Cowen’s Stone Weighs in on Jiangsu Province PV FIT Program – Should Stimulate China PV Market
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/gZTk4x42s_0/Posted on Wednesday, June 24th, 2009 | In Market Commentary, Small & Micro Cap
June 23, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone commented on the implications of the Jiangsu Provincersquo;s announced details of a PV FIT program (the first in China). He said it should be a catalyst for Chinese PV companies, and that it will increase the chances for a national FIT program to be announced sooner. He also noted that the Chinese market should develop more rapidly, given the relative liquidity in Chinarsquo;s financial system.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Best positioned companies under coverage are Suntech (NYSE:STP) and Trina Solar (NYSE:TSL). STP could be allocated about 80MW of rooftop projects, and perhaps the entire BIPV program.
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Jiangsu Province FIT program will support 400MW in 2009-11: 260MW (rooftop); 130MW (ground mount); and 10MW (BIPV), with FIT rates (USD per kWh) of $0.54, $0.31 and $0.63, respectively
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks China could be a 300-500MW market in 2009 and 500-1,000MW market in 2010
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