Solarfun meets end-2010 capacity targets in advance

(ADPnews) - Oct 12, 2010 - Chinese photovoltaic (PV) equipment maker Solarfun Power Holdings Co Ltd (NASDAQ:SOLF) today announced it already reached its target capacity for the end of 2010, having produced 360 MW of ingots, 400 MW of wire saws, 500 MW of solar cells and 900 MW of PV modules.

The company's plans are to lift ingot capacity to 510 MW, wire saw capacity to 572 MW and to produce 820 MW of solar cells by the third quarter of 2011. Solarfun will invest around USD 130 million (EUR 94m) to make this possible. It intends to use the proceeds from the recent deal with South Korean company Hanwha Chemical Corporation (SEO:009830) for the purpose. Last week, Hanwha Chemical bought 49.99% in Solarfun for around CNY 529.6 million (USD 79m/EUR 57m).

"Our goal is to make Solarfun more fully vertically integrated as we seek to lower our manufacturing costs," the company's president and CEO, Peter Xie, said. "We plan to construct additional buildings, facilities and infrastructure, especially for our ingot and wire saw operations," he added.

(USD 1 = EUR 0.724)
(CNY 1,000 = USD 149.850/EUR 108.511)

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