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Alternative Energy - Tuesday, July 27, 2010

Solarfun Wins Two Solar Module Contracts

Arguably one of solar's hottest stocks, Solarfun Power Holdings (SOLF:NASDAQ) announced today that it has signed two contracts to supply a total of 12 megawattts (MW) of photovoltaic modules for projects in Italy.

Solarfun will be delivering 6 MW to GranSolarGhelia in southern Italy during the second half of 2010. Ghelia Group, Gransolar's parent company, is well-known for its development of hydroelectric power. Gheila Group has built two plants in Costa Rica that supply 67 MW of power and a 32 MW plant in Guatemala.

The other 6 MW are being purchased by Tozzi Renewable Energy and will be delivered to central Italy during the third quarter of 2010. Like Gransolar, Tozzi is not a solar specialist but is looking to develop its competency in the field. Along with solar projects, Tozzi is seeking to develop biomass technology, design, micro and mini wind turbines and fuel-cell packages for the Italian market and worldwide.

Up 33.7 percent over the past year, Solarfun hasn't seen the downturn in its stock that major players in the solar industry have experienced. Over the same period First Solar (FSLR:NASDAQ) is down19.56 percent, Suntech Power (STP:NYSE) is off 47.8 percent and Sunpower (SPWRA:NASDAQ) has lost 57.8 percent.

On a day where Dow has been teetering between postive and negative territory, shares of Solarfun have given back 2.14 percent in gains while First Solar is off 2.47 percent ahead of its earnings report on Thursday. Suntech is also down 3.7 percent while Sunpower's "A" shares are up 1.39 percent.