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San Francisco-based Recurrent Energy, Sharp’s US project developer subsidiary, has won a four-year construction revolver credit facility from Mizuho Corporate Bank of US$250 million. The loan will facilitate the construction of 20 PV power plants in Ontario, Canada and is said to be one of the largest non-recourse credit facilities granted for the development of solar PV in North America.
In a brief market update, aleo solar said that it expected losses in 2011 to be in the range of €25-€30 million. The PV module manufacturer had reported an EBIT profit of €7.4 million, with an EBIT margin of 2.2% for the first 9-months of the year.
Financially challenged silicon metal supplier, Timminco has tapped Bank of America for the remaining US$2.9 million of a revolving credit facility, resulting in the company having to pursue alternative sources of financing. The Canada-based materials producer recently reported third quarter sales of US$28.6 million and a net loss of US$2.4 million.
In its second major investment in the solar sector this month, MidAmerican Energy Holdings has signed a deal with NRG Energy to buy a 49% interest in the Agua Caliente project under construction in Yuma County, AZ. The Berkshire Hathaway unit announced Dec. 7 that it had purchased the 550MW Topaz solar farm project in San Luis Obispo County, CA, from First Solar.
KDC Solar advised that it had closed the financing provided by a subsidiary of US Bancorp, which will go towards developing a portfolio of projects in New Jersey through KDC Solar’s wholly owned subsidiary. The financing will support long-term renewable energy tax equity financing for multiple distributed generation, net-metered solar projects with the first two solar projects totaling nearly 7MW.
Troubled thin film veteran, Energy Conversion Devices has deferred interest payments to note holders of its Senior Convertible Notes due 2013 as it continues talks with some of the holders over restructuring debt and raising funds to continue operations.
The North American Development Bank (NADBank) revealed that it is lending up to US$88.5 million to SunEdison for the development of a 20MW solar park in Picture Rocks, Arizona. This is the largest, and second, solar project financed by the NADBank. The solar park is expected to generate enough electricity for nearly 3,500 homes in the metropolitan area of Tucson.
Having secured funding, Tata Power is continuing with its three-fold project in cooperation with BP Solar installing plants located in the Patan, Kutch and Mithapur areas of the state of Gujarat to be completed under its Solar Power Policy 2009.
Carrying significant net debt of over €400 million and an urgent need to restructure its finances with lending banks would seem to have failed for Solon as the company said in a brief statement it would be starting insolvency proceedings. The PV manufacturer and project developer noted that debt restructuring negotiations had failed to provide an amicable solution, providing no alternative to attempt restructuring via the insolvency court.
Blaming weaker than expected revenue earnings on poor weather and other factors, First Solar lowered its 2011 revenue guidance and separately announced a restructuring of its core business groups with the exit of TK Kallenbach, President of the Components Business Group, at the end of the year. Restructuring will lead to a workforce reduction of approximately 100 associates, around 1.5% of its workforce, according to the company. First Solar revised 2011 guidance in the range of US$2.8 to US$2.9 billion, down from a prior guidance range of between US$3.0 and US$3.3 billion.
