Has Suntech Power Signed A 500MW Chinese Solar Deal?
I’m throwing this out there and if anyone has additional informationto report feel free to post in the comments below. There was a reportin the WSJ today that Suntech Power (STP) may soon sign a big 500 MW China deal. Apparently, a report by a local China media outlet was widelycirculated that the Qinghai province has signed a 500 MW deal withSuntech.
Suntech spokesman Steve Chadima told Dow Jones Newswires Tuesdaythat the high level project was supposed to be kept under wraps, butwas leaked today. He went on to say discussions were ongoing, socouldn’t provide specifics, but expects the project to be completedwithin a couple years.
It’s a bit surprising that STP only moved 6% on the rumor today, butthen again it’s nearly quadrupled off the lows in anticipation that thegovernment would begin throwing quite a bit of money around at solarprojects and this is just more confirmation of that.
In addition, Hapoalim Securities analyst Gordon Johnson expressedcaution about the potential Qinghai deal Tuesday, noting that the twoparties still have to agree on key terms, including project financingand the overall size of the project.
"This is a very dangerous time to invest in the solar sector – thestocks are moving on rumor and speculation as opposed to fundamentals,"Johnson said.
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