UPDATE 1-Solarfun hits expansion goal, sees more capacity
* Plans to further increase cell capacity in 2011
* To increase wire saw, ingot capacity in 2011
Oct 12 (Reuters) - Chinese photovoltaic cell maker Solarfun Power Holdings Co SOLF.O said it achieved its 2010 target for capacity expansion and intends to further increase its cell capacity in 2011.
Solarfun reached its 2010 year-end target of 360 MW in ingot manufacturing capacity, 400 MW in wire saw capacity, 500 MW of cell capacity and 900 MW in module capacity.
In July, the company said it plans to increase its cell capacity by 50 MW, and to enhance its existing cell lines to a higher efficiency by the first quarter of 2011 to meet robust demand for its products. [ID:nSGE66I0GD]
The company also plans to further increase cell capacity from 550 MW to 820 MW, wire saw capacity from 400 MW to 572 MW, and ingot capacity from 360 MW to 510 MW in 2011.
Chief Executive Peter Xie said the capacity expansion will help improve the company's cost structure over time.
Its shares closed at $12.19 on Monday on Nasdaq.
(Reporting by Anand Basu in Bangalore; Editing by Erica Billingham)