Solarfun Power Holdings Co. Ltd. (SOLF)

[10bags]

UPDATE 1-Solarfun plans to more than double US shipments in 2011

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Solarfun Power Holdings Co., Ltd.
SOLF.O
$11.27
+0.61+5.72%
5:14pm GMT+0200

Mon Aug 9, 2010 9:23am EDT

* Sees US shipments of 30-50MW in H2 of 2010

* Plans to raise US shipments to 100-150MW in 2011

* Shares up 4 pct before the bell

Aug 9 (Reuters) - Chinese photovoltaic cell maker Solarfun Power Holdings Co Ltd (SOLF.O) plans to more than double its shipments to the United States in 2011, as it expands its presence in North America.

The company currently expects to ship 30 megawatts (MW) to 50 MW to the U.S. in the second half of 2010 and increase shipment volumes to 100 MW to 150 MW in 2011.

"The U.S. and China markets will be among the most important growth markets for years to come. We are committed to capture an increasing share and are building momentum in the U.S.," Chief Executive Peter Xie said.

"Our pipeline of business opportunities is encouraging."

Shares of the company rose to about $11.08 in premarket trade after closing at $10.66 Friday on Nasdaq. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Aradhana Aravindan)