Jiangsu Shunda, a Yangzhou, China-based manufacturer of solar equipment, has set its sights high for its upcoming IPO, telling Reuters that it plans on raising $1 billion from its listing on the NYSE during the first half of 2009.

The company supplies silicon wafers to several major international solar cell makers, such as China’s Suntech Power, which holds a 15 percent stake in Shunda, and Germany’s Q-Cells. Shunda also sells PV modules, graphite, polysilicon and crucibles.

It will invest $175 million in a second polysilicon factory with a planned annual production capacity of 3,500 tons, which it expects to open in June 2009. Its first plant, which has an annual capacity of 2,500 tons, will begin operations this month.

Shunda president Ni Yunda said his company was ready to move forward with its IPO plans last year, but that he decided to nix the process after its first plant encountered several major difficulties. The company will proceed with the 2009 listing if its plant’s production capacity meets expectations, Yunda said.

The market for solar IPOs has been rough of late, with recent entrants Real Goods Solar (NASDAQ: RSOL) and GT Solar (NASDAQ: SOLR) stumbling a bit at the starting blocks. GT Solar, in particular, which originally priced its 30.3 million shares at $16.50 each, has seen its share price tumble to $11.25. Shunda may be better off waiting until next year before filing for an IPO, especially if it can resolve the uncertainties around its polysilicon production.