Wednesday August 27, 5:42 am ET
SHANGHAI, China–(BUSINESS WIRE)–Solarfun Power Holdings Co., Ltd ( “Solarfun” ) (SOLF), an established vertically-integrated manufacturer of silicon ingots and photovoltaic (“PV”) cells and modules in China, today announced that it has entered into a letter-of-intent for a three-year supply agreement with Q-Cells International, a 100% subsidiary of Q-Cells AG (“Q-Cells”), the world’s largest independent manufacturer of solar cells.
Under the letter of intent, Q-Cells International intends to purchase from Solarfun a minimum of 100 MW of PV modules per annum using PV cells supplied by Q-Cells from 2009 through 2011. The modules shall be delivered according to Q-Cells design and specifications and used to serve Q-Cells International’s rapidly growing systems businesses’ requirements. In addition, both parties intend to complete an agreement whereby the companies will cooperate to further enhance the development of highly efficient and low cost PV solar modules.
Anton Milner, CEO of Q-Cells stated, “We are very pleased to establish this relationship with Solarfun which will support our growing needs for the rapidly expanding activities in Q-Cells International, in this case primarily outside of Europe. We aim to combine our high efficiency cells and Solarfun’s competitive, flexible and high quality manufacturing base for solar modules to create high efficiency and cost effective module solutions for these systems. We believe that close cooperation between the two parties will provide each with opportunities to grow and compete effectively in the burgeoning field of renewable solar energy.”
Solarfun CEO Harold Hoskens commented, “We believe this relationship is beneficial to both parties and provides a platform for further areas of cooperation. We are pleased that Q-Cells intends to choose us as a major module supplier with this sizeable commitment. Upon the expected entry into the contract, it will allow us to build additional scale, and leverage and enhance our corporate structure. We look forward to building further areas of cooperation and sharing process, product and application technology that could benefit both parties.”
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