UPDATE 1-Solarfun signs two new long-term contracts
(Recasts, adds details, share movement)
Jan 11 (Reuters) - Photovoltaic cell maker Solarfun Power Holdings Co Ltd (SOLF.O) said it has signed a 140 MW long-term wafer contract with Wacker Schott Solar GmbH through a subsidiary, Solarfun Power Hong Kong Ltd.
According to the contract, deliveries will begin this year, the China-based company said in a statement.
Solarfun also signed a contract with France's EDF Energies Nouvelles (EEN.PA), a green electricity generation company, for 17 MW of monocrystalline modules and an option for the sale of an additional 5 MW.
Solarfun said it reduced expectations of polysilcion supply from Jiangsu Zhongneng PV Technology Development Co Ltd to Solarfun's 52 percent subsidiary, Jiangsu Yangguang Solar Technology Co Ltd.
Based on reduced delivery volume in 2007, it now expects the amount of polysilicon to be delivered in 2008 and 2009 to be significantly less.
Shares of the company were trading down more than 1 percent at $27.30 in morning trade on the Nasdaq. (Reporting by Sharangdhar Limaye in Bangalore; Editing by Gopakumar Warrier)
