Oct. 2 (Bloomberg) -- Solarworld AG, Germany's third-largest solar-power company, will withstand the global credit crisis because it has surplus funds and an order book nearing $10 billion, Chief Financial Officer Philipp Koecke said.

``I don't need credit; I have too much money,'' Koecke said today in an interview in Lillestroem, Norway. ``At the end of 2006, beginning of 2007, I raised private placements in the U.S. of $500 million, so now I have $800 million in cash.''

Solarworld is maintaining its 30 percent growth forecast for sales and earnings before interest and tax this year, the executive said. The Bonn-based company will have $10 billion in orders on its books by the turn of the year from 30 to 40 clients in Europe, the U.S. and Asia, he added. Solarworld said in August that orders exceeded $9 billion.

European alternative-energy companies have benefited as governments in the region offer incentives for power production from renewable sources such as sunlight and wind to curb dependence on oil imports and emit less carbon dioxide, a gas blamed for global warming.

Solarworld is maintaining profit margins by hedging its costs through 10-year silicon-supply contracts and 10-year wafer contracts with its clients, according to Koecke.

``This way we maintain a balance,'' he said. ``It gives us security, so we can pay salaries and hopefully pay dividends.''

Solarworld pays an average silicon price that's ``much less'' than the market rate of $70 to $75 a kilogram, according to Koecke, who declined to say how much it paid.

To contact the reporter on this story: Marianne Stigset in Oslo at mstigset@bloomberg.net

Last Updated: October 2, 2008 08:41 EDT