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iPhone maker Hon Hai pours RMB 100 bln into solar power

Jan. 5, 2012 (China Knowledge) - Hon Hai Precision Industry Co, the world's largest contract electronics manufacturer by revenue and the parent firm of Hong Kong-listed Foxconn International Holdings<2038>, plans to spend nearly RMB 100 billion to tap into the Chinese photovoltaic (PV) power market.

Taiwan-based Hon Hai has announced plans to build a facility in Yancheng, Jiangsu Province with an investment of US$30 million to produce solar power cells and modules after it teamed up with GCL-Poly Energy Holdings Ltd<3800>, China's largest polysilicon producer, for a RMB 90 billion PV project in Datong, Shanxi Province.

The Yancheng PV plant, which is designed to cover a land area of 30,000 mu and have an annual output capacity of 400 megawatts (mW) in the initial phrase, would go into operation in April 2012.

Terry Guo, Founder and Chairman of Hon Hai, unveiled its long-term PV plan at a general meeting of stockholders held in June 2011.  

Chinese PV power industry, however, experienced sluggish market since the beginning of 2011, said analysts, adding that Nasdaq-listed JA Solar Holdings Co Ltd's<JASO> gross margin declined to negative 4.3% in the third quarter of 2011 from 22.5% in the whole year 2010.

Gross margin of Suntech Power Holdings Co Ltd<STP> also slid from 17.9% in 2010 to 13.3% in the third quarter of 2011, sources reported.

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