Solarfun Power Holdings Co., Ltd (NASDAQ:SOLF), a vertically-integrated
manufacturer of silicon ingots and photovoltaic (PV) cells and modules
in China, has signed a letter-of-intent for a three-year supply
agreement with Q-Cells International, a subsidiary of Q-Cells AG
(QCE.DE) , the world’s largest manufacturer of solar cells.
Under the letter of intent, Q-Cells intends to purchase from
Solarfun a minimum of 100 megawatts (MW) of PV modules per year using
PV cells supplied by Q-Cells from 2009 through 2011. The modules will
be used to serve Q-Cells International’s rapidly growing systems
businesses’ requirements.
Financial terms of the deal were not disclosed.
Anton Milner, CEO of Q-Cells stated, "We are very pleased to establish
this relationship with Solarfun which will support our growing needs
for the rapidly expanding activities in Q-Cells International, in this
case primarily outside of Europe."
Solarfun CEO Harold Hoskens commented, "Upon the expected entry
into the contract, it will allow us to build additional scale, and
leverage and enhance our corporate structure. We look forward to
building further areas of cooperation and sharing process, product and
application technology that could benefit both parties."
Last week Q-Cells signed a 5-year agreement
with solar services provider SunEdison, to supply 800 MW of solar
modules and begin joint development of solar power systems in North
America.
About Solarfun
Solarfun Power Holdings Co, Ltd. manufactures ingots and PV cells and
modules and supplies solar system integration services in China. The
Company produces both monocrystalline and multicrystalline silicon
cells and modules, and manufactures the majority of its modules with
in-house produced PV cells. Solarfun sells its products both through
third-party distributors and directly to system integrators. The
Company was founded in 2004 and its products have been certified to TUV
and UL safety and quality standards. SOLF-G
About Q-Cells AG
Founded in 1999, Q-Cells AG is today the largest manufacturer of
solar cells worldwide. In 2007, with some 1,800 employees, the company
produced monocrystalline and multi-crystalline solar cells with a total
performance of 389.2 megawatt peak and delivered them worldwide to
manufacturers of solar modules. More than 200 scientists and engineers
at Q-Cells are working on advancing the technology so as to achieve the
objective of the company – reducing photovoltaic costs quickly and on a
sustained basis and making them competitive. In addition to the
activities in its core business, from 2008 onwards several Q-Cells AG
subsidiaries will be producing photovoltaic modules on the basis of
various thin-film technologies. Q-Cells AG has branches in Hong Kong,
China and Japan.
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