Solargiga Energy to boost exports
April 28, 2011 Category Alternative energy, Environment
Solargiga Energy aims to source half of its sales from overseas markets this year – up from 40% last year, partly owing to higher demand from nuclear crisis-hit Japan. Demand from Japan would rise because the earthquake and nuclear crisis had led to the shutdown of nuclear power plants, whose capacity would need to be replaced by alternative energies, said Solargiga CEO Xu Youyuan. CLSA Securities Solar Sector Analyst Charles Yonts estimated the Japanese government might subsidize the installation of an additional 1,000 megawatt of solar panels to help combat power supply shortages. Following Japan’s nuclear disaster, Italy had delayed this year’s subsidy cut by three months, and its proposed cap on the output capacity of solar panels to be subsidized in future years looked increasingly unlikely to be realized, even though subsidies for each panel would be cut, Xu said. Solargiga posted a net profit of CNY214 million for last year, compared to a loss of CNY106 million in 2009, as demand recovered strongly after the global financial crisis that had reduced financing available for solar projects. Strong demand owing to rapidly falling panel and component prices saw the Liaoning-based company bring forward its plant expansion plans, despite volatilities brought by uncertainties in solar energy subsidy policies in major markets. The company originally planned to bring on stream a mono-crystalline wafer production line with an annual capacity of 200 MW by 2013, but had decided to do so by this end of this year. The capacity addition is taking place in Qinghai, where Solargiga has a 51% stake in a joint venture plant. “For multi-crystalline wafers, we originally planned to build annual capacity of 200 MW this year and raise it to 500 MW by 2013, but since we have more orders, we must complete the expansion by the end of this year,” Solargiga’s CEO said. The expedited plan means Solargiga will more than double capacity of plants it has invested in from 600 MW to 1,300 MW this year, the South China Morning Post reports.
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