DelSolar Submits IPO Application to TWSE

September 02, 2010 by Jeff Shepard

DelSolar Co., Ltd., a Taiwanese solar energy firm, announced that its Initial Public Offering (IPO) application has been delivered to the Taiwan Stock Exchange. DelSolar is convinced that the IPO will benefit current and future shareholders with a number of significant advantages including: an enhanced and more diversified capital funding universe; a more prestigious profile globally; a reinforced corporate governance platform.

In addition to its Hsinchu-based fab, DelSolar’s WuChiang, China-based facility has successfully expanded its photovoltaic cell production capacity to 216 MW currently. DelSolar’s downstream integration strategy is also on track as its total photovoltaic module production capacity has increased to 185 MW now. These modules have obtained key world-class certifications such as IEC 61215, IEC 61730, UL1703, CEC, AS/NZS among others and with further certifications being pursued.

DelSolar delivered NT$ 1.12 billion in consolidated revenues during the month of July 2010 while consolidated revenues YTD have reached NT$ 5.06 billion, representing a 175.6% increase in YoY terms. Single-month output during July 2010 broke above the NT$ 1.0 billion barrier for the first time.

The firm is currently executing its capacity expansion plans given the robust trend in demand. Capacity utilization in the Hsinchu-based fab has been upgraded to 120% from its original 120 MW to the current 144 MW while the WuJiang, China-based facility has further room for growth given a larger capacity being installed. Construction of DelSolar’s Jhunan fab was initiated in June 2010 and is currently running smoothly. The firm expects Jhunan to enter its mass production stage in the second half of 2011. It is estimated that the photovoltaic cell production capacity could reach 3 GW. In addition, DelSolar is actively contemplating further downstream integration initiatives.

RC Liang, DelSolar Chairman and CEO, noted, "DelSolar is built on pillars such as an outstanding human capital and an ever-improving technological platform that ensures a stable and robust expansion in the long-term. This IPO shall lift the status of our DelSolar brand worldwide and assist in our constant search for an ideal cost of capital. It also represents a new beginning for our firm which is destined to become a global leader in the photovoltaic industry".