Suntech Boosts 2010 Solar Panel Shipments, Production Capacity on Demand
Suntech Power Holdings Co., China’s largest producer of solar-power modules, raised guidance today for shipments to customers this year by 15 percent and accelerated an expansion plan.
Solar panel deliveries this year will exceed 1,500 megawatts, up from guidance of 1,300 megawatts on June 3, and more than double 2009 shipments, Wuxi, China-based Suntech said in a statement.
To meet the surge in demand in Europe and the U.S., Suntech plans capital expenditures this year of $300 million to $350 million to boost annual production capacity to 1,800 megawatts from 1,400 megawatts.
Suntech rose 28 cents, or 3.1 percent, to $9.27 as of 9:31 a.m. in New York Stock Exchange composite trading. The stock has slipped 44 percent this year.
To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net.
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