Hanwha Q-Cells Sees 2014 Panel Shipments of Up to 1.2 Gigawatts

Hanwha Q-Cells GmbH, the German unit of South Korea’s Hanwha Group, sees panel shipments rising to 1 gigawatt to 1.2 gigawatts this year and said its factories are running at full capacity to meet growing demand.

The unit, once the world’s largest maker of cells, sold 247 megawatts in the first quarter, it said today in a statement. Sales grew in the period, while earnings before interest and tax turned positive, it said without providing comparative figures.

Q-Cells, which makes cells and panels in Germany and Malaysia, was bought by Hanwha in late 2012 after becoming insolvent amid Chinese competition. It increased production capacity to 1.1 gigawatts from 1 gigawatt last year and is now expanding to 1.3 gigawatts to meet rising global demand. Of this, about 1.1 gigawatts will be based in Malaysia.

The company said it’s now Europe’s largest panel provider, though Bonn-based Solarworld AG (SWVK) still has the biggest production in the region. Solarworld, which completed a financial restructuring in March, today said it shipped 154 megawatts of panels in the first quarter and is able to produce 1.1 gigawatts annually.

To contact the reporter on this story: Marc Roca in London at mroca6@bloomberg.net

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

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