Dr. Zhengrong Shi, Suntech's founder, chairman, and CEO commented: "To meet the soaring global demand for Suntech's solar products, we plan to add 1,000 megawatts (MWs) of crystalline silicon cell and module production capacity at our Shanghai facility within the next three years. Today, there is no question that solar power has officially set sail in Shanghai."
Reuters additionally reported that the company intends to invest 2.68 billion Yuan (USD$939 million) in the project. It also said that despite an expected cut in German solar power subsidies next month, which analysts warn will dampen third-quarter demand, Mr. Shi told a briefing for reporters that returns for power producers in that market would still be attractive, while other markets such as the United States were growing rapidly.
"We're all sold out for this year. We're short of capacity and can't meet our clients' needs," he said. "We have a backlog in the second quarter. We have a backlog in the third quarter. We haven't seen any impact from the reduction in German subsidies."
Read the full report here.
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