Signs Long-Term Supply Agreement with GCL Technology

Purchase Remaining 48% Stake in Jiangsu Yangguang Solar

Solarfun Power Holdings Co., Ltd. (“Solarfun” or “the Company”) (NASDAQ:SOLF), an established vertically integrated manufacturer of silicon ingots and photovoltaic (PV) cells and modules in China, today announced several major business developments. Jiangsu Linyang Solarfun Co., Ltd, a 100% subsidiary of Solarfun (“Linyang Solarfun”), has entered into a long-term polysilicon supply agreement with Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd., a subsidiary of GCL Silicon Technology Holdings Ltd. (“GCL Silicon Technology”'). Solarfun has also entered into an agreement to purchase the remaining 48% stake in Jiangsu Yangguang Solar that it did not own.

Long-term Supply Agreement with GCL Silicon Technology

Under an agreement dated June 22, 2008, GCL Silicon Technology will supply Solarfun with virgin polysilicon sufficient to produce approximately 1.2 gigawatts (“GW”) of solar modules in aggregate over eight years. Deliveries begin immediately. This agreement provides further security for the Company’s ability to meet its polysilicon needs and reach its target of 160 to 180 MW of module shipments in 2008.

Harold Hoskens, Chief Executive Officer of Solarfun, commented, “This agreement is an important addition to Solarfun’s existing supply arrangements for silicon-related materials. The agreement helps improve visibility of our long-term polysilicon supply and strengthens our ability to execute our vertical integration strategy. The new supply will help reduce our costs, improve our quality, and allow us to gain greater control over our future delivery schedule and better leverage our recent wire saw investment.”

Hunter Jiang, CEO of GCL Silicon Technology noted, “We are very happy to sign this contract with Solarfun. We already have a good relationship with them and we look forward to building on this in the coming years. We plan to continue to expand our production capacity in order to meet the growing demands of our customers.”

Solarfun Purchases Remaining 48% Stake in Jiangsu Yangguang Solar

On June 23, 2008, Linyang Solarfun also entered into an agreement to acquire the remaining 48% equity interest in Jiangsu Yangguang Solar Technology Co. Ltd. (“Yangguang Solar”) from Nantong Linyang Electric Power Investment Co., Ltd. (“Linyang Electric”) (as to 18%), Jiangsu Qitian Group Co., Ltd.