Struggling UK-based solar wafer producer, PV Crystalox Solar has lowered its shipment volumes for the full year. The company expects shipments between 100-105MW, down from mid-year guidance of 100-120MW.
Management had said previously that due to the price collapse of solar wafers of around 76% over the last 12 months few if any producers were selling wafers at a profit. This had led to the company saying it would make a strategic decision on the future of the company before year-end.
However, the company said in a statement that it would continue to cut costs but would be returning cash to shareholders, though a statement on this aspect would be made before the end of 2012.
In its mid-year financial report, PV Crystalox intimated that it could possibly wind-down its operations and return subsequent cash holdings to shareholders.
In its interim statement, the company noted: “The Group continues to believe in the positive long-term outlook for the photovoltaic industry, but is mindful of the intensely competitive environment which is likely to persist in the medium-term and which has already led to many companies leaving the industry, either voluntarily or through insolvency.”
Massive overcapacity within polysilicon and wafering sectors has persisted throughout 2012 and is projected to remaining under pricing pressure in 2013.