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With polysilion spot prices heading for the low US$20/kg territory and well below small polysilicon producers’ production cost levels, Motech Industries has decided to exit the polysilicon sector with the shutdown and sale of assets of its subsidiary, AE Polysilicon Corporation (AEP). Motech invested in AEP in 2006 as it started the development of high purity granular polysilicon, intended to provide lower cost polysilicon compared to conventional Siemens processes.
Following others into the downstream market, Winsun New Energy and Shunfeng Photovoltaic are teaming with GCL-Poly Energy Holdings to plan and build solar farms in Europe as well as other undisclosed regions. However, GCL-Poly already has plans to build solar farms in the US and China.
After an abysmal first quarter, Day4 Energy has announced that it has arranged to transfer all of its business, assets and operations to 0941212 (094), a company indirectly owned and controlled by George Rubin (president and CEO of Day4) and Douglas Keast (executive vice-president and CFO of Day4), in exchange for cash consideration of CAN$500,000.
As part of its overall business strategy, Panasonic has reiterated that its solar module business was core to its growth and would as a ‘core business’ be given the management resources to develop further. Panasonic said that although it would continue to target the residential PV market with its high-efficiency HIT modules, its main and existing market, it would now focus attention on developing HIT and multi-crystalline modules that addressed industrial-scale markets.
At the end of May, 2012 thin-film specialist, Odersun will be closed down with the loss of around 260 jobs, according to insolvency administrator, Ruediger Wienberg from law firm, HWW Wienberg Wilhelm. The administrator said that the insolvency fund period would end at the end of May, though attempts to find new investors would continue.
Following S&P’s downgrade of MEMC Electronic Materials senior debt to a B+ rating, the company issues a short statement regarding the decision. “We are disappointed with the rating change by S&P,” commented Brian Wuebbels, MEMC’s chief financial officer, “but we are comfortable that our cash and liquidity position is sufficient to meet our current cash needs. The credit downgrade by S&P today will not adversely affect our current access to our existing non-recourse construction revolver for SunEdison construction activities.”
Swiss silicon thin-film firm, Pramac has been forced to file for insolvency after shareholders rejected management proposals over restructuring the company after posting losses (net) of over €94 million in 2011. The diversified firm had been a customer of Oerlikon Solar since 2008. Pramac had a 30MW end-to-end turnkey line using Oerlikon’s ‘Micromorph’ technology.
Azure Power has received a US$70 million loan from the US Export Import Bank to construct a 40MW PV plant in Nagaur, Rajasthan. The project will be an expansion of Azure’s already existing 5MW plant in Nagaur. The PV plant, which is expected to be the largest plant in a single location that is part of the National Solar Mission, is expected to commence commercial operation in February 2013.
Profitability remains tantalizingly elusive at Suntech Power Holdings, having reported a first quarter GAAP loss of US$133 million on the back of certain one-time issues, 27% lower quarterly shipments and 10% price declines. Although management stuck to previous guidance for the year, indicating strong shipments in the second-half of the year, analysts raised concerns over Suntech’s ability to repay a US$540 million convertible note due next year.
Sunrun advised that during its latest equity financing round it had raised US$60 million. The investment were led by Madrone Capital Partners with existing investors Accel Partners, Sequoia Capital and Foundation Capital also participating. The funding will see the company continue its work to develop and scale the software and service components needed to reduce the cost of solar and streamline the installation process for customers and partners.
