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SolarWorld Sees Growth in the First Half of 2015, Investing in Bifacial Modules

published: 2015-08-17 18:17

SolarWorld AG published its financial results for the first half of 2015. The company shipped 440MW of solar modules in 1H15, representing a 32% growth compared to 1H14. The revenue also increased by 40% to € 320 million y-o-y. The company also unveiled to develop bifacial PV modules with higher efficiency.

The main driver of this development was the solar market in the United States, where SolarWorld was able to double its shipment volume in 1H15. The U.S. business represented a 52% share of the group's total shipments of modules and kits.

SolarWorld increased the proportion of high-performance modules of group shipments. Consolidated revenue grew faster than shipments in the first half – by 40%– to € 320.0 (H1 2014: € 228.1) million.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose in the first half of 2015 to € 9.9 (H1 2014: 1.1) million. Earnings before interest and taxes (EBIT) improved to € –12.2 (H1 2014: –19.1) million. The comparative figures of the first half of the previous year are adjusted for one-off effects. Cost-cutting measures and efficiency improvements at all group sites have contributed significantly to the improvement of the operating performance.

A good start in the second half of 2015 with new large-scale orders

SolarWorld made a good start in the second half of 2015. The volumes sold in July plus the current order backlog for 2015 already add up to more than 500 MW. The company was able to win orders to deliver modules to international large-scale projects. The biggest single order has a volume of 50 MW, which will be delivered to a project in Central Asia.

Dr.-Ing. E. h. Frank Asbeck, CEO of SolarWorld AG: "We are further investing in high-performance technologies. In the first half year, we again set a world record for efficiency. Beginning in the fourth quarter, we will also offer bifacial solar power modules, which are not only extremely robust and durable, but which also use the indirect light on the back of the module to generate electricity. This enables an additional yield of up to 25%."

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