Suntech invests to lift output capacity
By David Lin |
June 7, 2010, Monday
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Print Edition
Print Edition
SUNTECH Power Holdings Co Ltd, China's largest solar panel maker, plans to invest 2.68 billion yuan (US$393 million) to add 1 gigawatts in additional production capacity in Shanghai over the next three years as it rushes to meet surging demand, Chairman Zhengrong Shi said.
Despite an expected cut in German solar power subsidies in July that analysts warn will dampen third-quarter demand, Shi told a briefing for reporters over the weekend that returns for power producers in that market would still be attractive while other markets such as the United States were growing rapidly.
"We're all sold out for this year. We're short of capacity and can't meet our clients' needs," he said.
"We have a backlog in the second quarter. We have a backlog in the third quarter. We haven't seen any impact from the reduction in German subsidies."
He predicted that Germany, the biggest market for solar cells, would record a 70 percent to 80 percent full-year growth this year.
The US market would double in size in the second half of the year from the first half, reaching 1 GW for the full year, he added.
The first phase of the company's new Shanghai plant, with 180 megawatts of production capacity, would be completed at the end of June, he said.
This puts Suntech on course to reach its total production capacity target for this year of 1.4 GW, after reaching 1.2 GW at the end of the first quarter, Shi added.
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