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Isofoton records profit for second year in a row

24.05.2012: Spanish solar manufacturer Isofoton SA posted a profit of €7.74 million ($9.78 million) for full-year 2011 despite a 13.8 percent year-on-year decline in revenue. The company, which manufactures solar cells and modules in Málaga, Spain, said it sold 85 MW of solar products last year and recorded revenue of €106.19 million ($123.21 million). The company reported a positive outlook and says it expects to expand solar production capacity to 1,500 MW in two years time. To that end, the company expects to inaugurate a production facility in Ohio in September 2012, and it aims to open a new facility in Latin America in the coming years. Last week, Isofoton and Chinese polysilicon and wafer manufacturer GCL-Poly Energy Holdings Ltd. signed a memorandum of understanding to jointly develop and construct 1 GW of photovoltaic (PV) projects worldwide. Under the agreement, Isofoton will provide all of the modules used for the projects. However, Isofoton will purchase all of the wafers and some of the solar cells used for those modules from GCL-Poly. Isofoton suggested that many of the projects would be located in Latin America, the US and China, but it did not give any indication of when construction on those projects might begin. … Source: Isofoton SA; Summary: PHOTON http://www.isofoton.com The complete press release can be viewed in PHOTON's archive using the following link: http://www.photon-international.com/newsletter/document/65585.pdf

 

 

Monty Bannerman

ArcStar Energy

646.402.5076

www.arcstarenergy.com