BANGALORE - China Sunergy Co Ltd's third-quarter profit doubled, beating estimates, and the solar cell maker said it would expand capacity to cash in on growing demand, sending its shares up 8 percent.
Sales of solar equipment have jumped this year as buyers rush to build projects ahead of declining subsidies in major European markets, including Germany -- the world's largest solar market -- Italy and France, as governments pare back spending to support renewable energy systems.
Third-quarter shipments at China Sunergy surged 61 percent to 87.8 megawatts (mW), and it expects this to further rise to 102-108 mW in the fourth quarter.
Strong demand also propped up solar equipment supplier Amtech Systems. The company reported strong results and forecast 2011 revenue above estimates.
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