January 19, 2011 / 1:03 PM / 9 years ago

Enphase says to triple production capacity in 2011

* Sees 2011 capacity to support 300-500 MW of solar

* Plans to enter Europe in 2011

NEW YORK, Jan 19 (Reuters) - Enphase Energy will triple the production capacity of its solar equipment this year and expects to move into the renewable energy markets in Europe, the company said on Wednesday.

Enphase, which sells microinverters that turn the direct current from solar panels into alternating current that can be fed into household power systems, said it expected to increase its production capacity to support between 300 to 500 megawatts of solar capacity.

The privately held company has shipped more than 500,000 microinveters to date, it said. It declined to disclose its revenues.

Enphase is not considering a public listing or going to private investors for more cash, Chief Executive Officer Paul Nahi said.

“There is a need for working capital,” he said. “We have a very storng balance sheet ... right now we’re not contemplating any equity raise.”

Reporting by Matt Daily, editing by Dave Zimmerman

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