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ReneSola (SOL)

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Sounds good. On top of my head I cannot think of any other questions.

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Guest redsolar

I would ask, Given the poly spot price, how would they plan to leverage existing poly plant investment? What are the future prospects in expanding cell R&D and capacity? Renesola is researching on carbon fibers to help reduce the cost and panel weight. Any insight into this would help. Updates on Replus micro inverters...future direction on this. Are they planning to increase module capacity to absorb more wafers in house?

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hi red, I got the questions list just closed and sent to edit, sorry. There is poly question in there but mostly modules and wafers talk. I see if I can get it in the second draft.

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Modules up to and including 2012H1 have been rougly around 70% Europe 30% Australia. The Europe part includes focus on some of the newer eastern part markets. From 2012H2 and forward a big push in US will be made. Higher ASP there than in Europe and China and SOL modules are duty free in big volume. Wafers sales are quite diversified and annual geographical breakdown details are available in their 20-F filings, but Asia is a big market their.

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Guest redsolar

I am trying to asses the Module ASP for Q3. 70% Europe and 30% Australia means ...no Chinese market ? All these markets ASP suck for now. If this is true...the avg ASP may be around 65c/w. I am hoping USA markets will chip in for about 20% ...so the ASP can be brought to 67c/w. Wafer business...is safe...got good clients like JASO,CSI etc...less margins tho.. Do you know ...why these guys are aggressively opening new sales channels...when the capacity is already sold? Are they planning to increase the capacity (1.2GW) ...may be to 1.5GW in china? and 150MW from India (already started)

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The 70/30 was from the top of my head and probably not very accurate. They did not give much Q2 shipment breakdown info on Q2 CC, but guided the Q2 breakdown during Q1 CC. According to that guidance the sequential growth in Q2 was mainly in Europe. Here's the guided Q2 breakdown, as I understood it: Australia 20 MW Germany 56 MW Rest of Europe (Italy and eastern Europe dominated) 84 MW In Q2 CC they guided that Q4 we would see US and Japan module sales and possibly some China module sales. From an ASP perspective I think its good if they can supply us much as possible to other markets than Germany and China. From an AR risk perspective it is good to supply us much as possible to other markets than Italy. My understanding is that, of the big markets, Japan has best ASP followed by the US.

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Data for SOL in September shipments shows 50MW to Europe, 11 to the US and 10 to Australia. I have only export data, but as stated in the article they have shipped it more than quoted. Trina shipped 30MW to India in September. Yingli largest shipment to US at 26MW and 9 to Chile. Japan in September , Trina 4MW, Suntech 11, CSI 1o, 3 from Hanwha and under 1MW from JA. Hanwha sold 22MW to the US.

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Thanks. That 11 MW US sales in September looks like a good starting point, for them to deliver significant US sales in Q4 as promised.

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