Taiwan: Chairmen of NSP and Danen Resigned, Respectively

published: 2016-08-09 17:35 | editor: | category: News

Chairmen of Taiwanese wafer manufacturer Danen and cell manufacturer Neo Solar Power (NSP) resigned at the beginning of August, respectively.

Danen's chairman Yuan-shan Chao resigned his chairman and director positions, according to Taiwan’s local media. Danen's board recommend the general manager James Fang to be the new chairman.

Because wafer price has continued declining since this June, Danen's utilization rate slid and consolidated sales decreased in July. In first half of 2016, Danen's accumulated loss per share was NT $0.41.

NSP replaced its chairman and kept on investment in power plants

On the year of NSP’s 10th anniversary, chairman Quincy Lin resigned and stepped into the honorary director and chief strategy officer positions of NSP, and chairmen of two subsidiary companies, General Energy Solutions and V5 Technologies. Sam Hung, the co-founder and CEO of NSP, will be the new chairman.

“Since NSP was established 10 years ago, it has grown into a world-renowned solar power company, and expanded its product lines from solar cells to solar systems targeting the global market,” stated Hung. “In the second and third quarter of this year, we have kept on moving equipment to our factories in Southeast Asia. Once the manufacturing capacity is in place, NSP's competitiveness will be enhanced.”

Meanwhile, the second and third quarter’s financial reports are forecast to show loss of money due to the ongoing move.

In addition, NSP board passed several resolutions, including issuing the third ECB which will amount to US$120 million for paying the second ECB's principal and loans.

NSP will form a joint venture with Taiwanese firms which specializes in investing in solar power plants in Taiwan. The new company's equity is predicted to reach NT $1.5 billion. NSP will invest NT $600 million and control 40% share of it.

As for the USA market, NSP is projected to invest in US $34 million to establish a new company, Greenskies Power Group, to expand its presence and business in USA's large-scale PV project market and continue developing its YieldCo vehicle.

(Written by Rhea Tsao, Chief Editor of EnergyTrend, in Chinese; Translated by Janet Chen, translator at TrendForce Corp.)

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