Pacific Crest’s Mark Bachman Updates on CSI Initiative – Suntech (NYSE:STP) Accelerating
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/udrhsNO6yh0/Posted on Friday, July 3rd, 2009 | In Market Commentary, Small & Micro Cap
July 2, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman provided an update this morning on the California Solar Initiative (CSI), noting that the first half of 2009 showed strong growth in California PV applications.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The first half of 2009 is up 71% over the same period in 2008 for solar installations under the CSI at 108.1MW.
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SunPowerrsquo;s (Nasdaq:SPWRA) Y/Y growth for this period was only 13%, compared with Sharp (6753.T) which is up 126%, SolarWorld (SWV.DE) which is up 281% and Suntech (NYSE:STP) which is up a staggering 538%.
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The government segment continues to lead the CSI program, driven by a stronger subsidy ($2.30/watt) than commercial and residential ($1.55/watt). The government sector has 38.1MW installed through June, 2009, up 146% over the same period last year.
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sharp and Suntech have been able to win increasing share in the U.S. from recent 30% price cuts over Q1 levels, while SunPowerrsquo;s have dropped between 15% and 25%.
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