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Suntech net income tripled in 2010

Suntech saw a tripling in net income in 2010 compared to the year before, reaching US$262.3 million.

By Renewable Energy Focus staff

Revenues soared 71.4% to US$2.9 billion, as total solar photovoltaic (PV) shipments jumped 124.5% to 1572 MW.

Suntech Chairman and CEO, Zhengrong Shi, says: “Within Europe we entered new partnerships with industry leaders such as Siemens and became the first company to ship more than 1000 MW in the region. We achieved a leading market share in the Americas and were recently selected to supply a 150 MW (AC) project for Sempra Generation, just down the road from our new Arizona manufacturing facility. And we continue to gain ground in key growth markets such as Australia, China, India and Thailand.”

He adds: “The opportunities ahead of us have never been greater. We are confident that our investments in our global sales channels, integrated manufacturing capabilities and technology initiatives will expand our position as the global market leader.”

2011 outlook

For 2011, Suntech expects revenues in the range of US$3.4-3.6bn with the shipment of solar products reaching at least 2.2 GW.

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