun related declaration, as learnt from the establishing meeting of Jiangxi PV Industry Association, source reported on Jan 20, 2009.
East Lake Hi-tech turns to clean renewable energy business
(Zoomchina.com.cn, Jan 21, 2009) As Wuhan Kaidi Electric Power Co., Ltd enters Wuhan East Lake Hi-tech Group Co., Ltd, the main business of Wuhan East Lake Hi-tech Group Co., Ltd turns to developing high-tech clean renewable energy including power generation with domestic waste, biomass energy, which is a field with much higher potential. Wuhan East Lake Hi-tech Group Co., Ltd paid RMB 143.2216 million for 100% equity of Yima Environmental Protection Electric Power Co., Ltd. Wuhan East Lake Hi-tech Group Co., Ltd planned to treat toxic waste of chemical enterprises for comprehensive utilization in cement plants.
Friday, January 16, 2009
Hoku Adds Wafer Services To Jinko Polysilicon Supply Contract
Hoku Materials Inc., a wholly owned subsidiary of Hoku Scientific Inc., and Jiangxi Jinko Solar Co. Ltd., a manufacturer of silicon ingots, wafers and related products in China, have amended their polysilicon supply agreement currently in effect.
According to the new terms of the amendment, the total volume of polysilicon to be sold by Hoku to Jinko will be reduced such that up to approximately $178 million may be payable to Hoku during the 10-year period, subject to product deliveries and other conditions.
In exchange, Jinko will provide discounted wafer manufacturing (tolling) services to Hoku for up to a certain amount of polysilicon per year for each of the 10 years of the contract term. This tolling service will be at Hoku's sole option and will be priced at Jinko's most preferred rate.
In addition to the $20 million in prepayment deposits already received from Jinko, the amendment provides for additional prepayments for products in the amount of $13 million to be paid on or before March 31. As before, Hoku has granted to Jinko a security interest in its polysilicon assets to secure Hoku's obligation to repay $33 million to Jinko as a credit against product shipments.
SOURCE: Hoku Materials Inc.
According to the new terms of the amendment, the total volume of polysilicon to be sold by Hoku to Jinko will be reduced such that up to approximately $178 million may be payable to Hoku during the 10-year period, subject to product deliveries and other conditions.
In exchange, Jinko will provide discounted wafer manufacturing (tolling) services to Hoku for up to a certain amount of polysilicon per year for each of the 10 years of the contract term. This tolling service will be at Hoku's sole option and will be priced at Jinko's most preferred rate.
In addition to the $20 million in prepayment deposits already received from Jinko, the amendment provides for additional prepayments for products in the amount of $13 million to be paid on or before March 31. As before, Hoku has granted to Jinko a security interest in its polysilicon assets to secure Hoku's obligation to repay $33 million to Jinko as a credit against product shipments.
SOURCE: Hoku Materials Inc.
Perfectenergy International Signs 50 MW Solar Sales Contract With Abidas AG
Perfectenergy International Ltd., a global manufacturer and marketer of customized and standard photovoltaic solar cells, modules and systems, says its subsidiary, Perfectenergy (Shanghai) Co. Ltd., has entered into a sales contract valued at more than $150 million with Abidas AG of Germany.
Under the terms of the agreement, Abidas will purchase 50 MW of mono solar modules from Perfectenergy, scheduled for delivery over the next four quarters of 2009. Perfectenergy's total PV module order-backlog since October 2008 exceeds $170 million for calendar year 2009.
The modules will be manufactured at Perfectenergy's 60 MW factory in Shanghai, China. Prices reflect market conditions and are fixed until June 2009, when they will be fixed again based on market developments. Perfectenergy currently has fixed sufficient silicon supplies for meeting its production demands for 2009.
SOURCE: Perfectenergy International Ltd.
Under the terms of the agreement, Abidas will purchase 50 MW of mono solar modules from Perfectenergy, scheduled for delivery over the next four quarters of 2009. Perfectenergy's total PV module order-backlog since October 2008 exceeds $170 million for calendar year 2009.
The modules will be manufactured at Perfectenergy's 60 MW factory in Shanghai, China. Prices reflect market conditions and are fixed until June 2009, when they will be fixed again based on market developments. Perfectenergy currently has fixed sufficient silicon supplies for meeting its production demands for 2009.
SOURCE: Perfectenergy International Ltd.
Sunday, January 11, 2009
Chinese Government Offers Money to Speed Up Solar Consolidation?
I found this article about the Chinese government's support for its solar industry by Ucilia Wang
January 9, 2009 at 4:50 PM
There are too many silicon wafer makers in China, and the government doesn’t want to wait for natural market forces to trim the flock.
That’s the gist of a Friday post from the Taiwanese news site DigiTimes, which reported that the Chinese government plans to give 2 billion yuan ($291 million) to “each of the leading makers to facilitate such mergers.”
The brief post cited unnamed sources and didn’t explain what qualifies a company to be considered a “leading maker” of silicon wafers. The wafers are used to make solar cells, which are then assembled into panels that you see on rooftops today.
Apparently, the Chinese government isn’t satisfied with providing money only. It wants to offer business strategies as well. If the so-called medium or small silicon wafer makers want to remain independent, then they should still let those “leading makers arrange their production and shipments,” according to the DigiTimes.
By the way, Chinese solar company Yingli Green Energy (NYSE: YGE), which makes silicon wafers and solar cells and panels, just bought a Chinese silicon maker for $77.6 million. This move would allow Yingli to control the raw material supply for making the wafers. Fellow Chinese silicon wafer maker LDK Solar is aiming to do the same by building its own silicon factories.
Analysts and companies have been predicting an oversupply of solar components worldwide in 2009. Large solar panel makers such as Suntech Power in China and SunPower in the United States are expecting a 10 percent to 30 percent drop in their panels’ prices this year.
So naturally, people are expecting more mergers and acquisitions across all segments of the global solar industry.
The Chinese government might do more for its domestic solar companies. Jenny Chase, the lead solar analyst at New Energy Finance, said the government might launch solar installation initiatives to help absorb the high number of solar panels that are expected to come out of factories.
Those who like to gripe about how government subsidies hamper the natural selection process in the marketplace will not be happy with this move by the Chinese government.
They will say the U.S. companies can’t compete fairly when China and other countries intervene to boost their entrepreneurs’ survival in a tough economy. They made the same point about the semiconductor industry two decades ago, and they are making it again about the car battery business now.
No worries. The U.S. government is here to help out, too. It’s been a generous giver lately having set aside $700 billion to bailout the financial industry and by providing $17.4 billion in loans to General Motors and Chrysler. Meanwhile, more business groups have lined up to ask for government help.
President-elect Barack Obama has vowed to double the country’s renewable energy generation in three years and create three million jobs (not just the green ones).
January 9, 2009 at 4:50 PM
There are too many silicon wafer makers in China, and the government doesn’t want to wait for natural market forces to trim the flock.
That’s the gist of a Friday post from the Taiwanese news site DigiTimes, which reported that the Chinese government plans to give 2 billion yuan ($291 million) to “each of the leading makers to facilitate such mergers.”
The brief post cited unnamed sources and didn’t explain what qualifies a company to be considered a “leading maker” of silicon wafers. The wafers are used to make solar cells, which are then assembled into panels that you see on rooftops today.
Apparently, the Chinese government isn’t satisfied with providing money only. It wants to offer business strategies as well. If the so-called medium or small silicon wafer makers want to remain independent, then they should still let those “leading makers arrange their production and shipments,” according to the DigiTimes.
By the way, Chinese solar company Yingli Green Energy (NYSE: YGE), which makes silicon wafers and solar cells and panels, just bought a Chinese silicon maker for $77.6 million. This move would allow Yingli to control the raw material supply for making the wafers. Fellow Chinese silicon wafer maker LDK Solar is aiming to do the same by building its own silicon factories.
Analysts and companies have been predicting an oversupply of solar components worldwide in 2009. Large solar panel makers such as Suntech Power in China and SunPower in the United States are expecting a 10 percent to 30 percent drop in their panels’ prices this year.
So naturally, people are expecting more mergers and acquisitions across all segments of the global solar industry.
The Chinese government might do more for its domestic solar companies. Jenny Chase, the lead solar analyst at New Energy Finance, said the government might launch solar installation initiatives to help absorb the high number of solar panels that are expected to come out of factories.
Those who like to gripe about how government subsidies hamper the natural selection process in the marketplace will not be happy with this move by the Chinese government.
They will say the U.S. companies can’t compete fairly when China and other countries intervene to boost their entrepreneurs’ survival in a tough economy. They made the same point about the semiconductor industry two decades ago, and they are making it again about the car battery business now.
No worries. The U.S. government is here to help out, too. It’s been a generous giver lately having set aside $700 billion to bailout the financial industry and by providing $17.4 billion in loans to General Motors and Chrysler. Meanwhile, more business groups have lined up to ask for government help.
President-elect Barack Obama has vowed to double the country’s renewable energy generation in three years and create three million jobs (not just the green ones).
Friday, January 9, 2009
China's oil import dependency projected at 60% by 2020
Interesting news that affects all of China's renewable industries:
China, the world's second largest energy consumer, sees its dependency on imported oil to increase to 60% by 2020, according to the Ministry of Land and Resources.
The ministry said in a newly approved plan for the country's mineral and resources development during 2008-2015 that China's consumption for coal, petroleum and iron ore is expected to exceed 3.5 billion tons, 500 million tons and 1.3 billion tons by 2010 respectively.
The ministry projected the country's output of coal and petroleum at 3.3 billion tons and 200 million tons by 2015.
In the first 11 months of 2008, China's crude imports increased 9.5% to 164.52 million tons, with the total value surging 73.2% to US$123.88 billion from a year earlier, according the official statistics.
10 oil fields with reserves of 100 million tons and eight to 10 gas fields with reserves of 100 billion cubic feet are expected to be discovered during 2011-2015, said the ministry.
(China Knowledge, Jan 9, 2009)
China, the world's second largest energy consumer, sees its dependency on imported oil to increase to 60% by 2020, according to the Ministry of Land and Resources.
The ministry said in a newly approved plan for the country's mineral and resources development during 2008-2015 that China's consumption for coal, petroleum and iron ore is expected to exceed 3.5 billion tons, 500 million tons and 1.3 billion tons by 2010 respectively.
The ministry projected the country's output of coal and petroleum at 3.3 billion tons and 200 million tons by 2015.
In the first 11 months of 2008, China's crude imports increased 9.5% to 164.52 million tons, with the total value surging 73.2% to US$123.88 billion from a year earlier, according the official statistics.
10 oil fields with reserves of 100 million tons and eight to 10 gas fields with reserves of 100 billion cubic feet are expected to be discovered during 2011-2015, said the ministry.
(China Knowledge, Jan 9, 2009)
AU Optronics To Create Thin-Film Solar Pilot Line
08 January 2009
Taiwan-based AU Optronics Corp. (AUO) has established an energy project office that will concentrate on renewable energy solutions, including setting up a pilot line for thin-film solar technology at its Taichung, Taiwan, site this year.
The company says its decision to establish the energy project office and plan the pilot line was based on its technological experience in the TFT-LCD sector and compatibility in numerous manufacturing processes, as well as the increasing technology maturity in thin-film solar power.
"In addition to its ongoing efforts in TFT-LCD technology, AUO is now extending its innovations into the clean energy industry, seeking a win-win situation for CSR fulfillment in protecting the environment and promising green business opportunities for the TFT-LCD industry," states Dr. LJ Chen, president and chief operating officer of AUO.
SOURCE: AU Optronics Corp.
Taiwan-based AU Optronics Corp. (AUO) has established an energy project office that will concentrate on renewable energy solutions, including setting up a pilot line for thin-film solar technology at its Taichung, Taiwan, site this year.
The company says its decision to establish the energy project office and plan the pilot line was based on its technological experience in the TFT-LCD sector and compatibility in numerous manufacturing processes, as well as the increasing technology maturity in thin-film solar power.
"In addition to its ongoing efforts in TFT-LCD technology, AUO is now extending its innovations into the clean energy industry, seeking a win-win situation for CSR fulfillment in protecting the environment and promising green business opportunities for the TFT-LCD industry," states Dr. LJ Chen, president and chief operating officer of AUO.
SOURCE: AU Optronics Corp.
Thursday, January 8, 2009
Will Chinese government fund large PV projects?
I was reading the Gunther Portfolio and he wrote:
I find it too easy to join the pessimism about Photovoltaic (PV) Industry growth in 2009. Going contrarian, my rosy nominal forecast for 2009 is 45% growth in PV module demand on a GigaWatt-peak (GWp) basis while 20% to 30% lower PV module pricing limits revenue growth to only 20% or 10% respectively.
This forecast is contingent upon normalization of credit markets by Spring 2009 with adequate financing available for large photovoltaic projects at attractive interest rates. Renewed PV market growth in Japan and the United States along with strong new PV market growth in Italy and Greece are required to achieve this forecast. Perhaps the Chinese government will fund large PV projects to stimulate production by domestic PV manufacturers?
Big question about whether the Chinese government will fund large PV projects. I am currently researching this and will write on it.
I find it too easy to join the pessimism about Photovoltaic (PV) Industry growth in 2009. Going contrarian, my rosy nominal forecast for 2009 is 45% growth in PV module demand on a GigaWatt-peak (GWp) basis while 20% to 30% lower PV module pricing limits revenue growth to only 20% or 10% respectively.
This forecast is contingent upon normalization of credit markets by Spring 2009 with adequate financing available for large photovoltaic projects at attractive interest rates. Renewed PV market growth in Japan and the United States along with strong new PV market growth in Italy and Greece are required to achieve this forecast. Perhaps the Chinese government will fund large PV projects to stimulate production by domestic PV manufacturers?
Big question about whether the Chinese government will fund large PV projects. I am currently researching this and will write on it.
Nanjing, China: China Sunergy Signs Sales Agreement With Ajit Solar
December 24, 2008
China Sunergy, a specialized solar cell manufacturer based in Nanjing, China, has entered into a one-year agreement with Ajit Solar Pvt Ltd ("Ajit Solar"), a privately-owned module manufacturer based in Jaipur, India.
Under the terms of the agreement, China Sunergy will supply and deliver a total volume of 12MW of multi-crystalline solar cells. It is expected that China Sunergy will deliver 5MW to Ajit Solar in the first half of the year, and the remaining 7MW in the latter half.
Commenting on the agreement, CEO of China Sunergy, Dr. Allen Wang, said: "Our partnership with Ajit Solar marks a significant step for China Sunergy as we venture into the growing Indian solar market. Despite the challenging market conditions, we continue to receive orders for our solar cells. We look forward to working closely with Ajit Solar and to further penetrating the Asian markets."
Located in Jaipur, India, Ajit Solar is a privately owned company of the Gehlot Group which manufactures world class photovoltaic modules.
China Sunergy, a specialized solar cell manufacturer based in Nanjing, China, has entered into a one-year agreement with Ajit Solar Pvt Ltd ("Ajit Solar"), a privately-owned module manufacturer based in Jaipur, India.
Under the terms of the agreement, China Sunergy will supply and deliver a total volume of 12MW of multi-crystalline solar cells. It is expected that China Sunergy will deliver 5MW to Ajit Solar in the first half of the year, and the remaining 7MW in the latter half.
Commenting on the agreement, CEO of China Sunergy, Dr. Allen Wang, said: "Our partnership with Ajit Solar marks a significant step for China Sunergy as we venture into the growing Indian solar market. Despite the challenging market conditions, we continue to receive orders for our solar cells. We look forward to working closely with Ajit Solar and to further penetrating the Asian markets."
Located in Jaipur, India, Ajit Solar is a privately owned company of the Gehlot Group which manufactures world class photovoltaic modules.
Roseville, CA, USA: Solar Power, Inc. and JA Solar Sign Cell Agreement
January 5, 2009
Solar Power, Inc. (SPI) has entered into a one-year supply agreement with JA Solar. JA Solar has committed to supply up to 60 megawatts of its 6” polycrystalline photovoltaic cells based on monthly requirements from SPI.
Based in Hebei, China, JA Solar is one of the world’s top producers of high-performance solar cells. The cells will be used for the ongoing production of SPI’s solar modules and to meet growing demand for the company’s products in Europe, Asia, and for turnkey systems in the United States. Supply to SPI begins immediately.
“We are excited about our agreement with JA Solar. Their products are known for quality and performance and we are very fortunate to be able to integrate them into our own,” said Steve Kircher, CEO Solar Power, Inc.
“This is a true strategic relationship with strong mutual benefit. It will allow us to leverage our vertical integration business model through a significant amount of supply and we will be able to offer competitive pricing that we believe is unprecedented,” Mr. Kircher added. “It also provides our SPI commercial operations and our growing Yes! Solar SolutionsTM franchise network with strong advantages in cost of installation and will have a significant positive effect on our competitive position relative to international sales,” Mr. Kircher concluded.
The agreement provides SPI with immediate supply of high-quality cells to meet anticipated production requirements of the company’s family of solar modules during 2009.
“We are happy to be providing Solar Power, Inc. with cells for their high-quality PV modules,” said Mr. Samuel Yang, CEO of JA Solar Holding Co., Ltd. “This agreement represents a strategic alliance between our company and one of the leading solar solution providers in the world today. Through SPI we will be able to expand sales of our cells and gain deeper penetration into the U.S. market.”
Solar Power, Inc. (SPI) has entered into a one-year supply agreement with JA Solar. JA Solar has committed to supply up to 60 megawatts of its 6” polycrystalline photovoltaic cells based on monthly requirements from SPI.
Based in Hebei, China, JA Solar is one of the world’s top producers of high-performance solar cells. The cells will be used for the ongoing production of SPI’s solar modules and to meet growing demand for the company’s products in Europe, Asia, and for turnkey systems in the United States. Supply to SPI begins immediately.
“We are excited about our agreement with JA Solar. Their products are known for quality and performance and we are very fortunate to be able to integrate them into our own,” said Steve Kircher, CEO Solar Power, Inc.
“This is a true strategic relationship with strong mutual benefit. It will allow us to leverage our vertical integration business model through a significant amount of supply and we will be able to offer competitive pricing that we believe is unprecedented,” Mr. Kircher added. “It also provides our SPI commercial operations and our growing Yes! Solar SolutionsTM franchise network with strong advantages in cost of installation and will have a significant positive effect on our competitive position relative to international sales,” Mr. Kircher concluded.
The agreement provides SPI with immediate supply of high-quality cells to meet anticipated production requirements of the company’s family of solar modules during 2009.
“We are happy to be providing Solar Power, Inc. with cells for their high-quality PV modules,” said Mr. Samuel Yang, CEO of JA Solar Holding Co., Ltd. “This agreement represents a strategic alliance between our company and one of the leading solar solution providers in the world today. Through SPI we will be able to expand sales of our cells and gain deeper penetration into the U.S. market.”
Suntech Power Celebrates Reaching 1GW Capacity
January 8, 2009
Suntech Power held a ceremony today celebrating the achievement of reaching 1GW PV cell and module production capacity in Wuxi, China. The Company also announced the opening of its new headquarters in Wuxi, China that incorporates a 1MW grid-connected building integrated solar facade, which is the largest in the world.
"We are very proud to become the world's first PV solar company to achieve 1GW of solar cell and module production capacity," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "Since our inception, we have focused on rapidly building world-class manufacturing facilities that can meet the burgeoning global demand for green energy. This milestone is a credit to all Suntech employees that have tirelessly worked towards the common goal of making cost-effective solar energy systems available on a global scale."
Suntech also announced the opening of its new, state of the art solar headquarters in Wuxi, China. The 18,000 square meter building incorporates the world's largest on-grid photovoltaic facade system, with over 2,552 semi-transparent Light Thru(TM) solar panels and an annual power output of over 1 million kilowatt hours of electricity. The solar energy produced will save over 600 tons of carbon emissions every year.
In addition, the headquarters features energy efficient building materials, geothermal temperature control, movement sensor lighting and a comprehensive water recycling system.
The 1MW solar facade was installed by Suntech's in-house system integration team, which has completed a range of technically complex building integrated solar systems, including the 120kW Beijing Jingya Hotel Curtain Wall and 800kW Light Thru system at the Wuxi Airport.
"It is a great pleasure to open our new headquarters in Wuxi, China, which is powered by a 1MW solar facade," said Dr. Shi. "We believe that building integrated solar systems are the way forward for environmentally friendly architecture and our new headquarters is an excellent demonstration of how solar can be seamlessly incorporated into modern and attractive buildings."
Dr. Shi continued, "The connection of the 1MW solar facade to the local electricity grid is another important step towards the ongoing development of the Chinese solar market. There are a number of significant solar projects that are currently being developed in China including the 3MW solar roof project for the World Expo Shanghai 2010, and several 10MW+ projects that are in the early development and bidding phase in Dunhuang city, Yunnan province and Qinghai province. These solar projects are reflective of China's commitment to sustainable energy generation and the growing momentum in the domestic solar market."
Suntech Power held a ceremony today celebrating the achievement of reaching 1GW PV cell and module production capacity in Wuxi, China. The Company also announced the opening of its new headquarters in Wuxi, China that incorporates a 1MW grid-connected building integrated solar facade, which is the largest in the world.
"We are very proud to become the world's first PV solar company to achieve 1GW of solar cell and module production capacity," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "Since our inception, we have focused on rapidly building world-class manufacturing facilities that can meet the burgeoning global demand for green energy. This milestone is a credit to all Suntech employees that have tirelessly worked towards the common goal of making cost-effective solar energy systems available on a global scale."
Suntech also announced the opening of its new, state of the art solar headquarters in Wuxi, China. The 18,000 square meter building incorporates the world's largest on-grid photovoltaic facade system, with over 2,552 semi-transparent Light Thru(TM) solar panels and an annual power output of over 1 million kilowatt hours of electricity. The solar energy produced will save over 600 tons of carbon emissions every year.
In addition, the headquarters features energy efficient building materials, geothermal temperature control, movement sensor lighting and a comprehensive water recycling system.
The 1MW solar facade was installed by Suntech's in-house system integration team, which has completed a range of technically complex building integrated solar systems, including the 120kW Beijing Jingya Hotel Curtain Wall and 800kW Light Thru system at the Wuxi Airport.
"It is a great pleasure to open our new headquarters in Wuxi, China, which is powered by a 1MW solar facade," said Dr. Shi. "We believe that building integrated solar systems are the way forward for environmentally friendly architecture and our new headquarters is an excellent demonstration of how solar can be seamlessly incorporated into modern and attractive buildings."
Dr. Shi continued, "The connection of the 1MW solar facade to the local electricity grid is another important step towards the ongoing development of the Chinese solar market. There are a number of significant solar projects that are currently being developed in China including the 3MW solar roof project for the World Expo Shanghai 2010, and several 10MW+ projects that are in the early development and bidding phase in Dunhuang city, Yunnan province and Qinghai province. These solar projects are reflective of China's commitment to sustainable energy generation and the growing momentum in the domestic solar market."
Wednesday, January 7, 2009
Yingli Green Energy Signs 15 MW Contract With GOLDBECK Solar
Yingli Green Energy Holding Co. Ltd. has entered into a sales contract with GOLDBECK Solar GmbH, a German company specializing in PV applications on industrial buildings.
Under the terms of the contract, Yingli Green Energy is expected to supply a minimum of 15 MW of PV modules to GOLDBECK Solar in 2009. In addition, the contract provides a framework for GOLDBECK Solar to purchase up to an additional 58 MW of PV modules from Yingli Green Energy in 2009.
SOURCES: Yingli Green Energy Holding Co. Ltd., GOLDBECK Solar
Under the terms of the contract, Yingli Green Energy is expected to supply a minimum of 15 MW of PV modules to GOLDBECK Solar in 2009. In addition, the contract provides a framework for GOLDBECK Solar to purchase up to an additional 58 MW of PV modules from Yingli Green Energy in 2009.
SOURCES: Yingli Green Energy Holding Co. Ltd., GOLDBECK Solar
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