ISOFOTON has reported profits of Euro 7.74 million in 2011, allowing the company to achieve positive results for the second consecutive year. During 2011, ISOFOTON increased sales in terms of watt production by 10% with respect to the previous year despite a 60% drop in polysilicon prices. In 2011, ISOFOTON sold 85MW.
ISOFOTON’s President Ángel Luis Serrano commets: “We are satisfied with the results obtained. ISOFOTON has achieved positive results for the second consecutive year and has increased the volume of watts sold by 10%, despite competing in an increasingly complex environment that is currently experiencing a process of sectoral concentration, coupled with a drop in polysilicon prices of up to 60% that has resulted in other materials in the value chain experiencing similar drops”. Adds Mr. Serrano: “new investments such as the automated module assembly line in 2011 have contributed to improve overall efficiency, maintain profitability and increase company sales”.
The company’s outlook remains positive, as ISOFOTON continues to adapt to changes in the global photovoltaic sector. In order to respond to increasing demand from Latin American markets, the United States and Asia, ISOFOTON plans to expand its production capacity to 1,500MW in two years. To this end, the company has begun construction of a new plant in Ohio (U.S.) to be inaugurated September 2012, in addition to opening a new manufacturing facility in Latin America in the coming years. Ángel Luis Serrano remarks: “ISOFOTON plans to become one of the first companies to achieve 21% solar cell efficiency through our collaboration agreement with SAMSUNG, in addition to increasing efficiency of HCPV modules up to 25-27% and 30% in 2013”.
Furthermore, ISOFOTON has entered into strategic agreements with Asian partners including CNOOC, Samsung, Posco and GCL-Poly. A global leader in the processing and production of polysilicon and silicon wafers and one of the largest global investors and green energy producers, GCL-Poly has recently signed a Memorandum of Understanding (MOU) with ISOFOTON to boost worldwide development (1GW of solar farm project) and use of solar energy and promote the supply of clean energy. CGL-Poly will manage project financing in addition to providing EPC (Engineering, Procurement & Construction) services. In return, ISOFOTON will supply modules for joint projects and will purchase wafers and part of the solar cells from GCL-Poly.
Drops in polysilicon prices
During 2011, drops in polysilicon prices plummeted 60%, dragging prices down in general across the entire value chain. The main raw materials dropped from US$80/kg at the beginning of 2011 to less than US$30/kg. Other materials in the value chain have also experienced drops of approximately 60%.
Despite these drops in prices, ISOFOTON’s revenue reached Euro 106.197 M, 13.8% less than 2010, representing a much lower percentage than the 60% price drop of polysilicon.