) has plans to supply 70 megawatts (MW) of cell packages
comprising C7 solar concentrator photovoltaic technology to a
Chinese consortium, the Huaxia Concentrated Photovoltaic Power
Co., Ltd., a joint venture (JV) in Inner Mongolia, China. The
move marks the company's endeavor to enhance its foothold in the
Chinese market. The financial terms of the deal were not
disclosed by the companies.
CANADIAN SOLAR (CSIQ): Free Stock Analysis
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The company will supply the cell packages for the initial phase
of two SunPower C7 Tracker (C7) projects. These include a 20 MW
project in Saihan and another to be located in Wuchuan with a
capacity of 100 MW. Both the projects are located in Hohhot,
Inner Mongolia and are slated for completion in 2015.
The C7 utilizes the single-axis tracking technology and rows of
parabolic mirrors. It uses SunPower's most efficient
third-generation Maxeon solar cells with efficiencies of up to
24.5%. C7 empowered plants will generate more electricity by
using less number of cells compared to other existing
technologies. For example, such a plant can generate 400 MW of
power using less than 70 MW of SunPower cells.
The latest deal with Huaxia Concentrated Photovoltaic Power JV
was initially signed in Dec 2012. Apart from SunPower, the
consortium consists of Tianjin Zhonghuan Semiconductor Co., Ltd.,
Inner Mongolia Power (Group) Co., Ltd. and Hohhot Jinqiao City
Development Company, Ltd. The deal gained its final approval in
Last year, China installed a record 12 GW of solar panels, making
it the world's largest solar market in 2013, overtaking longtime
leader Germany. The solar product manufacturing companies are
speeding up their operations in China thanks to the government
turning more and more stringent on environmental issues. The
electricity generators are implementing new measures to bring
down emission levels of greenhouse gases. At present, nearly 70%
of China's electricity is generated from coal-fired power plants.
The country is taking active steps to idle the high operating
cost coal mines. China aims to double its generating capacity by
2030, with half of all new plants having renewable sources of
power. China is anticipated to install up to 14 GW of solar power
The company currently holds a Zacks Rank #3 (Hold). Players in
the solar industry with a favorable Zacks Rank include
Canadian Solar Inc.
JinkoSolar Holding Co., Ltd.
Trina Solar Limited
). While Canadian Solar holds a Zacks Rank #1 (Strong Buy),
JinkoSolar Holding and Trina Solar carry a Zacks Rank #2