According to StreetInsider.com, Collins Stewart is maintaining its Sell rating on both Suntech Power (STP) and Solarfun (SOLF) but raising its price targets on both. It’s raising the price target on STP from $6.50 to $10 and raising the price target on SOLF to $3.
Suntech commentary:
Collins analyst says, “Our CY09 forecast calls for STP generate $1.73B in sales and EPS of $0.20, both of which are below the consensus of $1.86B and … Read the rest
Suntech Power (STP) announced today it will supply Switzerland’s Sunergic with crystalline solar PV modules for a 1MW project with a Swiss utility company. 1MW doesn’t sound like much but it’s a milestone for Switzerland and represents the largest solar project to date for the country.
“Switzerland has demonstrated a clear commitment to pursuing sustainable energy solutions and we are pleased to partner with Sunergic to bring solar into the mix,” said Jerry Stokes, Suntech’s … Read the rest
Suntech has relocated its European headquarters to Schaffhausen, Switzerland, and is expanding its sales and marketing teams in Europe to twice the current number of employees.
In a post on , Suntech’s chairman and CEO explained the significance of the move:
“The European market represents close to 80% of our business and has the potential to grow significantly in the coming years,” commented Dr. Zhengrong Shi, Suntech’s Chairman and CEO. “Suntech has already established very … Read the rest
Suntech has announced its intention to build a manufacturing plant in the United States, taking advantage of incentives from both the federal government and state governments. In company press release, the company called the move part of its plan to create a long-term US presence. In the press release, Dr. Zhengrong Shi, Suntech’s Chairman and CEO, said:
… Read the rest"We believe in the outstanding long-term prospects of the solar energy market in the United States, and we
According to StreetInsider.com, Piper Jaffray is initiating coverage on Suntech Power (STP) today with a Neutral rating and a price target of $13. It calls the company’s current overcapacity, distressed balance sheet and lower utilization a reason to stay on the sidelines until a meaningful pull back in the stock. They believe unabsorbed overhead and lower margin will persist through 2010. On the bright side, they believe the company is a cost leader vs … Read the rest
It’s a real busy day in solar land. Suntech Power (STP) and Soleos Solar have entered into an agreement which has Suntech supplying Germany’s Soleos with at least 6MW of crystalline silicon PV modules in the first half of 2009 with the possibility of up to 30 MW over the course of the year.
David Mabille, Soleos’ CEO, remarked, “We are very pleased to extend our relationship with Suntech, who has a well-earned reputation for … Read the rest
Suntech just announced that the company’s Eagle Solar Roof with SolarBlend(TM) is a 50+ SMART CHOICE award winner. The award, which is given by the 50+ Housing Council and the Sales and Marketing Council of Southern California, recognizes produces which stand for being innovative and environmentally friendly.
The Eagle Solar Roof is a building integrated PV roof that provides solar power to residential homes, produced as a joint venture between Suntech and Eagle Roofing company. … Read the rest
Suntech just announced a research partnership with Swinburne University in Australia. Suntech’s CEO, Dr. Zhengrong Shi, and Swinburne’s Centre for Micro-Photonics Director, Professor Min Gu, will work together to develop more efficient "next generation" solar cells. To fund the project, the University will contribute 43 million worth of funding and Suntech will contribute another $3 million.
In an article from PV-Tech.org, Professor Gu described the potential benefits of the research:
… Read the restThe project will be based
Suntech Power Holdings Limited just announced that their Pluto technology has enabled the company to boost its conversion efficiency by 2.5 percentage points on monocrystalline PV cells and 1.5 percentage points on multicrystalline PV cells. Suntech is now able to produce monocrystalline PV cells with 19% conversion efficiency and multicrystalline cells with 17% conversion efficiency.
This is good news, a TradingMarkets.com explains:
The big improvement in the conversion efficiency will help the solar cell producer … Read the rest
A hat tip to StreetInsider.com for these notes from Friedman Billings & Ramsey regarding China’s solar policy. As you probably know the solars took off in a big yesterday, particularly the big China plays such as Suntech (STP) and Trina Solar (TSL). They ran on a report that China would be supportive of local solar development and offer subsidies but details have been fuzzy.
After some extensive checks with their contacts in China, FBR is … Read the rest