Chinese solar wafer manufacturer ReneSola is still expecting to make losses in the third quarter of the year despite announcing the launch of a new 150 megawatt project, chief executive officer Li Xianshou said.
We expect a 60-70 percent increase in revenues from the second to the third quarter, but we still need to absorb $85 per kg of polysilicon inventory costs, and that will lead to losses. We still expect losses for the third quarter, Li told Reuters.
He said the project announced by the company in Wuzhou in the Ningxia autonomous region would not affect the company's revenue or shipment forecasts for 2009 or 2010.
(Reporting by David Stanway, Editing by Jacqueline Wong)