Solarfun Power Holdings Co., Ltd. ("Solarfun" or "the Company") (Nasdaq: SOLF), a vertically integrated manufacturer of silicon ingots and photovoltaic, or PV, cells and modules in China, today announced that Jiangsu Linyang Solarfun Co., Ltd., a wholly owned subsidiary of Solarfun, has entered into three contracts to supply 12.65 MW PV modules to projects in China.
The first contract was with Xuzhou Xie Xin PV Power Co., Ltd. to supply 10 MW PV modules for a project based in Xuzhou City, Jiangsu Province. These modules were delivered during the fourth quarter of 2009. The other two contracts totaling 2.65 MW are for a government funded project in Anhui Province. Solarfun was one of four companies that won the bid to participate in the 15 MW project funded by Anhui Province. The modules are expected to be delivered during 2010. The project is subject to further government approval and financing. Certain commercial terms of the contracts are subject to further negotiation and adjustment.
Peter Xie, President of Solarfun, commented, "We are pleased to be one of the participants in the development of solar projects in Anhui Province and Jiangsu Province. We continue to believe that renewable energy such as solar power will play a significant role in China's efforts to meet the growing needs for electricity, and as a means to address climate change."