Taipei, Sept. 18 (CNA) Neo Solar Power Corp. was the biggest supplier of solar modules in Taiwan in the first half of 2018, overtaking AU Optronics Corp. (AUO), according to market advisory firm TrendForce Corp.
In a recent research paper, TrendForce said Neo Solar shipped 150MW of solar modules in the first six months of the year, taking a 30 percent share of the market.
Based on their high reputation and wide market recognition, Neo Solar and AUO have now become the top two suppliers in Taiwan, TrendForce said, but did not give any data for AUO.
Focusing more on the domestic market, Neo Solar benefited from a large number of orders from Taiwan's biggest telecommunications company Chunghwa Telecom Co., the advisory firm said.
On Oct. 1, Neo Solar is expected to complete a merger that will increase its shipments in Taiwan as it brings Gintech Energy Corp. and Solartech Energy Corp. fully under its corporate umbrella to create the Taiwan's largest solar energy company, which will be named United Renewable Energy Co. (UREC), the advisory form said.
The aim is to create a company with capital of NT$21.1 billion (US$685 million) that can offer one-stop services, from solar cell supply to back-end module production, thereby making it highly competitive, TrendForce said.
In January, the National Development Fund (NDF) decided to fund the new solar energy alliance as part of the government's efforts to develop renewable energy.
The NDF's decision was in line with the government's implementation of a "5 plus 2" innovative industry policy, which includes boosting the renewable energy business.
TrendForce said as the decline in solar energy production costs in Taiwan are expected to continue to drop in the second half of the year, solar energy firms are likely to increase their investments in the business.
According to Neo Solar, once UREC begins operations, it is expected to generate about NT$50 billion in sales in the first year and post NT$90 billion-NT$100 billion in annual revenue within five years.
Source: Focus Taiwan News Channel