(ADPnews) - Nov 18, 2010 - Chinese photovoltaics (PV) maker Suntech Power Holdings Co Ltd (HKG:1166) said yesterday it had agreed to purchase a wafer factory at home for USD 127 million (EUR 94m), as it seeks to bolster its wafer capacity, reduce costs and enhance profitability.
The production facility, with a capacity of 375 MW, is operated by a unit of Glory Silicon Technology Investments (Hong Kong) Ltd, in which Suntech owns an equity interest. The company plans to take control of the plant in the current quarter and expects that it will start adding to its earnings immediately.
"The acquisition of wafer manufacturing capacity is the next step of our vertical integration, which will enable Suntech to balance dual goals of large scale and low cost," chairman and chief executive Zhengrong Shi said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.