Holy Sunergy to raise US$11.5 million for capacity expansion Nuying Huang,Henan;Jackie Chang,DIGITIMES[Thursday 10 May 2012]Holy Sunergy,a solar wafer maker funded by Taiwan-based firms,will raise additional capital of US$11.5 million to expand its annual production capacity from 40MW currently to 140MW in 2012 and further to 280MW in 2014,according to the China-based company.Holy Sunergy started volume production in December 2011 and expects to reach break-even in May 2012.
According to president Liao Zhen Yong,the firm is likely to apply for public trading of stocks in the UK in 2014.Liao added that the firm will expand downstream into solar cell production and development of hydrogen fuel cells.
Holy Sunergy has been receiving strong support from the Henan provincial government as the government accounts for 49%of shares.The government does not involve in management,bonus,or issues of shares.The government will forfeit the shares after three years without gaining any interests.
Henan provincial government has been hoping to form a solar cluster in the province.In addition to Holy Sunergy,the International Solar Energy Center of the United Nations Industrial Development Organization is also located in the Henan province.
Liao added that most solar firms have been operating with losses.However,Holy Sunergy has a relatively small capacity and with strict control,the firm is likely to breakeven in May 2012.The solar industry is slowly becoming an industry with low gross margins,and this is the time to show true strength of the management team,added Liao.
Yang Dayi,president of Tainergy Tech Kunshan,indicated that by adopting solar wafers from Holy Sunergy,the firm is able to produce solar cells with conversion efficiency above 17%.
Liao Zhen Yong,president of solar wafer maker Holy SunergyPhoto:Nuying Huang,Digitimes,May 2012
