Breaking ground for a new production facility in Tainan yesterday, solar battery cell maker Neo Solar Power Corp (新日光) said it aimed to become the world’s top maker within the next three to four years. Chairman Quincy Lin (林坤禧) said at the groundbreaking ceremony that the goal would be achievable after the new plant reaches full capacity, the Central News Agency and online news outlet Cnyes.com reported yesterday.
CAPACITY
Costing NT$30 billion (US$938 million), the new facility is expected to commence mass production one year from now, the reports said, citing the company.
The Tainan plant will reach its full capacity of 3.2 gigawatts in the next three to four years. The current plant’s capacity will reach 800 megawatts by the end of the year, and when combined, will raise its overall capacity to 4 gigawatts.
This will allow Neo Solar to seize a 10 percent share of the solar cell business, placing it among the world’s top three makers, the reports quoted Lin as saying.
SURGING ORDERS
Solar cell makers including Neo Solar, Motech Industries Inc (茂迪), Gintech Energy Corp (昱晶) and E-Tone Solar Tech Co (益通) are seeing orders in excess of capacity for the rest of the year.
Orders from Italy, France, the Czech Republic, Spain and Japan are strong and have offset a decline in demand from Germany, analysts said.
To secure its wafer supply, Neo Solar said last week it had clinched a deal with ReneSola Ltd, a Chinese maker of solar wafers and solar modules. The deal calls for ReneSola to supply Neo Solar with approximately 293 MW of multicrystalline wafers from last month to December 2013 and approximately 141 MW of monocrystalline wafers from October to December 2013.
EARNINGS
Neo Solar reported earnings per share of NT$6.15 for the first half of the year, which is the second-highest among Taiwan’s solar-concept stocks and only behind rival Gintech’s NT$6.40.
First-half revenues reached NT$7.49 billion, up 96.1 percent from last year, and after-tax profit totaled NT$1.31 billion, reversing a loss of NT$823 million in the same period last year.
Fubon Research said in a client note on Aug. 17 that Neo Solar’s quarterly sales are expected to grow 28 percent quarter-on-quarter to NT$5.7 billion, given the strong demand for solar cells and a better product mix.
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