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

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

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

July 4, 2025
Chinese PV provider Skycorp Solar Group has announced a solar plant acquisition and development strategy following unanimous board approval.
July 4, 2025
Germany’s latest innovation tender has awarded 488MW of co-located capacity, with all the projects being solar PV tied with energy storage.
July 4, 2025
Risen Energy’s mass-produced heterojunction (HJT) modules have reached a cell conversion efficiency of 26.61%, a record figure for the company.
July 4, 2025
The US House of Representatives has passed the final version of the reconciliation bill that is now going to US President Donald Trump’s desk for his signature before its passing.
July 4, 2025
Australian retailer AGL Energy has confirmed its acquisition of South Australia’s Virtual Power Plant (SAVPP) from Tesla.
July 3, 2025
Renewable energy curtailment in Brazil is set to reach 8% across the country, and be as high as 11% in the north-east, by 2035.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK