Suntech Expects 2011 Solar Panel Sales to Increase 20 Percent

Suntech Power Holdings Co., China’s largest solar panel maker, expects sales to climb at least 20 percent next year and plans to increase production capacity to meet surging demand.

Revenue next year will be $3.4 billion to $3.6 billion, up from revised 2010 guidance of $2.78 billion to $2.83 billion, the Wuxi, China-based company said today in a statement. Production capacity will climb to 2,400 megawatts by the end of next year from 1,800 megawatts at the end of this year.

Suntech gained 24 cents, or 2.9 percent, to $8.52 at 9:53 a.m. in New York Stock Exchange composite trading. The stock has dropped 49 percent this year.

(Suntech plans to discuss its forecast at an investor meeting in New York today at 10 a.m. To listen to a webcast, go to the company’s website http://www.suntech-power.com/)

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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