Friday, February 27, 2009
Lower oil pirce and tight credit hurt Solar firm
Suntech, world's largest photovoltaic (PV) module manufacturer, price dropped all the war downard as oil price did. Two factors: oil price spured teh price of silicon prices; tight credit. "Due to the rapid decline in silicon prices and difficult financing environment, Suntech expects to incur an expense related to the impairment of Suntech's investments in Nitol Solar and Hoku Materials. The total value of the investment impairment is expected to be in the range of approximately $49 million to $52 million." Suntech also offers one of the broadest ranges of building-integrated solar products under the MSK Solar Design Line(TM). Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and will own and operate projects greater than 10 megawatts in the United States through Gemini Solar Development Company, a joint venture with MMA Renewable Ventures. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit http://www.suntech-power.com . In 2007, we generated approximately 50.9% of our revenues from Germany, 34.6% from Spain, 6.4% from the United States and the remaining 8.1% from China and the rest of the world. We believe we were the largest module supplier in Spain and the second largest in Germany in 2007.