The latest on renewable energy in Arizona
Suntech is now world's largest solar panel module producer
By Rachel Meyer, OpportunityGreaterPhoenix.com
 |
| Mack Macready (Suntech project manager) and Martin Guo (future general manager of the Goodyear factory) are pleased with the construction progress to date.
Suntech’s Goodyear AZ factory is on schedule to go into full production in 4Q of this year. Global market demand is extremely strong and Suntech is expanding its worldwide capacity to meet the demand.
|
China-based Suntech Power Holdings Co., which located its United States headquarters in Goodyear this year, reported total net revenues of $625.1 million in 2010’s second quarter, the highest in the company’s history.
Net revenues have grown almost 95 percent since 2009’s second quarter and 6.3 percent since last quarter for the maker of crystalline silicon solar panels.
“This makes Suntech the world’s largest module producer by revenue which is a significant milestone for the company,” said Suntech Chairman and CEO Zhengrong Shi during an Aug. 18 earnings conference call.
Arizona’s landmark Renewable Energy Tax Incentive Program and the state’s aggressive Renewable Energy Standards attracted the company to Goodyear.
Suntech’s U.S. manufacturing headquarters is scheduled to go into full production later this year.
The company is creating a strong presence in North America’s solar industry with 60 people on a regional team and another 75 to join the company at the Goodyear headquarters, said Steven Chan, who has been promoted to president of Suntech America.
“With expansion of Suntech’s annual capacity and shipment target, we now believe will be able to more than quadruple our sales to the North American market in 2010 and secure close to 20 percent market share,” Chan said during the Aug. 18 conference call.
Utility projects are expected to represent 50 percent of Suntech’s North American sales by 2012. United States sales have increased by 35 percent since last quarter.
The company has expanded its North American dealer network to about 400 in 2010’s second quarter.
“Suntech is becoming the world leader in photovoltaic. The efforts of Goodyear’s leadership will pay off,” said Barry Broome, the Greater Phoenix Economic Council’s president and CEO.
Other highlights from the earnings report:
- The company’s total photovoltaic shipments have increased 181 percent from last year.
- Suntech achieved 1.4 gigawatts of photovoltaic and module production capacity at the end of 2010’s second quarter. The company is planning to expand capacity to reach 1.8 gigawatts by the end of the year.
- The company has increased this year’s annual shipment target from 1.3 gigawatts to 1.5 gigawatts which is a growth of 113 percent from last year.
- Suntech increased shipments to Germany, Italy, France and other European countries. The company also has secured supply agreements with projects in Thailand, India, and Israel.