Suntech Power Holdings Co., the Wuxi, China based Crystalline Solar Module Manufacturing giant has said in a press statement that it has cut the Shipment target to 1.8-2.0GW from earlier predicted 2.0 - 2.5GW.
This shipment forecast was reduced, as increasing competition and also droping module prices, which is taking the company into severe losses.
David King, Suntech’s chief executive officer, said in the statement. “We are continuing to pursue a number of options to refinance our 2013 convertible notes and intend to address this issue in the near future,”.
Earlier this year the company also launched an investigation into a fraud involving a $699 million financing guarantee it provided to an affiliated company.
Suntech said that it's Q2'12 revenue was $471 million, down 43% from $830.7 million YoY. But the company posted higher Shipments. It's shipments rosed to 33% QoQ, which is substantially higher than the previous forecast of a 20% increase.
Suntech Module shipment in second Quarter was driven by European markets, China, Japan and Australia.
