Solarfun Power Holdings Co., Ltd., a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic ("PV") cells and modules in China, announced that Jiangsu Linyang Solar Power Electronic Engineering Co., Ltd. ("Jiangsu Linyang"), a wholly owned subsidiary of Solarfun, has entered into an engineering, procurement and construction ("EPC") contract with Guangdong Guohua New Energy Investment Co., Ltd. ("Guohua New Energy"). According to the terms of the contract, Jiangsu Linyang will be responsible for designing, engineering and constructing an 8.1 MW PV power plant in Heyuan City, Guangdong Province. Jiangsu Linyang will also supply the PV modules to be used in this project.
This solar power project, subsidized by the national Golden Sun program, will be owned by Guohua New Energy, a Heyuan-based company founded in September, 2009. This project is expected to become operational by December 30, 2010. When completed, the plant is expected to cover a total area of approximately 30 hectares (74.1 acres) and generate approximately 8.1 MWh of electricity per year.
Dr. Ping Peter Xie, Chief Executive Officer and President of Solarfun, commented, "We are excited to have been selected for this important project. It is the largest EPC project for Solarfun in China and should help position us well for further growth from other similar projects in the future. This project builds on our prior project experience in China. Our first project dates back to 2007 when one of our subsidiaries completed the very first 1 MW grid-connected project in China on Chongming Island. Through our subsidiaries, we also supplied BIPV modules to Olympic Park in Beijing in 2008 and delivered 10.2 MW of PV modules to China Xuzhou Xiexin Generation Stations in 2009. More recently, we were particularly proud to supply rooftop PV modules to the French and Hamburg, Germany Pavilions at the Shanghai World Expo 2010. China will be an important market for PV projects in the future and we fully intend to devote the necessary resources to this growing region."
