Suntech Power Holdings Co., Ltd. (NYSE: STP) yesterday announced the company would invest USD$ 393 million to ramp up solar panel production capacity at its Shanghai facility by 1,000 megawatts over the next three years to help meet unprecedented demand for its solar modules.
Even with the reduction of solar incentives in Germany, global demand for solar power equipment has surged, leading to component supply issues.
The supply crunch originally started with a grid connect inverter shortage, but now some solar power system providers are having increasing problems in securing shipments of premium solar panels from trusted brands. Some in the industry fear that a continued shortage will see an explosion of low quality solar panels being installed on rooftops around Australia.
Suntech expects to triple its sales in North America during this year and reported late last week that Asia, Africa and the Middle East represented close to 21% of its sales in the first quarter of this year. The company recently shipped its 10 millionth solar panel and said the cumulative solar energy generated from Suntech solar panels alone is enough to provide clean and renewable power for around one million households
Suntech Chairman Zhengrong Shi made the announcement of the major Shanghai expansion at the launch of the Suntech-Guosheng Solar Sailor on the Huangpu River in Shanghai.
The 31.5 meter solar-powered vessel features solar sail technology developed by Australia-based Solar Sailor that combines electric drives with the power and range of hydrocarbon/alternative fuels. SolarSail technology can harvest wind and solar energy for a variety of applications from small unmanned vessels, to ferries, cruisers and tankers. Suntech-Guosheng Solar Sailor’s direct drive electric propulsion system is powered by 2 x 135kW electric motors and 2 x 150kW generators. The zero emission capable craft has a 186 passenger capacity and a 6 knot speed under solar/wind electric power.
