Solarfun Signs $230 Million Wafer Supply Contract

Solarfun Power Holdings Co., Ltd. announced the signing of three contracts with a major Korean conglomerate for sale and delivery of wafers totaling $230 million over a seven year period. Delivery will begin in 2008.

According to the agreements, Solarfun will receive a predetermined amount of wafers beginning in January 2008 with volumes reaching over 30 MW per year in 2011. The prices will be fixed with a declining price structure throughout the term of the contract. Additionally, the Korean firm will hold options to purchase back a certain percentage of the wafers as modules beginning in 2009.

“We are pleased to develop a long term partnership with a proven player and look forward to growing our relationship with them in many areas,” said Lu Yonghua, chairman of Solarfun. “This contract will be a key factor towards fulfilling our immediate expansion goals of 360 MW in production capacity by mid-2008 and allows us to explore OEM as a possible addition to our business model.”
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