ReneSola plans major capacity expansions for 2010


ReneSola Ltd.’s third-quarter financial results yielded quite an optimistic view of the company’s future. The vertically integrated Chinese wafer and cell manufacturer is looking to expand wafer production to 1GW (from 825MW); cell production to 360MW (from 120MW); and module production to 375MW (from 135MW).

Wafer shipment guidance for 2009 has also been raised from the 450-500MW range to 490-520MW. This figure has been guided further upwards for CY10 to 900-950MW based on a wafer ASP fall of 5-10%. Cell and module ASPs are expected to decline by 15-20% year-on-year in 2010.

ReneSola’s recent acquisition of Dynamic Green Energy (DGE) cost the company US$88.5m, and following the transaction’s close in 4Q09, sales are expected to commence in CY10. This year also saw the company acquire Wuxi Jiacheng Solar Energy Technology Co. (“JC Solar”), shipping 11MW of modules from the division in the third quarter.

The company’s Q3 net revenues exceeded guidance, coming in at US$140.9 million, an increase of 70.6% from US$82.6 million in the previous quarter. This quarter’s total shipments reached 146.9MW, a significant increase on the second quarter’s 85.9MW.
“We witnessed a strong rebound in customer demand for our quality products in the third quarter of 2009 and reached a corporate landmark as ReneSola achieved the highest quarterly shipments of solar products in its history,” said Mr. Xianshou Li, ReneSola’s CEO. “The benefits of our strategic acquisition of JC Solar and evolution into an OEM based, vertically integrated solar manufacturer expedited with the recently announced acquisition of Dynamic Green Energy are allowing us to build upon our strong wafer manufacturing platform and deliver high quality, low cost products throughout the solar production value chain.”

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Read Next

July 19, 2024
US solar manufacturer First Solar has started an investigation into several crystalline-silicon cell solar manufacturers for potential infringement of its patents.
July 19, 2024
Investment fund Quinbrook Infrastructure Partners and its subsidiary Primergy Solar have reached commercial operations at their 690MWac/966MWdc Gemini solar-plus-storage project in Nevada.
July 19, 2024
The Energy Storage for Resilient Homes Act would allow residents of the two states to use funding from the Federal Emergency Management Agency (FEMA) to purchase residential BESS.
July 19, 2024
SunPower said the decision was not made "lightly" and will consider options to support its mutual customers and collective business pipeline.
July 19, 2024
Sungrow has signed an agreement with Hero Group's renewables arm Hero Future Energies to supply 850MW of inverters.
July 19, 2024
The US Department of Energy (DOE) has issued a loan of up to US$861.3 million to support 200MW of solar PV and 285MW/1,140MWh of battery energy storage system (BESS) projects in Puerto Rico.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA