Taiwan solar revenues double

Taiwan’s manufacturers of solar cells used to generate electricity reported more than doubled revenues in the third quarter of 2008.

Six of the solar cell makers listed on Taiwan’s stock exchange reported third quarter 2008 revenues of NT$22.1 billion (US$681.7 million), a rise of 103% compared with NT$10.8 billion in the same period a year ago.

The companies are Motech Industrial, Gintech Energy, E-Ton Solar Tech, Sino-American Silicon Products, Sinonar and Green Energy Technology. Motech, Gintech and E-Ton are among the world’s 10 largest solar cell makers by revenues.

Demand for solar cells and other sources of alternative energy has taken off after prices of oil rose. Governments in Europe and Japan have subsidised the installation of solar energy facilities. As a result, demand for solar cells has helped to boost average selling prices.

Analysts have said they expect the US President to decide on a new federal income tax credit for solar systems, which expired at the end of 2008.

Last year, the solar cell manufacturers were the best performing segment in Taiwan’s high technology industry, which includes companies making semiconductors, flat-panel displays, computers, mobile phones and digital music players.

The strong outlook for the industry is attracting more investment and manufacturers in the island’s solar cell business.