NEWS I ROUNDUP
ISOFOTON declares a profit of €7.74 million for 2011
ISOFOTON has reported profits of Euro 7.74 million in 2011, allowing the company to achieve positive results for the second consecutive year. During 2011, ISOFOTON increased sales in terms of watt production by 10% with respect to the previous year despite a 60% drop in polysilicon prices. In 2011, ISOFOTON sold 85MW.
ISOFOTON’s President Ángel Luis Serrano comments: “We are satisfied with the results obtained. ISOFOTON has achieved positive results for the second consecutive year and has increased the volume of watts sold by 10%, despite competing in an increasingly complex environment that is currently experiencing a process of sectoral concentration, coupled with a drop in polysilicon prices of up to 60% that has resulted in other materials in the value chain experiencing similar drops”. Adds Mr. Serrano: “new investments such as the automated module assembly line in 2011 have contributed to improve overall efficiency, maintain profitability and increase company sales”.
The company’s outlook remains positive, as ISOFOTON continues to adapt to
changes in the global photovoltaic sector. In order to respond to increasing demand from Latin American markets, the United States and Asia, ISOFOTON plans to expand its production capacity to 1,500MW in two years.
The company has begun construction of a new plant in Ohio (U.S.) to be inaugurated September 2012, in addition to opening a new manufacturing facility in Latin America in the coming years. Ángel Luis Serrano remarks: “ISOFOTON plans to become one of the first companies to achieve 21% solar cell efficiency through our collaboration agreement with SAMSUNG, in addition
to increasing efficiency of HCPV modules up to 25-27% and 30% in 2013”.
ISOFOTON has also entered into strategic agreements with Asian partners including CNOOC, Samsung, Posco and GCL-Poly. A global leader in the processing and production of polysilicon and silicon wafers and one of the largest global investors and green energy producers, GCL-Poly has recently signed a Memorandum of Understanding (MOU) with ISOFOTON to boost worldwide development (1GW of solar farm project)
China Sunergy delivers 5MW to Bulgaria
CHINA SUNERGY CO., LTD. has announced that the company had completed delivery of 5MW in solar modules to Bulgaria for the Yerussalimovo Solar Park.
The modules were sold to Mitsubishi International GmbH and are being installed and managed by Helios Power. Helios Power has been a strategic partner for the company in Bulgarian market starting from 2010. Since the beginning of 2012, China Sunergy has shipped a total of 22.32 MW to Bulgaria, on top of 18MW sold last year, which accounted for above 30% of the Bulgarian market in 2011.
Bulgaria’s solar market has gained pace since the country introduced a preferential feed-in- tariff in December 2006 and entered the European Union in January 2007. The first renewable energy projects were hydro- electric and wind, followed by solar, for which the country’s southern part with relatively warmer climate is well-suited. In
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recent years, Bulgaria’s energy grid has experienced some instability as demand sometimes outpaces supply during the daytime. Power generated by solar installations has helped to moderate the supply of electricity to the grid. The solar power industry has experienced rapid growth in Bulgaria, and companies like Mitsubishi and Helios Power have partnered to develop large-scale solar projects. Mr. Stephen Cai, CEO of China Sunergy commented, “We have built up a very large market share in Bulgaria. Our 18 MW in shipments last year comprised nearly 32% of this market, which, according to the latest Solarbuzz report, totalled about 57 MW in 2011.
The Bulgarian market is forecasted by the same report to increase to 2.7 times last year’s level, to 152 MW, in 2012. We hope to continue to maintain 30% market share this year, even considering the tripled market size. Bulgaria is a great example of high potential emerging markets for China Sunergy, and we believe we can build on the solid relationships we have there to sell more in the future.”
and use of solar energy and promote the supply of clean energy. CGL-Poly will manage project financing in addition to providing EPC (Engineering, Procurement & Construction) services. In return, ISOFOTON will supply modules for joint projects and will purchase wafers and part of the solar cells from GCL-Poly.
During 2011, drops in polysilicon prices plummeted 60%, dragging prices down in general across the entire value chain. The main raw materials dropped from US$80/kg at the beginning of 2011 to less than US$30/kg.
Other materials in the value chain have also experienced drops of approximately 60%. Despite these drops in prices, ISOFOTON’s revenue reached Euro 106.197 M, 13.8% less than 2010, representing a much lower percentage than the 60% price drop of polysilicon.
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