Suntech Power Holdings Co., Ltd. (NYSE: STP) today announced it expects to ship 2.2GW of solar panels in the fiscal year ending December 31, 2011 and the inking of a joint venture deal to expand its solar cell production capacity by 1.2GW.
Suntech, one of the world’s largest manufacturer of solar panels, said by the end of this year, it expects to ship more than 1,500MW of solar products, representing year-over-year revenue growth of at least 64%. Suntech also expects to achieve 1.8GW of installed cell and solar production capacity and 500MW of installed wafer capacity by the end of 2010.
For the year ahead, it projects revenues from solar products of USD $3.4 billion to $3.6 billion and is shooting for 2.4GW of installed cell and module production capacity by the end of 2011.
Suntech also announced it will form a joint venture with Wuxi Industrial Development Group and Wuxi New District E&D Group to own and operate a 1.2GW solar cell production facility. Suntech will have a 40% stake in joint venture and will contribute approximately USD $60 million towards the equity investment. 600MW of the solar cell production capacity is expected to be completed by the middle of next year, with the remaining 600MW to be attained later in 2011 or 2012 depending on the demand outlook.
According to Suntech Chairman and CEO Dr. Zhengrong Shi, “This joint venture will provide access to cost-effective PV cell capacity utilizing Suntech’s high performance technology and reliable manufacturing processes, with reasonable cash outlay. It will also enable us to meet the growing demand for Suntech’s premium quality solar products.”
