Solar cell maker Gintech Energy Corp (昱晶能源) yesterday saw its share price outperform its local peers in Taipei trading following an announcement on Wednesday that it had signed a contract with ReneSola Singapore Pte Ltd to secure its solar wafer supply.
The contract would give Gintech a stable supply of up to 5.25 million megawatts of solar wafers over the next six years, the company said in a filing to the stock exchange.
The contract will take effect in July and run through June 2014, Gintech said in the filing. The company did not disclose the financial terms of the deal.
The recently announced deal is the third of its kind that Gintech has signed in the past one year to secure its polysilicon wafer supply. The competition to secure wafer supply among solar cell makers has intensified in the past few years, after governments and utility regulators around the world began to promote the use of alternative energy to replace fossil fuels.
In August last year, Gintech secured ample material supply from MEMC Electronic Materials Inc, before it signed another contract with Chinese supplier LDK Solar Co (江西賽維) earlier this year.
Gintech is expected to boost its annual solar cell production capacity to 560 megawatts by the end of this year and to approximately 1 gigawatt by the end of 2010, after completing its equipment installation at its second plant at Hsinchu Science Park (新竹科學園區) in August next year, the company said last month.