ReneSola posts record results: wafer manufacturing costs fall to US$0.56 cents per watt

Facebook
Twitter
LinkedIn
Reddit
Email

ReneSola has posted record shipments, revenue and profits for its second quarter 2010 financial results. Wafer manufacturing costs fell significantly from the previous quarter due to high utilization rates and material price declines, particularly from polysilicon, which have fallen to market-equivalent prices, while the overall total wafer cost has been reduced to US$0.56/W.

The company noted that wafer costs are expected to be driven down further to between US$0.46/W to US$0.48/W by the end of 2011. Internal polysilicon costs are expected to reach between US$40 and US$45/kg by the end of 2010 as its production ramp continues.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Wafer production capacity is expected to reach 1.8GW from the current 1.2GW, while expanding module production capacities to 600MW from the current 375MW by the end of the year.

Record total shipments in the quarter were 258.3MW, an increase of 6.6% from 242.4MW in Q1 2010. Wafer shipments were 206.7MW, down from 226.9MW in the previous quarter as the company ramped OEM module shipments from 15.4MW in the first quarter to 50.6MW in the second quarter. Average module selling price was US$1.75/W. The Company expects to ship between 145MW to 165MW to new and existing customers in the second half of 2010. Total module shipments are expected to be in the range of 210 to 230MW.

“We achieved record results in terms of revenues, net income and shipment volumes in the second quarter of 2010,” said Mr. Xianshou Li, ReneSola’s Chief Executive Officer. “We delivered a strong gross profit margin of over 30% during the quarter as we continued to lead the industry as a cost-competitive solar manufacturer and executed on our OEM module servicing strategy. Strong market demand coupled with our cost-efficient structure should place ReneSola in a position to increase profitability in the coming quarters.”

ReneSola said that CapEx would remain under tight control with US$100 million allocated to planned capacity expansions in wafer, cell and module capacities. Approximately US$50 million will be used in building capacity towards the 2011 targets in 2010. A further US$140 million of capital expenditure in 2011 is currently budgeted for achieving those targets.

Net record revenue in the quarter was US$253.9 million, an increase of 22.9% from US$206.6 million in the previous quarter.

Read Next

September 11, 2025
The EBRD has launched a new programme to improve access to green financing and support energy investments such as renewable power projects.
September 11, 2025
Constant Energy has secured THB300 million (US$9.4 million) in green financing from HSBC to expand large-scale solar and battery storage projects in Thailand. 
September 11, 2025
US cell manufacturer ES Foundry is proceeding with expansion plans despite a six-month delay due to recent trade and tax credit policy uncertainties.
September 11, 2025
The absence of negative pricing in Italy undermines the case for co-located solar storage, the co-founder of Italian IPP Terrawatt has said.
September 11, 2025
Solar power generation in Central Europe has grown at more than twice the EU average rate since 2019, according to new figures.
Premium
September 11, 2025
PV CellTech USA: US cell manufacturer ES Foundry’s CEO Alex Zhu discusses his company's rapid ascent, strategic technology choices and the challenges of operating in a shifting policy environment.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines