ReneSola bags major supply deals for 836 MW of solar products

ReneSola Limited will supply 836 megawatts worth of solar wafers to two major Taiwanese solar companies over the next three years.

The Chinese solar wafer manufacturer agreed to provide Solartech Energy Corporation with 402 MW of multicrystalline wafers beginning July this year to December 2013.

ReneSola will also supply 293 MW of multicrystalline wafers to Neo Solar Power Corporation during that same period, as well as 140 MW of monocrystalline wafers from October 2010 to December 2013.

Solartech Energy (TPE:3561) expects the order to improve its monthly revenues for the year, anticipating a month-on-month increase ranging from 2.5 billion Taiwan dollars ($77.88 million) to 3 billion Taiwan dollars. In July, the company posted $2.63 billion in revenues, up by 37.6 percent from June.

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Meanwhile, Neo Solar (TPE:3561) posted revenues of 1.88 million Taiwan dollars for the first two months of 2010, a 51 percent growth from revenues from the comparable period in 2009. In March, the company revealed plans to expand its solar cell production capacity to 800 MW.

ReneSola’s competitively priced and cost-efficient wafers attract several strategic global customers such as Solartech and Neo Solar, said Xianshou Li, chief executive of ReneSola.

“We continue to leverage the strength of our core wafer business in securing new long-term contracts with key downstream solar companies,” he added.

ReneSola’s expectations that more customers will purchase its solar wafers reflected on its full-year guidance for 2010, which includes shipments of 900 MW to 950 MW of solar products. The company already delivered 242.4 MW in the first quarter and 258.3 MW in the second quarter.

ReneSola will also boost its annual solar wafer manufacturing capacity to 1,200 MW this year to meet the increasing demand for solar products. This will be further raised to 1,800 MW in 2011.

In addition, the company is involved in producing polysilicon, solar cells and modules. It achieved 375 MW capacity in module production and 240 MW capacity in cell production by the second quarter of the year.
ReneSola (NYSE:
SOL
) established a 3,000-metric-ton polysilicon production facility in Sichuan province in 2009. The polysilicon plant is expected to yield 1,500 metric tons to 1,700 metric tons of production output this year.

According to a Frost & Sullivan study, the solar industry will gain momentum in the Asia-Pacific – particularly in Japan, South Korea, Australia, Taiwan, Malaysia and Thailand – this year due to the region’s abundant solar resources, the technology’s modular nature and easy expansion plans.

Investors will also take advantage of the declining prices, oversupply and government incentives for solar power projects in the region.

 

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