Solarfun (SOLF) Announces Two New Business Developments
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Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF) today announced several major business developments. Jiangsu Linyang Solarfun Co., Ltd, a 100% subsidiary of Solarfun, has entered into a long-term polysilicon supply agreement with Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd., a subsidiary of GCL Silicon Technology Holdings Ltd. Solarfun has also entered into an agreement to purchase the remaining 48% stake in Jiangsu Yangguang Solar that it did not own.
Under the agreement, GCL Silicon Technology will supply Solarfun with virgin polysilicon sufficient to produce approximately 1.2 gigawatts of solar modules in aggregate over eight years. Deliveries begin immediately. This agreement provides further security for the Company's ability to meet its polysilicon needs and reach its target of 160 to 180 MW of module shipments in 2008.
On June 23, 2008, Linyang Solarfun also entered into an agreement to acquire the remaining 48% equity interest in Jiangsu Yangguang Solar Technology Co. Ltd. from Nantong Linyang Electric Power Investment Co., Ltd. (as to 18%), Jiangsu Qitian Group Co., Ltd. (as to 20%), and Jiangsu Guangyi Technology Co., Ltd. (as to 10%) for an aggregate consideration of approximately $51.5 million, to be paid in installments.
Solarfun Power Holdings Co., Ltd., through its subsidiaries, engages in the development, manufacture, and sale of photovoltaic (PV) cells and PV modules.
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