Solar module supplier TSEC Corp (元晶太陽能) has secured a NT$2.3 billion to NT$2.5 billion (US$81.15 million to US$88.21 million) major supply contract for two new ground-mount solar farms in Taiwan, boding well for the company’s hopes of making a turnaround.
The new orders would start to contribute to revenue from this month through February next year, TSEC said in a statement on Thursday.
The new contract is the biggest deal it has landed in recent years.
Photo: Chang Hui-wen, Taipei Times
“With new orders on hand, the company has clear business visibility for this year,” TSEC said in the statement.
Earlier this year, the company landed a major order to supply 120 megawatts of solar modules, it said.
The latest contract would require the company to supply solar modules to two new solar farms on the west coast, with a combined installed capacity of 240 megawatts a year.
One of the new solar farms would be the nation’s biggest when it is completed, with the facility generating more than 320 million units of electricity per year, the statement said.
The new contract is the fifth major deal TSEC has landed after securing orders to supply solar modules for Taiwan Power Co’s (台電) 181 megawatts project at the Changhua Coastal Industrial Park (彰濱工業區) and a 150 megawatts project in Qigu District (七股) in Tainan, along with two other solar projects from Taiwan Sugar Corp (台糖) and Singaporean solar energy developer Vena Energy Holdings Ltd.
To cope with rising demand, TSEC in December last year announced a NT$700 million capacity expansion plan to produce larger-sized solar modules.
The investment would add between 350 megawatts and 400 megawatts solar module capacity a month, the company said.
TSEC’s revenue rose 13.17 percent to NT$1.14 billion in the first three months of this year, from NT$1 billion a year earlier.
The company saw its losses last year widen to NT$284.93 million from NT$200.08 million in 2019, which it attributed to a price slump, as well as local governments tightening regulations, which delayed constructions of new major solar facilities by six to nine months.
However, its gross margin improved to 10.57 percent last year from 4.94 percent in 2019.
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