Solarfun just announced that it has been granted a credit facility worth RMB 6 Billion (or an equal amount of foreign currency if desired) from the Nanjing branch of the Bank of Shanghai. The term is 5 years and the Bank of Shanghai must review and approve each drawdown individually.
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In a press release, Gareth Kung, Chief Financial Officer of Solarfun, explained the significance of the … Read the rest
Solarfun Power (SOLF) announced plans this morning to increase manufacturing capacity by 50MW and to convert 160MW of its cell manufacturing lines to high efficiency selective emitter technology with both expected to be completed within about six months. The increase in capacity will be achieved by good old fashioned “debottlenecking” and get the company to a total capacity of 550MW by early next year. They also announced that new manufacturing facilities are under construction and … Read the rest
Auriga is out this morning with some notes on the solar industry after attending Intersolar in Munich, Germany. The firm believes industry fundamentals remain strong with robust European demand being driven by attractive rates of return on solar projects. They believe that as long as project returns are attractive, and both debt and equity financing remains available, demand for PV projects will continue to surprise versus the bearish outlook.
Here are more notes from the … Read the rest
Needham & Company has come out with updates on their ratings of several solar stocks. Hat tip to Street Insider for the analyst comments:
Initiated coverage on First Solar (FSLR) with an Underperform and $92 price target.
“As the world’s largest producer of solar panels with the best cost structure, First Solar is benefiting from strong near-term demand and a growing pipeline of utility scale solar projects. However, we are concerned that margins will deteriorate … Read the rest
Solarfun just announced the introduction of its new “SolarIris” line of building-integrated photovoltaic cells. SolarIris PV modules come with artistic patterns and designs and can even be used for windows and skylights, making them a more attractive choice for architects and homeowners concerned with aesthetics. They have also successfully passed more than 2,000 hours of high-temperature and high-humidity testing.
===> Click Here For Your FREE Solarfun Analysis
In a press release, Peter Xie, President … Read the rest
Solarfun (SOLF) reported what has probably been one of the most impressive solar earnings reports this earnings season. Not only did the company properly hedge to avoid currency exchange losses, but they reported record revenues and smashed analyst estimates. No wonder the stock was up nearly 20% at one point today.
===> Click Here For Your FREE Solarfun Analysis
The non GAAP EPS of .40 was more than double what analysts expected (.19). Revenues beat … Read the rest
A little more than a month ago, Auriga initiated coverage on solar stocks and was generally bullish outside of its Sunpower (SPWRA) Sell rating. This morning, the firm is slashing price targets of some China solar companies, but is bullish in First Solar (FSLR). I don’t really understand the cutting of price estimates right now which are due to Euro exposure. The Euro has been deteriorating for some time now. Granted, Euro weakness has accelerated … Read the rest
Solarfun has just announced that it will increase its module capacity to 900Mw by August of this year in order to keep up with increased demand from customers. As part of this effort, the company also announced that it has purchased a 25MW cell production line from Semiconductor Manufacturing International Corporation. The purchase, along with Solarfun’s own previously announced expansion efforts, will increase its capacity to over 500MW by July.
In a press release, Peter … Read the rest
Last night I posted the Well Fargo analyst notes on STP, TSL & SOL as the firm initiated coverage of the sector. This morning I have a few more notes for SOLF, YGE & CSIQ courtesy of Street Insider.
Wells Fargo initiates coverage of Solarfun (SOLF) with an Outperform and valuation range of $10-$12.50. They believe that SOLF has been unappreciated in the past and that with a new management team and improving cost … Read the rest
I mentioned the Oppenheimer upgrade of Suntech Power (STP) this morning on Green Stocks @Twitter, but the firm has rating and price target updates on other solar stocks as well. Hat tip to Street Insider for the heads up.
Bullish on Yingli Green Energy (YGE) and gets upgrade from Outperform to Perform and $17 price target (about 30% higher). Want more YGE analysis?
Downgrades Canadian Solar (CSIQ) from Outperform to Perform and lowered and … Read the rest