Capturing The Sun: The Future Of China's Solar Power

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With retailers now advertising “solar” backpacks and camera bags to consumers, it’s clear solar power has hit the big time. The world’s solar industry registered growth rates above 30 percent a year for each of the last five years, and securities markets have seen a surge in the stocks of photovoltaic (PV) cell producers.

Not surprisingly, China wants in on the action. Last December, Suntech Power Holdings, the country’s leading manufacturer of traditional mono- and polycrystalline cells and modules, became the first Chinese solar stock to be traded on Wall Street. The successful initial public offering (IPO) raised US$396 million and was considered a major development in China’s solar energy industry.

Most significantly, the remarkable growth of Suntech and other Chinese players has convinced even fervent devotees of the oil industry to cast an eye toward China’s solar sector, given the country’s enormous solar production capacity and low-cost manufacturing capabilities. Yet despite the clamor, some analysts remain skeptical about…