10bags
13 years ago
Hanwha SolarOne Signs Panel Supply Deal With MEMC’s SunEdison
By Ehren Goossens - Feb 11, 2011 10:46 PM GMT+0100
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Hanwha SolarOne Inc., a Shanghai- based solar product manufacturer, will supply MEMC Electronic Materials Inc. with 54 megawatts of panels this year.
The agreement includes an option for MEMC’s project development unit SunEdison LLC to purchase an additional 30 megawatts of solar panels, Hanwha said today in a statement.
SunEdison, based in Beltsville, Maryland, said Feb. 2 that it has agreements in place to install more than 1,400 megawatts of solar panels, doubling its pipeline of projects from 700 megawatts of projects a year ago.
Hanwha, which was previously known as Solarfun Power Holdings Co., will begin trading under a new ticker symbol, “HSOL,” on Feb. 15, the company said in a separate statement today.
Hanwha gained 28 cents, or 3.32 percent, to close at $8.79 a share in Nasdaq Stock Market composite trading.
To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
10bags
13 years ago
Hanwha SolarOne to Introduce New NASDAQ Ticker Symbol 'HSOL' on February 15, 2011
Solarfun Power Holdings CO., Ltd. ADS, Each Representing Five Ordinary Shares (MM) (NASDAQ:SOLF)
Intraday Stock Chart
Today : Friday 11 February 2011
Click Here for more Solarfun Power Holdings CO., Ltd. ADS, Each Representing Five Ordinary Shares (MM) Charts.
Hanwha SolarOne Co., Ltd. (f/k/a Solarfun Power Holdings Co., Ltd., or "Hanwha SolarOne" or the "Company") (Nasdaq: SOLF), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic ("PV") cells and modules in China, today announced that it will begin trading under a new NASDAQ ticker symbol, "HSOL," which will take effect when the market opens on February 15, 2011.
Dr. Peter Xie, President and CEO of the Company, commented, "Our new ticker, HSOL, represents the completion of our corporate rebranding effort, following last year's significant investment from Hanwha Chemical Corporation and our company's subsequent name change to 'Hanwha SolarOne Co., Ltd.' on December 20, 2010. Similar to the new company name, the HSOL ticker conveys Hanwha SolarOne's enhanced capabilities and synergies with our largest shareholder, and we believe its implementation will fully solidify our new identity on the trading floor."
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. Forward-looking statements involve inherent risks and uncertainties and actual results may differ materially from such estimates depending on future events and other changes in business climate and market conditions. Hanwha SolarOne disclaims any obligation to update or correct any forward-looking statements.
About Hanwha SolarOne
Hanwha SolarOne Co., Ltd., f/k/a Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF) is a vertically integrated manufacturer of silicon ingots, wafers, PV cells and modules. Hanwha SolarOne offers high-quality, reliable products and services at competitive prices. Partnering with third party distributors, OEM manufacturers, and system integrators, Hanwha SolarOne serves the utility, commercial/government, and residential markets. The company maintains a strong worldwide presence with employees located throughout Europe, North America, and Asia and embraces environmental responsibility and sustainability with an active role in the voluntary photovoltaic recycling program. The Company benefits from its strategic partnership with its largest shareholder Hanwha Group who is active in solar project development and financing and plans to produce polysilicon in the future. For more information visit: www.hanwha-solarone.com.
SOLF-G
For further information, please contact:
Investor Contact:
Paul Combs
V.P. Strategic Planning
Building 1, 18th Floor
1199 Minsheng Road, Shanghai, PRC 200135
P. R. China
Tel: 86-21-3852 1533 / Mobile: 86 138 1612 2768
E-mail: paul.combs@hanwha-solarone.com
Christensen
Kathy Li
Tel: +1 480 614 3036
E-mail: kli@ChristensenIR.com
Tip Fleming
Tel: + 852 9212 0684
E-mail: tfleming@ChristensenIR.com
SOURCE Hanwha SolarOne Co., Ltd.
10bags
13 years ago
Hanwha SolarOne Defines New Identity and Synergies with Hanwha Group
Date : 01/24/2011 @ 8:00AM
Source : PR Newswire
Stock : Solarfun Power Holdings CO., Ltd. (MM) (SOLF)
Quote : 9.58 0.57 (6.33%) @ 7:22AM
Hanwha SolarOne Defines New Identity and Synergies with Hanwha Group
Solarfun Power Holdings CO., Ltd. (MM) (NASDAQ:SOLF)
Intraday Stock Chart
Today : Monday 24 January 2011
Click Here for more Solarfun Power Holdings CO., Ltd. (MM) Charts.
Hanwha SolarOne Co., Ltd. (f/k/a Solarfun Power Holdings Co., Ltd., or "Hanwha SolarOne" or the "Company") (Nasdaq: SOLF), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic ("PV") cells and modules in China, today expanded upon the significance behind its transition from the "Solarfun" brand name to its new "Hanwha SolarOne" identity.
Hanwha SolarOne is an independent, global, vertically integrated PV module manufacturer. Since 2004, as Solarfun, the Company has built a firm reputation as an established manufacturer, with a competitive cost structure and broad portfolio of high-quality PV products. By changing its name to Hanwha SolarOne, the Company has signaled its new relationship with its largest shareholder Hanwha Chemical Corporation, which offers significant, beneficial synergies.
Hanwha Chemical Corporation plans to engage in the production of high-grade crystalline silicon – the raw material used to produce silicon ingots, wafers, and cells – and Hanwha Group is currently engaged in solar project development and financing. Through its strategic partnerships with Hanwha Chemical Corporation and the Hanwha Group, the Company will have greater access to both upstream (crystalline silicon) and downstream (project development and financing) resources for the manufacturing and distribution of its high-quality PV modules.
Dr. Peter Xie, President and CEO of Hanwha SolarOne commented, "Hanwha SolarOne represents a redefinition of the solar value chain. With enhanced control of our supply chain through the raw material capabilities of Hanwha Chemical Corporation, and expanded project development capabilities through the Hanwha Group, we believe Hanwha SolarOne will be able to develop a broader PV module portfolio for a wide range of applications in the utility, commercial, and residential markets. Our new name – Hanwha SolarOne – reflects our aspiration to be among the top global PV module manufacturers, while we carry on our same dedication to providing cost-effective, high-quality products to our customers."
In September 2010, South Korea-based Hanwha Chemical invested in Solarfun Power Holdings Co., Ltd., purchasing 49.99% of its shares.
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. Forward-looking statements involve inherent risks and uncertainties and actual results may differ materially from such estimates depending on future events and other changes in business climate and market conditions. Hanwha SolarOne disclaims any obligation to update or correct any forward-looking statements.
About Hanwha SolarOne
Hanwha SolarOne Co., Ltd., f/k/a Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF) is a vertically integrated manufacturer of silicon ingots, wafers, PV cells and modules. Hanwha SolarOne offers high-quality, reliable products and services at competitive prices. Partnering with third party distributors, OEM manufacturers, and system integrators, Hanwha SolarOne serves the utility, commercial/government, and residential markets. The company maintains a strong worldwide presence with employees located throughout Europe, North America, and Asia and embraces environmental responsibility and sustainability with an active role in the voluntary photovoltaic recycling program. The Company benefits from its strategic partnership with its largest shareholder Hanwha Group who is active in solar project development and financing and plans to produce polysilicon in the future. For more information visit: www.hanwha-solarone.com.
SOLF-G
For further information, please contact:
Investor Contact:
Paul Combs
V.P. Strategic Planning
Building 1, 18th Floor
1199 Minsheng Road, Shanghai, PRC 200135
P. R. China
Tel: 86-21-3852 1533 / Mobile: 86 138 1612 2768
E-mail: paul.combs@hanwha-solarone.com
Christensen
Kathy Li
Tel: +1 480 614 3036
E-mail: kli@ChristensenIR.com
Tip Fleming
Tel: + 852 9212 0684
E-mail: tfleming@ChristensenIR.com
SOURCE Hanwha SolarOne Co., Ltd.
10bags
14 years ago
Solarfun: Hanwha Chemical To Acquire Nearly 50% Stake
* Some Directors Say No To 3D
* Cognizant Shares Jump On Surprisingly Strong Q2, Outlook
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By Eric Savitz
South Korea-based Hanwha Chemical has agreed to take a 49.99% stake in China-based Solarfun (SOLF), triggering a big early rally in SOLF’s shares.
Hanwhat will acquire 36,455,089 SOLF ordinary shares at 14.51 RMB, a price equal to $2.144 per ordinary share, or $10.72 per ADS, for proceeds of $78 million. SOLF will use the cash to fund expansion plans and for general corporate purposes. Also, Hawwha will acquire all 120,407,700 additional ordinary shares and 1,281,011 American Depositary Shares held by investment firm Good Energies II LP and by Yonghua Solar Power - a company owned by Solarfun chairman Yonghua Lu.
Hanwha’s total investment comes to $370 million.
On completion of the deal, Hanwha will get three of the solar company’s seven board seats.
Meanwhile, Solarfun this morning reported Q2 revenue of $258.5 million and non-GAAP profits of 59 cents a share, ahead of the Street at $212.8 million and 25 cents. The company said average selling prices were down 6.8% in the quarter from Q1; shipments were 204.8 MW.
For Q3, the company sees shipments of 210-220 MW, with ASPs up 3%.
SOLF this morning is up $1.85, or 18.1%, to $12.10.
10bags
14 years ago
Q2 Preview for Four Chinese Solar Module Producers
by: Investing Hobo July 16, 2010 | about: SOLF / STP / TSL / YGE
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In this second part, I'll be discussing four US listed Chinese solar module producers - TSL, STP, YGE, and SOLF; I won't be reviewing CSIQ because they are still under audit. Unlike their more upstream peers, module producers have more direct exposure to end markets which generally for the past several years has been to Europe. That's just a function of relatively better subsidies in Europe in recent years than other parts of the world. This is likely to change moving forward as costs continue to drop to levels where other markets outside of Europe open up with less or no subsidies, but at least for the remainder of this year, the majority of solar pv demand will still come from Europe.
With more direct end customer exposure, comes more direct exposure to the currencies they operate in. In the case with Europe or the EU, that translates to euro exposure. As a result, in the past several years, many of these solar module producers have seen wild currency translations both positive and negative. At times, the absolute numbers have been large as seen in the first quarter of 2010 where many companies posted net foreign exchange losses upwards to 25 million usd. With the euro depreciating over 9% during the second quarter, these losses will probably be even larger. So despite what are stable or better operating results, many of these companies will post large foreign exchange losses that will bring down net income by large percentages. Q2 will as a result probably mark the low quarter for these companies assuming there aren't as dramatic currency swings in the second half. The only except might be for solf who has generally been over hedged against the euro. In the first quarter for example, solf reported quite neutral currency translations while direct peers posted massive losses.
Obviously without proper hedging currency translations can affect reported results dramatically, but because currency can swing both directions such that over the course of time, the net effects are more neutral. That's the way many of these companies have approached the currency issue, and despite what were dramatic quarterly swings in currency in the prior couple of years, the overall net effect on annual earnings were more balanced.
There are positives to being a module producer with direct end market exposure however. Producing their own modules allows them to develop their own branding. It also gives them more control over their own business by not relying on downstream customers performing well. For example, a cell producer might be the best and most efficient cell producer in the world, but they will still rely on their customers who assemble modules to do well. If some downstream customers aren't properly managed, they may lose market share which in turn affects that cell producer. In addition, many module producers are more integrated as well. By cutting out the middle men within the value chain, they enjoy larger per watt gross margins on a normalized level. When prices are high, this is less apparent of an advantage, but when prices drop as they have after the credit crisis, margins on a per watt basis drop. For higher cost producers, there might not even be enough per watt gross margins available in the value chain for them to operate profitably as a corporate entity. This is the reason why fully integrated module producers have done better than single vertical peers in general. It's also the reason why more and more companies have looked to integrate beyond their main vertical.
Tsl is my favorite solar company among the group. It's generally been better managed such that during negative cycles as seen after the credit crisis, they avoided disastrous results. In fact, they were one of the few solar companies that grew during 2009, when many peers posted horrible losses. Their main advantage is their fully integrated business model, although recently they have added capacity beyond a fully integrated level. Through long term strategic planning, they are also highly centralized. As a result, they enjoy extremely favorable procurement costs, making them the lowest cost si-pv today. But as mentioned above, they will most likely post large foreign exchange losses for the second quarter. They also suffer slightly more because their functional currency is the usd, and much of their debt is in rmb. When the usd and rmb stayed stable in recent quarters, this wasn't and issue. With the recent announcement out of China which will probably indicate a rmb appreciation moving forward, tsl's rmb debt becomes larger relative to their usd functional currency. This results in foreign exchange losses which I estimate might be around 2-3m for the second quarter.
TSL Q2 2010
Revenues: 355m
Shipments: 215mw: 170mw full vertical, 45mw wafer outsourced
Asps: 1.65/watt
Unit Costs: 1.10/watt full vertical, 1.30/watt wafer outsourced
Gross Profit: 170 x .55 = 93.5m vertical, 45 x .35 = 15.75m wafer outsourced
Gross Margin: 93.5 + 15.75 = 109m / 355m = 30.7%
Operating Expenses: 31m
Net Interest Expense: 10m
Forex Loss: 23m
Tax: 7m
Net Income: 38m
Share Count: 79m
EPS: .48
Yge is another fully integrated module producer with a very strong brand name. In fact, they had a major advertising blitz during this year's World Cup to further boost their branding. In terms of capacity and shipments, they are the largest fully integrated si-pv company in the world currently, slightly larger than tsl; some companies have larger cell capacity but they are not fully integrated. Yge also has limited polysilicon capacity which they have yet to fully ramp. In terms of production costs, yge has been extremely efficient as well. Currently they are only slightly behind tsl, but I think in the next several quarters, they should be running neck to neck with tsl in terms of the lowest module unit costs. Like for tsl, yge will probably post large exchange losses which taint their second quarter. In addition, they were capacity constrained with new capacity not coming online until the end of last quarter; much of this new capacity is a new generation higher efficiency product which may be further accretive to earnings. Thus, sequentially, yge should post very large sequential shipment increases upwards of 50% for Q3. Without a major swing in currencies, this would translate to a dramatic increase in quarterly earnings. Q2 results will look lackluster, but they are far from a true measure of the type of earnings yge is able to produce from their capacity and cost structure.
YGE Q2 2010
Revenues: 360m
Shipments: 215mw
Asps: 1.66/watt
Unit Costs: 1.14/watt
Gross Profit: 215 x .52 = 112m
Gross Margin: 112m / 360m = 31.1%
Operating Expenses: 45m
Net Interest Expense: 13m
Forex Loss: 31m
Tax: 3m
Minority Interest: 4m
Net Income: 16m
Share Count: 154m
EPS: .10
Stp is the largest si-pv company by cell/module shipments. However they are not fully integrated and lack wafer capacity. Although they have investments upstream, they still rely on purchased wafers for their module production. As a result, part of the per watt gross margin goes to their wafer providers. As average selling prices fall, this puts more pressure on their own margins. It was less evident in the past, but has become more and more evident as asps continue to drop. Because asps will likely drop 6-7% in Q2 due to currency effects, while it's unlikely stp can reduce costs more than 5%, they will see per watt margin compression. Keep in mind I always use per watt gross margin because it's more important. Percentage gross margin may stay stable, but stable percentages on lower selling prices results in less gross profits. So despite higher volumes, stp will likely post lower gross profits in Q2. Stp also has downstream systems business, which for the past several quarters have apparently operated at negative margins. For the example I used below, I assume it will be neutral to margins. When combined with a potential large foreign exchange loss, it's also not out of the question stp could post a US GAAP loss for Q2.
STP Q2 2010
Revenues: 570m
Shipments: 325mw
Asps: 1.66/watt
Unit Costs: 1.35/watt
Gross Profit: 325 x .31 = 101m
Gross Margin: 101m / 570m = 17.7%
Operating Expenses: 50m
Net Interest Expense: 22m
Forex Loss: 27m
Tax: 1m
Minority Interest: 4m
Net Income: 5m
Share Count: 182m
EPS: .05
Solf is the smallest name among the four, but they are highly integrated and have decent cost structures. Their costs have not normalized yet so it's possible solf can still maintain the same level, or even higher level of profitability as selling prices continue to drop. One of the key difference between solf and others is that solf does more white label and oem business. The benefit is much less operating expenses, but the drawback is the reliance on those oem customers to perform. They also differ from others in that they have been over hedged against the euro. If this remains the case, their currency translations for the second quarter would likely be neutral as with the first quarter. This spares their reported Q2 numbers and on a relative basis, solf will look better as they report. When more capacity comes online in the second half, solf will also be operating on a fully integrated level. Right now, due to a number of reasons which include capacity constraints, procurement outsourcing, and contractual commitments, solf's costs are not what they should be at on a normalized level. Since there are so many possible factors which I'm not sure of myself, it makes predicting solf's numbers a bit harder. They appear to have some of their revenues at negative margins for example - if solf just operated on a more limited fully integrated capacity, their gross profits should be higher than stated. Also for the example I used, I assume solf will not post another inventory write down, since their costs have blended down to current purchasing costs by now.
SOLF Q2 2010:
Revenues: 214m
Shipments: 115mw module, 55mw oem tolling
Asps: 1.65/watt module, .45mw oem tolling
Unit Costs: 1.32/watt module, .40/watt oem tolling
Gross Profit: 115 x .33 = 38m + 55 x .05 = 2.5m
Gross Margin: 40.5m / 214m = 18.9%
Operating Expenses: 13m
Net Interest Expense: 6m
Derivative Gain: 2m
Tax: 3.5m
Net Income: 20m
Share Count: 58m
EPS: .34
The thing to keep in mind as these companies report their second quarter is that it's backwards looking. Because of potentially large currency losses, it's best to look more at their operating numbers and use that as a guide for the second half. If currency can stay stable, it's the operating results from Q2 that will translate to the bottom line for the second half. Unless market conditions materially change, operating profits in the second half should even be higher as shipments increase and selling prices stay fair stable with a more stable currency situation.
Disclosure: Long TSL, SOLF.. No position in YGE, STP.
10bags
14 years ago
will thak some photos of this when they begin ...
EnBW to Build Solar Park with 5.5 MW of Solarfun PV Modules in Ulm-Eggingen, Germany
Monday , March 22, 2010 07:12ET
SHANGHAI, March 22 /PRNewswire-FirstCall/ -- EnBW Energie Baden-Wurttemberg AG ("EnBW"), the third largest energy company in Germany, announced that it plans to build a solar park in Baden-Wuerttemberg using 5.5 MW of photovoltaic ("PV") modules produced by Solarfun Power Holdings Co., Ltd. ("Solarfun") (Nasdaq: SOLF), a vertically integrated manufacturer of silicon ingots, wafers and PV cells and modules in China. The solar park, one of the largest in the region, will be constructed on a former dumpsite and is expected to be connected to the grid in June 2010. The new project is expected to supply electricity to approximately 1,970 households and save approximately 3,990 tons of carbon dioxide per year.
Stefan Thiele, spokesman of the management board of EnBW Erneuerbare Energien GmbH, commented, "EnBW is expanding its development goals in the renewable energy sector. In addition to a central focus on hydropower and wind energy, EnBW is also increasingly concentrating on solar energy. We are looking forward to building this project in the town of Eggingen near Ulm, Germany. It will be our fifth PV project in the past few months and will be one of the biggest solar parks in the region. The eight hectares will be covered by polycrystalline PV modules produced by Solarfun. Siemens will deliver the central inverters. The construction work will be provided by Bayer & Raach, a solar company in Zwiefalten, Germany."
EnBW plans to increase the share of renewables in its energy mix to 20% by 2020. In doing so, EnBW intends to focus on the expansion of wind energy and hydropower and on further developing technologies such as solar energy, biomass and biogas. In the PV field, EnBW will increase its installed power to 10 MW with the Ulm-Eggingen solar park. EnBW connected its first large solar project with a 2.1 MW park in Leibertingen. In addition, EnBW installed approximately 1 MW of PV modules on the roofs of its logistics and administration centers in Wendlingen and Stuttgart.
Peter Xie, President of Solarfun, added, "We are pleased that EnBW decided to choose our high-quality modules for this new project in Germany. EnBW is an important new customer and we look forward to building a long-term relationship with EnBW. Renewable energy continues to play an important role in Germany and we are happy that our advanced technology will be serving the people of Baden-Wuerttemberg for many years to come."
ABOUT EnBW
EnBW Energie Baden-Wurttemberg AG is the third largest energy company in Germany, with over six million customers and more than 20,000 employees. The company focuses on electricity and gas as well as energy and environmental services. The Company operates in Baden-Wurttemberg, Germany, and in other markets in central and eastern Europe.
ABOUT SOLARFUN
Solarfun manufactures both PV cells and PV modules, provides PV cell processing services to convert silicon wafers into PV cells, and supplies solar system integration services in China. Solarfun produces both monocrystalline and multicrystalline silicon cells and modules. Solarfun sells its products through third-party distributors, OEM manufacturers and directly to system integrators. Solarfun was founded in 2004 and its products have been certified to TUV and UL safety and quality standards.
SOLF-G
www.solarfun-power.com
Solarfun Media Contact:
Stacie Campbell
Corporate Marketing Manager
Stacie.campbell@solarfun-power.com
Solarfun Investor Contact:
Paul Combs
V.P. Strategic Planning
26F BM Tower
218 Wusong Road
Shanghai, 200080
P. R. China
Tel: 86-21-2602 2833 / Mobile: 86 138 1612 2768
E-mail: IR@solarfun-power.com
Christensen
Kathy Li
Tel: +1 480 614 3036
E-mail: kli@ChristensenIR.com
Roger Hu
Tel: 852 2117 0861
E-mail: rhu@ChristensenIR.com
EnBW Energie Baden-Wurttemberg AG
Unternehmenskommunikation
Durlacher Allee 93
76131 Karlsruhe
Telefon: +49 (0)7 21/63-1 43 20
Fax: +49 (0)7 21/63-1 26 72
presse@enbw.com
www.enbw.com
Energie braucht Impulse
EnBW Energie Baden-Wurttemberg AG
Sitz der Gesellschaft: Karlsruhe
Handelsregister: Amtsgericht Mannheim _ HRB 107956
Vorsitzender des Aufsichtsrats: Dr. Claus Dieter Hoffmann
Vorstand:
Hans-Peter Villis (Vorsitzender)
Dr. Bernhard Beck
Christian Buchel
Dr. Hans-Josef Zimmer
10bags
14 years ago
olarfun Sponsored 2010 SNEC PV Power Generation Conference
Friday , May 14, 2010 05:00ET
SHANGHAI, May 14 /PRNewswire-FirstCall/ -- Solarfun Power Holdings Co., Ltd. ("Solarfun" or the "Company") (Nasdaq: SOLF), a vertically integrated manufacturer of silicon ingots and photovoltaic ("PV") cells and modules in China, today announced that the Company sponsored the Shanghai New Energy Committee ("SNEC") 4th International PV Power Generation Conference and the Opening Ceremony on May 7, 2010.
The theme of the Conference was "Development of New Energy Resources Beneficial to Mankind." The discussion included topics such as "how to strengthen the cooperation between PV technology and industrial sectors throughout the world," "how to improve PV technology," and "how to promote PV applications in China and transit China's economic social structure from high-carbon to low-carbon consumption."
In the CEO Forum, Mr. Yiren Jiang, member of the Standing Committee of CPPCC National Committee, and Dr. Murray Cameron, Vice President of EPIA presided. Mr. Yiren Jiang remarked, "We should develop affordable PV power for the people. China should increase its market share in global PV power generation from 2% to 20%." Following Mr. Jiang, Peter Xie, President of Solarfun commented, "One of the main objectives of mankind is to reduce carbon emissions to create a better environment for us all. Low cost Chinese manufacturers can work together with their European and US partners. By leveraging each parties core competencies, with the US and Europe in technology, upstream poly production, downstream EPC and distribution, and with China on low cost manufacturing, we can reach grid parity much faster. Mergers & acquisitions are also needed for the solar industry, however as the market continues its rapid growth and some social economic factors remain in China, the pace of M&A will not be as fast as some expected. Even though the difference in quality between some of the European brands and top Chinese brands are narrowing, the price difference is still as high as 0.5 to 0.6 Euro per watt. Chinese counterparts still have to increase their knowledge and expertise on product marketing and branding."
During the conference, it was forecasted by experts that solar power consumption will constitute 20% of the global energy consumption by 2020. The goal is to make PV power generation expenses decrease to 1 USD/ watt.
SNEC 4th International PV Power Generation Exhibition is now Asia's largest PV product exhibition. The global PV industry leaders and famous companies gathered in the exhibition and showcased their most recent and advanced products. Covering more than 85,000 square meters, including more than 1,400 merchants, the Exhibition attracted at least 60,000 visitors.
About Solarfun
Solarfun manufactures both PV cells and PV modules, provides PV module processing services to convert PV cells into PV modules, and supplies solar system integration services in China. Solarfun produces both monocrystalline and multicrystalline silicon cells and modules. Solarfun sells its products through third-party distributors, OEM manufacturers and directly to system integrators. Solarfun was founded in 2004 and its products have been certified to TUV and UL safety and quality standards.
SOLF-G
For further information, visit http://www.solarfun-power.com
For further information, please contact:
Solarfun Power Holdings Co., Ltd.
Media Contact:
Fancy Li,
Senior Marketing Manager
Email: fancy.li@solarfun-power.com
Investor Relations:
Paul Combs,
V.P. Strategic Planning
26F BM Tower, 218 Wusong Road
Shanghai, 200080, P. R. China
Tel: 86-21-26022833 / Mobile: 86 138 1612 2768
E-mail: IR@solarfun-power.com
Christensen
Kathy Li
Tel: +1 480 614 3036
E-mail: kli@ChristensenIR.com
Roger Hu
Tel: +86 158 1049 5326
E-mail: rhu@ChristensenIR.com
SOURCE Solarfun Power Holdings Co., Ltd.
10bags
14 years ago
Solarfun to Supply PV Modules for French and German Pavilions at Shanghai World Expo
Solarfun to Supply PV Modules for French and German Pavilions at Shanghai World Expo
PR Newswire
SHANGHAI, April 30
SHANGHAI, April 30 /PRNewswire-FirstCall/ --
Solarfun Power Holdings Co., Ltd. ("Solarfun" or "the Company") (Nasdaq: SOLF), a vertically integrated manufacturer of silicon ingots and photovoltaic (PV) cells and modules in China, today announced that its subsidiary, Shanghai Linyang Solar Energy Science & Technology Co. Ltd, was selected to supply integrated solar systems that were used to cover the roofs of the French and German pavilions and generate electricity for these two pavilions at the 2010 Shanghai World Expo.
The French Pavilion will feature a 25.56 KW integrated solar system which comprises of 168 monocrystalline modules and 105 Building Integrated Photovoltaics ("BIPV") modules and covers an area of 500 square meters. The system is expected to generate 27,000 kilowatt hours of electricity, eliminating coal consumption and reducing carbon emissions.
The German Pavilion will feature a 25.38 KW integrated solar system which comprises of 108 monocrystalline modules and covers an area of 250 square meters. The system is expected to generate 25,000 kilowatt hours of electricity, eliminating coal consumption and reducing carbon emissions.
The Shanghai Expo selected Solarfun through an open bidding process, citing the Company's modules for their high quality, good brand image and reasonable price.
Solar PV power generation systems are being showcased at the World Expo as a part of Shanghai "Better City, Better Life" vision.
About Solarfun
Solarfun manufactures both PV cells and PV modules, provides PV module processing services to convert PV cells into PV modules, and supplies solar system integration services in China. Solarfun produces both monocrystalline and multicrystalline silicon cells and modules. Solarfun sells its products through third-party distributors, OEM manufacturers and directly to system integrators. Solarfun was founded in 2004 and its products have been certified to TUV and UL safety and quality standards.
SOLF-G
For further information, visit http://www.solarfun-power.com
About Shanghai Linyang Solar Energy Science & Technology Co., Ltd
Shanghai Linyang Solar Energy Science & Technology Co., Ltd, a wholly-owned subsidiary of Solarfun Power Holdings, develops, designs and installs solar products and provides system integration solutions in China.
Since its establishment, Shanghai Linyang Solar has undertaken many domestic PV projects, such as a Walmart-funded 3KW on-grid project for the Shanghai Pudong District Disabled Rehabilitation Center, and a 1MW PV power station in Chongming, Shanghai, which was completed in 2007 and was China's first megawatt-size solar power project and the first commercial PV power plant that was subsidized by the Chinese government. Shanghai Linyang Solar's experts have developed innovative installation techniques in cooperation with the Shanghai Jiao Tong University Solar Research Institute and are committed to maintaining the highest quality standards. Modules produced by Shanghai Linyang Solar are certified by TUV, CE, UL, CEC and Korea Certifications which ensure high quality products.
For further information, visit http://www.shsolarfun.cn
Media Contact
Solarfun Power Holding
Fancy.li@solarfun-power.com
SOURCE Solarfun Power Holdings Co., Ltd.
StockJunkkie
14 years ago
Two Chinese solar companies reported positive numbers today. And this fact, set against some disappointing Q3 earnings from European and U.S. competitors, is thrusting the China solar profile into the spotlight.
Indeed, the bifurcation of the market between Chinese companies -- which are driving down price, ramping up production and increasing competition worldwide -- and the better established players from the West has never been more sharply delineated.
China Sunergy(CSUN Quote), for one, reported better-than-expected revenues of $80.1 million, beating a Street forecast of $70 million and a 14.3% increase over Q2.
The company's outlook of shipments for the fourth quarter caught the attention of analysts. The company expects between 70 MW to 80 MW, bringing the full year to 190 MW to 200 MW, which is at the high end of the previously announced guidance. Shipments in the third quarter of 54.4 MW represented a 31.1% increase sequentially and an increase of 59.5% year-on-year.
"The fourth quarter shipment forecast was the most compelling number," said Paul Clegg, Jefferies cleantech analyst. While analysts typically review shipment guidance from solar management with a healthy dose of skepticism, Clegg said that China Sunergy has the benefit of reporting late in the earnings period, and already has a month-and-a-half of fourth quarter book numbers on which to base guidance, giving him more confidence in the company's near-term projection. "I'm inclined to believe it's correct," he added.
StockJunkkie
14 years ago
NEW YORK (AP) -- Chinese solar cell maker Solarfun Power Holdings Co. Ltd. on Wednesday said it turned a third-quarter profit, driven by significantly cheaper cost of goods sold and record quarterly shipments.
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Chart for Solarfun Power Holdings Co., Lt
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Shares of the company rose 48 cents, or 8.2 percent, to $6.31 in morning trading.
Rising demand pushed third-quarter shipments up 59 percent to a record high of 102.6 megawatts. Bolstered shipments coupled with a 36 percent decline in the cost of revenue helped widen margins and outweigh the negative impact of declining selling prices.
Prices of solar cells have been hurt by weaker prices for polysilicon, a key ingredient used in the making of solar cells.
Quarterly earnings rose to 136.6 million renminbi ($20 million), or 2.53 renminbi per American Depository Share (37 cents per ADS), compared with a loss of 44.3 million renminbi, or 0.86 renminbi per ADS, during the same period last year.
Analysts polled by Thomson Reuters estimated a profit of 15 cents per ADS, on average. Analysts typically exclude one-time items.
Revenue dropped 29 percent to 986.8 million renminbi ($144.6 million), down from 1.27 billion renminbi in the prior-year period. Analysts forecast an average revenue of $145.1 million.
Looking ahead to the fourth quarter, Solarfun projected a 5 percent sequential decline in average selling prices, and a sequential rise in shipments to 110 megawatts. The trend of climbing demand and dipping prices is expected to continue into the first quarter of 2010.
For the full year 2010, Solarfun president Peter Xie said, "We expect to see a healthy demand environment in 2010. The preliminary shipment target for 2010 is 500 MW."
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chmcnfunds
13 years ago
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