SHANGHAI, Oct. 12 /PRNewswire/ -- Solarfun Power Holdings
Co., Ltd. ("Solarfun" or "the Company") (Nasdaq: SOLF), a
vertically integrated manufacturer of silicon ingots, wafers and
photovoltaic ("PV") cells and modules in China, today announced that it has already
reached its 2010 year-end target of 360 MW in ingot manufacturing
capacity, 400 MW in wire saw capacity, 500 MW of cell capacity and
900 MW in module capacity. This represents increases of 100
MW in cell capacity and 200 MW in module capacity compared to the
end of the second quarter of 2010. As announced in the Company's
press release dated July 19, 2010,
the cell capacity is scheduled to increase to 550MW by early in the
first quarter of 2011 through debottlenecking and the enhancement
of manufacturing processes.
In addition, the Company announces that it plans to further
increase capacity in the upstream segments of its manufacturing
operations in 2011. The Company plans to increase:
- Cell capacity from 550 MW to 820 MW;
- Wire saw capacity from 400 MW to 572 MW; and
- Ingot capacity from 360 MW to 510 MW.
The Company expects to ramp production of the new cell, wire saw
and ingot lines in the second quarter of 2011 and complete the
expansion by the third quarter of 2011. The total capital
expenditures required for this expansion, including the
construction of new buildings and related infrastructure, are
approximately $130 million.
These capital expenditures will be fully financed by the
recent equity injection from the Hanwha Group, the Company's cash
on hand, as well as net cash flow from operations.
Peter Xie, CEO and President of
Solarfun, commented, "We are optimistic about our prospects in 2011
and plan to ramp up our manufacturing capacity to meet expected
customer demand. Our goal is to make Solarfun more fully
vertically integrated as we seek to lower our manufacturing costs
and become the leading low cost producer in the market. As
our current projections indicate, the expected capital expenditures
will be spent on expanding ingot, wafer and cell capacities, which
we believe will help improve our cost structure over time. In
addition, as part of the capital expenditures for 2011, we plan to
construct additional buildings, facilities and infrastructure,
especially for our ingot and wire saw operations, which will lay a
flexible foundation for further upstream expansion as market
conditions permit. We also plan to continue to reduce
processing costs through enhanced manufacturing efficiencies and
other R&D breakthroughs, and we believe we are well positioned
in a number of fast growing solar markets outside of Germany."
About Solarfun
Solarfun Power Holdings Ltd. (NASDAQ: SOLF) is a leading
manufacturer of solar PV cells and modules in China, focusing on delivering high quality and
reliable products at competitive prices. Solarfun produces its
monocrystalline and polycrystalline products at its internationally
certified, vertically-integrated manufacturing facilities. Solarfun
partners with third-party distributors, OEM manufacturers, and
system integrators to sell its modules into large-scale utility,
commercial and governmental, and residential/small commercial
markets. Solarfun maintains a strong global presence with local
staff throughout Europe,
North America, and Asia. Solarfun embraces environmental
responsibility and sustainability by taking an active role in the
photovoltaic cycle voluntary recycling program. For more
information, visit: www.solarfun-power.com. SOLF-G
SAFE HARBOR STATEMENT
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve inherent risks and
uncertainties and actual results may differ materially from such
estimates depending on future events and other changes in business
climate and market conditions. Solarfun disclaims any obligation to
update or correct any forward-looking statements.
For further information, please contact:
Solarfun Power
Holdings Co., Ltd.
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Investor
Contact:
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Paul
Combs
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V.P.
Strategic Planning
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Building 1, 18th Floor
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1199 Minsheng Road, Shanghai, PRC 200135
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P.
R. China
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Tel:
86-21-3852 1533 / Mobile: 86 138 1612 2768
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E-mail: paul.combs@solarfun-power.com
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Media
Contact:
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Fancy Li
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Senior Marketing Manager, Global
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E-mail: fancy.li@solarfun-power.com
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Christensen
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Kathy Li
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Tel:
+1 480 614 3036
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E-mail: kli@ChristensenIR.com
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Tip
Fleming
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Tel:
+852 9212 0684
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E-mail: tfleming@ChristensenIR.com
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SOURCE Solarfun Power Holdings Co., Ltd.
Copyright . 12 PR Newswire