Suntech just announced that the Sydney Theater Company will use Suntech’s new, super-efficient Pluto technology to help power the building. The new system will produce 500 KW of energy and should be up and running by 2010. In conjunction with other energy efficiency measures, the solar panels should enable the Sydney Theatre Company to get by with 70% less power from the grid.
In a press release, Dr. Zhengrong Shi, Suntech’s Chairman and CEO, … Read the rest
Hat tip to StreetInsider.com for the following upgrade/downgrade notes:
Hapoalim downgrades Suntech Power (STP) to Sell with a $9 price target, citing escalating solar module price war.
The firm said, “Evidenced by Ersol’s recent decision to adjust the mid-point of its CY09 EBIT guidance to “negative” vs. +12% before (due to a “sig. drop in prices of solar modules”), we believe “Tier 1” module vendors are beginning to react to price aggression by Chinese solar … Read the rest
Suntech just announced that it has entered into agreements with several Chinese provincial and city governments for solar projects.
The agreements are as follows: 300 MW for the Shaanxi provincial government, 500 MW for the Shizuishan city government in Ningxia province, 500 MW for Qinghai provincial government, and 500 MW for Panzhihua city government in Sichuan province, for a grand total of 1.8GW. The agreements are contingent on several conditions. Suntech will need to get … Read the rest
Solar stocks were slammed today as oil prices continued to retreat and the cautious comments out of Barclays didn’t help either. Barrons reported this morning that analyst Vishal Shah is cautious on solar heading into Q2 earnings because of the magnitude of the recent rally and the unlikelihood of US & China demand picking up the Germany slack.
He made price cuts as well:
– ENER from $13 to $17 on customer financing
– FSLR … Read the rest
Tate posted last month about speculation that Suntech was working on a 500MW deal in China. Today, Suntech’s press office confirmed the deal for PV-tech.org. The article quotes an unnamed source from Suntech as saying that the deal is “a non-binding strategic agreement similar to our agreement with the Qinghai government.” Suntech reportedly signed the agreement on June 26th.
Under the agreement,Suntech will invest almost $1.2 billion in a 500MW solar project in … Read the rest
Suntech Power just announced that it has obtained a convertible loan for $50 million from International Finance Corporation. The 7-year loan agreement carries a fixed annual interest rate of 5.0 percent and can be converted into an ADS share for $18 per share.
In a press release, Dr. Zhengrong Shi, Suntech’s Chairman and CEO, commented on the loan:
“We are pleased that IFC, a world class investment institution that supports sustainable development, has agreed … Read the rest
I’m throwing this out there and if anyone has additional information to report feel free to post in the comments below. There was a report in the WSJ today that Suntech Power (STP) may soon sign a big 500 MW China deal. Apparently, a report by a local China media outlet was widely circulated that the Qinghai province has signed a 500 MW deal with Suntech.
Suntech spokesman Steve Chadima told Dow Jones Newswires … Read the rest
Suntech Power (STP) and New Jersey based Petra Solar have announced a partnership that will focus on marketing utility grade, pole mounted solar AC systems for utility distribution and streetlight poles around the world, particularly in the US. The systems will consist of PV modules and integral line voltage inverters with real time communication and smart grid capabilities.
Dr. Zhengrong Shi, Suntech’s Founder, Chairman and CEO said, "We recognize that Petra Solar is the leader … Read the rest
Suntech Power (STP) is back in the black with improving margins, posting an EPS of .01 share vs analyst estimates of a .06/loss. However, revenues were very light at $315 million, missing estimates of $360 million. It represents the first quarter of negative quarter over quarter revenue growth in company history, so certainly not much reason for optimism on this report outside of the improving margins. The CEO is enthusiastic though, noting that revenues “only” … Read the rest
Suntech (STP) announced today it will build the largest, grid connected rooftop solar system for Jiangsu Province in China which is expected to be completed by October. The 1.5MW rooftop system will be built in collaboration with Jiangsu Guoxin Asset Management Group and be eligible to receive the recently announced subsidy for rooftop solar systems.
”China’s new national solar subsidy should spark the growth of a strong domestic solar market enabling the gradual shift to … Read the rest