Suntech Power Holdings Co., Ltd., one of the world’s solar panel production giants, has announced financial results and other achievements for the third quarter of this year.
Suntech (NYSE: STP) says its total net revenues for the period came to USD $743.7 million representing growth 57.2% year-over-year and that Suntech solar panel shipments skyrocketed 25.3% sequentially and 107.1% year-over-year.
According to Dr. Zhengrong Shi, Chairman and CEO of Suntech, shipments and revenues attained new quarterly records and the company reached production capacity of 1.6GW, with its goal of 1.8GW production by the end of this year firmly in sight.
Suntech also announced the integration of a 375MW silicon ingot and wafer slicing capacity in China.
Other highlights from the quarter include a partnership to supply solar modules to a 5MW solar farm in Thiva, Greece; one of the largest in the nation.
Suntech also opened its first U.S solar panel production plant in Arizona with an initial production capacity of 30MW, which is expected to reach 50MW output by early 2011. Another deal was inked for North America related operations to assist in the construction a solar silicon manufacturing facility in Ontario, Canada.
During the third quarter, Suntech was also chosen as a supplier to a 44MW solar farm in Thailand, which will be one of the biggest in the country.
In the final quarter of this year, Suntech expects at least 10 percent sequential growth in shipment and aims to ship more than 1.5GW of solar power products in 2010, representing year-on-year growth of at least 113%.
