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More good news is coming for the rebounding solar sector with word that Beijing is accelerating its build-up of solar power plants in a bid to help the industry and also improve China’s dismal air quality. But that news is coming too late for rapidly disappearing sector pioneer Suntech (NYSE: STP), which has just announced it has formally launched a liquidation process that will end its life as an independent company. Suntech’s downbeat news isn’t really unexpected, and comes amid a much broader flurry of positive signs for a solar panel sector that is finally emerging from a downturn that has lasted nearly 3 years.
The latest piece of upbeat news from the corporate sector came just a day ago, when Trina (NYSE: TSL), one of the largest players, raised its shipment guidance for the third quarter by 20 percent, and said margins would also be significantly better than previously forecast (company announcement). Trina’s news came after Canadian Solar (Nasdaq: CSIQ) gave a similarly upbeat update on its third-quarter results, including a return to profitability for the period (previous post).
The latest good news for the sector comes from Beijing, which has raised an already aggressive target for new solar power plant construction even higher to help the industry. According to the latest reports, Beijing has raised the target by 20 percent, with an aim for 12 gigawatts of solar power capacity nationwide by 2014, up from a previous target of 10 gigawatts (English article).
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