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
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
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
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
Can you say short squeeze! Wow, what a move in the China solars today. Looking at the board to my left, both TSL and STP are up over 50% and some of the other China solars are up anywhere from 20 – 40%. It’s hard to believe that an article speculating that the China government will be supportive of local solar development would cause a move of this magnitude but when you consider the amount … Read the rest
3rd Rock Systems of San Francisco and Suntech Power (STP) have announced a strategic alliance in developing 7.2MW of solar power within the US. 3rd Rock will be the developer and leverage existing relationships to raise project financing while Suntech will supply the solar modules, engineering and construction services through its subsidiary, Suntech Energy Solutions.
“This alliance creates an excellent opportunity to leverage 3rd Rock’s expertise in monetizing a broad variety of tax credits, loans … Read the rest
Suntech Power (STP) reported a large loss of .27/share last quarter which matched estimates but beat revenue expectations with $414 million in revenue, a small bump up from the year ago quarter.
“We believe that we are now in a position to service all avenues of solar demand globally, including residential roof-top, commercial roof-top, ground mounted and utility scale. In particular, our continued investment in the U.S.should position us for strong growth in that key … Read the rest
StreetInsider.com reports that MEMC Electronic Materials has amended its supply agreement from July 25, 2006 with Suntech Power. Under the agreement, MEMC Electronic Materials agreed to sell silicon wafers to Suntech for a period of 10 years. The change to the agreement does not alter the aggregate revenues for sales at all. Rather, MEMC has agreed to a volume increase for this year’s sales and a price reduction. … Read the rest