Suntech Shoots for 20 percent of U.S. Solar Market

Suntech Power Holdings Co Ltd just can’t seem to stay out of the news lately. News outlets have mentioned the Chinese solar manufacturer’s name in connection with—among other things—a potential import tariff hike on solar panels, Pakistan’s incipient solar market and, most recently, Suntech’s plans for its first U.S. plant, around Phoenix, AZ. Now, Forbes (via Reuters) reports that the Asian powerhouse aims to grow its share of the U.S. solar market to 20 percent by next year.

Last year, Suntech possessed about 10 percent of the U.S. solar market share, with that number estimated to hit anywhere from 15 to 18 percent this year, according to Suntech’s Chief Strategy Officer Steven Chan. He breaks down the 20 percent market share goal to approximately 150 megawatts’ worth of solar panels, divided into roughly 50 MW each for residential, commercial and utility-size systems.

Although the ambitions of China’s largest solar manufacturer are big, its optimism appears to be in sync with that of the market. Both Suntech and competitor Trina Solar posted higher-than-expected earnings on Thursday as demand for solar improved. The Reuters article linked above notes that the hope among solar companies is that “the industry resumes its recent trajectory of nearly 40 percent annual growth after a dismal 2009, when the global financial crisis hurt development of the clean energy systems.” While Suntech has not yet inked any contracts for solar panels from its to-be Arizona plant, the company has “reservations for orders” for the second half of the year.