Green Energy announces plans to expand capacity

June 29, 2012 by  
Filed under Green Energy News

Green Energy Technology Inc (綠能科技), the nation’s biggest solar wafer maker, said capacity would grow by about 800 megawatts at the end of next quarter from this quarter after it secured Chinese partners for supply.

That would help the company improve on its loss in the fourth quarter, company president Lin Hur-lon (林和龍) told Unique Satellite TV.

This year, Green Energy aimed to expand its capacity to 1.5 gigawatts, according to a statement it released yesterday.

Last month, Lin Hur-lon said the company was seeking Chinese partners to help boost capacity, which would be more cost-efficient than building its own factories and offer more flexibility.

Lin Hur-lon said yesterday at the company’s annual general meeting that factories had been fully utilized this month. The company’s business would improve quarter by quarter, he added.

Yesterday, Green Energy’s shareholders approved the company’s proposal to raise fund by selling 45 million new shares, or issuing bonds.

Last year, the company lost NT$2.3 billion, reversing net profits of NT$1.72 billion (US$57.6 million) in 2010 because European countries froze subsidies to solar panel installation amid the eurozone debt crisis.

In the first quarter of this year, Green Energy lost NT$850 million, its fourth quarterly loss in a row.

Shares of Green Energy rallied 6.97 percent yesterday to NT$26.1.

In related news, Lin Wei-shan (林蔚山), chairman of Tatung Co (大同), which is a parent company of Green Energy, was sentenced to four-and-a-half years in prison yesterday by the Banciao District Court for misappropriating his company’s assets through investments and fake transactions.

The district court said Lin Wei-shan embezzled more than NT$1 billion from Tatung, a home appliances household brand, to fund a female friend’s company — Nature Worldwide Technology Corp (通達) — which he had invested personally.

Lin Wei-shan was found guilty of violating the Securities and Exchange Act (證券交易法), while his female friend Chou Yun-nan (周雲楠) was given four-and-a-half years for fraud.

Lin Wei-shan, who also chairs Green Energy, said he would appeal the ruling with the Taiwan High Court.

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