Neo Solar Power has obtained orders in excess of its production capacity and expects to run at full utilization through the end of 2013, according to company chairman Quincy Lin.
Neo Solar has signed long-term supply contracts with several Japan-, US- and Europe-based clients, with the longest contracts effective until the end of 2014, Lin said. Demand for solar energy in Europe as a percentage of the global total is declining, while demand in Japan, the US and emerging markets is growing fast. As a result, Neo Solar expects orders from Japan and the US to account for 60-70% of total revenues in 2014, Lin indicated.
Neo Solar's operations swung from continued net operating losses to net operating profits of NT$335 million (US$11.2 million) in the second quarter of 2013.
Neo Solar has an annual production capacity of 2GWp currently, and its subsidiary provider of PV system installation services, General Energy Solutions, will expand annual PV module production capacity to 300MWp at the end of 2013 and further to 400MWp in 2014.
Neo Solar will raise funds through issuing 130 million new shares for sale at a tentative price of NT$20 per share as well as 3-year secured zero-interest convertible bonds worth NT$1.0 billion in total.
Neo Solar posted consolidated revenues of NT$2.009 billion for July, growing 3.62% on month and 97.81% on year, and those of NT$8.677 billion for January-July, rising 7.51% on year.
