Daqo Unveils $1.2 Billion Price Tag for Second Phase of Expansion

Polysilicon maker revealed the final phase of its massive expansion will add 100,000 MT of capacity and should start producing by the end of next year Key Takeaways: Daqo New Energy said it will spend 9.2 billion yuan to add 100,000 MT of polysilicon capacity in the second, and final, phase of a massive expansion in Inner Mongolia The expansion will triple the company’s capacity, just as polysilicon prices are showing signs of peaking and starting to fall after tripling over the last two years By Doug Young Bring on…

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ReneSola Grows on Shift to Solar Power Production

The company’s third-quarter revenue rose 86%, fueled by a doubling in revenue from its newer business operating solar power plants Key Takeaways: ReneSola’s revenue rose 86% in the third quarter, as the company transitions from solar plant builder to the more stable business of power plant operator The company holds big hopes for Europe, where it recently added three new solar farms as it starts to build a regional business as an independent power producer By Doug Young ReneSola Ltd. (SOL.US) has become a sort of solar chameleon these days,…

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FAST NEWS: Daqo New Energy’s Profit Rises 11% in Third Quarter

The Latest: Polysilicon maker Daqo New Energy Corp. (DQ.US) on Thursday reported its revenue roughly doubled year-on-year to $1.2 billion in the third quarter, while its profit rose by a more modest 11% to $323 million over the period. Looking Up: The sluggish profit growth owed largely to costs related to employee stock incentives. Excluding those, the company’s non-GAAP profit doubled to $590 million in the third quarter from $295 million a year earlier. Take Note: The company’s polysilicon production volume fell to 33,401 metric tons (MT) for the third…

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Daqo Lines Up Big New Buyer Ahead of Massive Expansion

Shuangliang Silicon Materials has agreed to purchase 10% or more of Daqo’s polysilicon output over the next five years Key Takeaways: Daqo New Energy has signed an agreement to sell 150,300 metric tons of polysilicon to a Chinese polysilicon wafer producer over the next five years Daqo and its global peers are currently adding major new capacity that will start to come onstream next year  By Doug Young Build it and they will come, or so the saying goes. But Daqo New Energy Corp. (DQ.US; 688303.SH) is taking no chances,…

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JinkoSolar Taps China Unit to Raise $1.5 Billion for New Projects

Leading solar panel maker will take advantage of a significantly higher valuation for its Shanghai- listed unit to raise money through a convertible bond issue Key Takeaways: JinkoSolar will issue up to 10 billion yuan worth of convertible bonds through its China-listed subsidiary to help fund two major new projects announced earlier this year The fundraising takes advantage of a major valuation gap between the U.S.-listed company, which trades at a P/E of 40, and the China-listed unit, whose P/E stands at around 130 By Doug Young There’s no question…

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Daqo New Energy Sees Strong First-Half Profit, Continued Rising Polysilicon Prices

Producer of the main ingredient used to make solar panels forecasts the profit for its China-listed subsidiary roses 340% in the first half of the year Key Takeaways: Daqo New Energy said the profit for its China-listed unit rose about 340% in the first half of the year, slowing from the 389% growth in the first quarter The company forecast polysilicon prices will continue to rise in the near-term, reversing a previous weakening from record levels at the start of the year By Doug Young When is a 340% profit…

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ReneSola Encounters Headwinds but Looks Better Positioned Than Most

Solar farm builder reports 85% revenue plunge and first-quarter loss, but sees situation improving through the year Key Takeaways: ReneSola has encountered recent headwinds due to Covid-related lockdowns in China and withdrawal from a major U.S. project Company looks better positioned than peers from other industries due to accelerating focus on renewable power construction in the west By Doug Young Its inclusion in a couple of solar promotion programs powered solar farm builder ReneSola Ltd. (SOL.US) to a market-beating performance on Tuesday, defying a bigger selloff that saw the S&P…

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FAST NEWS: Xinjiang Daqo Gets Approval for Shanghai Private Offering

The latest: Polysilicon maker Daqo New Energy Corp. (DQ.US) announced  Thursday its subsidiary, Xinjiang Daqo New Energy Co. Ltd. (688303.SH), has received approval from the China Securities Regulatory Commission for its planned private share offering in China’s A-share market to no more than 35 institutional investors. Looking up: The private offering will raise 11 billion yuan ($165 million) for Xinjiang Daqo, of which approximately 8 billion yuan will be used for a 100,000 metric tons of polysilicon expansion project in Baotou City, Inner Mongolia, China, and the rest of the proceeds for working capital.  Take Note: While…

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JinkoSolar Stumbles on Covid Challenges, But Longer-Term Future Remains Bright

Solar panel maker said its revenue fell sequentially from the fourth quarter to the first, but noted the war in Ukraine is speeding a global drive to reduce dependence on fossil fuels Key Takeaways: JinkoSolar blamed Covid disruptions for a 10% sequential decline in its first-quarter revenue, but added such challenges should be ‘short-term and manageable’ Company forecast it will sell 35 GW to 40 GW of capacity this year, implying it is taking market share from rivals By Doug Young Quite a few messages are emanating from two new…

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