Chinese solar company Solarfun Power Holdings Co. (Nasdaq: SOLF) announced plans to expand capacity in 2010 to meet anticipated demand.
Solarfun will increase its PV module production capacity from 550megawatts (MW) to 700MW by April 2010 and its PV cell production capacity from 360MW to 480MW by July 2010.
Peter Xie, President of Solarfun, commented, "We have an optimistic view on industry demand in 2010 and believe that it is critical to scale up our manufacturing capacity to meet customer demand. We are expecting to see strong demand from areas with increased subsidies to solar projects such as China and the United States."
In a separate release, Solarfun announced that its subsidiary Jiangsu Linyang Solarfun Co., Ltd. has entered into three contracts to supply 12.65 MW of photovoltaic (PV) modules to projects in China. The first contract was with Xuzhou Xie Xin PV Power Co., Ltd. to supply 10 MW PV modules for a project based in Xuzhou City, Jiangsu Province. These modules were delivered during 4Q09. The other two contracts totaling 2.65 MW are for a government funded project in Anhui Province. Solarfun was one of four companies that won the bid to participate in the 15 MW project funded by Anhui Province. The modules are expected to be delivered during 2010. The project is subject to further government approval and financing.
Solarfun manufactures ingots, PV cells and PV modules, and provides PV module processing services to convert PV cells into PV modules. Solarfun produces both monocrystalline and multicrystalline silicon cells and modules. Solarfun sells its products both through third-party distributors, OEM manufacturers and directly to system integrators.
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