Gintech Lands Huge NT$100B Orders for Solar Cells

Gintech Energy Corp, Taiwan`s second largest supplier of solar cells, has won big orders for the products at PV Power Expo Taiwan 2008, held at Taipei International Convention Center during Sept 9 to 11. The orders are valued a total of over NT$100 billion and will take three years to fill, according to company sources.

After scoring net profits of NT$1.101 billion, or NT$7.39 per share, for the first half of this year as Taiwan`s most profitable company in the sector, Gintech reported the highest monthly growth rate of 13 percent in its August revenue among solar cell makers. What`s more, with the newly added orders to contribute NT$25 billion to its annual revenue next year, the company is very likely to unseat Motech Industries Inc as the leading supplier of this kind on the island in terms of sales revenue in the near future.

Gintech is to achieve annual capacity of 220 megawatt of solar cells this year, and to drive up the figure to 560 megawatt by the end of next year. Besides, the company has actively focused on construction projects of solar power stations, in efforts to further broaden its business operations.

At the moment, Gintech is planning to set up its third manufacturing plant, which is estimated to turn out 840 megawatt of solar cells a year and scheduled to start mass production next August. With operation of the new plant, the company is expected to become the largest solar cell maker on the island by total production capacity of 1,400 megawatt next year.

Noteworthy is that Gintech is also planning to raise its capital by GDRs (global depositary receipts), which will represent a total of 30 million shares and be issued by Credit Suisse Group and ABS AMRO Bank. The company is going to hold investor conferences in Hong Kong, Singapore, Zurich, London, New York and Boston, and scheduled to complete the capital expansion this October.

Source: CENS