Gintech, Solar Philippines sign 200 MW cell supply deal

Gintech, Solar Philippines sign 200 MW cell supply deal

Taiwan's Gintech Energy has signed the first phase of a 200 MW solar cell
supply deal with PV manufacturer and developer Solar Philippines.

Taipei-based crystalline silicon cell producer Gintech is looking at
opportunities to expand throughout Southeast Asia, according to an online
statement. It opened a 350 MW solar cell factory in Thailand in late 2015,
in response to U.S. anti-dumping measures on Chinese and Taiwanese PV
products.

In late August, Solar Philippines opened the first PV modules assembly plant
in the Philippines. The factory in Santo Tomas, Batangas province, is
expected to reach an annual production capacity of 800 MW of solar panels by
2018.

Manila-based Solar Philippines first opened the new production site in
March, with an initial operating capacity of 200 MW. It plans to
aggressively push its PV modules in the U.S. and Europe, with a global sales
target of PHP 10 billion ($197 million) by 2018. It has said that supply
deals and other partnerships with Taiwanese companies such as Gintech will
be a critical element in its overseas push.

Early last year, Gintech secured a NT$4.2 billion ($139.6 million)
syndicated loan agreement from a consortium of banks led by Taiwan
Cooperative Bank and First Bank. The company - which reported that its sales
fell roughly 30% year on year to NT$6,597 million in the first six months of
this year - said the three-year facility would help it pay off debts and
shore up its working capital.

Earlier this year, the company signed a deal to provide 30 MW of solar
panels to China Steel. The Kaohsiung-based steelmaker is using the modules
in a number of rooftop projects that will be rolled out over the next three
years.

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Link to Original Article:
https://www.pv-magazine.com/2017/09/04/gintech-solar-philippines-sign-200-mw
-cell-supply-deal/

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com