Solarfun Power Holdings said that it reached its expected capacity ramp target of 240MW at the end of 2007. The company expects capital spending to be in the region of $65 to $75 million in 2008 to add further lines to boost production to 360MW by mid-year 2008.
“Specifically, we expanded manufacturing capacity to a year-end level of 240 MW, acquired and began production of ingots at our 52 percent-owned ingot manufacturing facility – Jiangsu Yangguang Solar Technology Co. Ltd., increased our customer base more than six-fold, and signed five significant supply contracts totaling $1.4 billion, four of which were with suppliers outside of China,” commented Mr. Yonghua Lu, Chairman of Solarfun.
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However, company executives said in a conference call with financial analysts that ingot supply from Jiangsu would not meet previously agreed levels, though the reason for the shortfall was not explained. Solarfun now expects Jiangsu to supply between 10 and 15MW of equivalent ingot supply in 2008.
Solarfun said that it had signed contracts totaling over 160 MW for 2008, compared with 78.4MW the previous year and has secured supply of polysilicon slightly above its contracted sales volume.