The difficult solar market in the last quarter of 2011, led Elkem Solar to suspend operations at its plant in Kristiansand, Norway. However, the company has advised that full production has been restored due to an increase in orders for Elkem Solar Silicon.
China-based developer Solar EnerTech Corp has advised that despite its financial struggles requiring it to deregister its common stock; it has retained FTI Consulting to lead its restructuring plans. A chief restructuring officer from FTI has been appointed to explore alternatives to maximize the return to investors.
Aide Solar has multiplied its module portfolio with the release of its Quasi-mono module line, which is comprised of 21 additional modules. The new line is available in 60 and 72 cell designs, with power ratings from 230 to 320W. The company noted that the new modules, which it states have up to a 4% higher conversion efficiency at the module level than traditional polycrystalline, have completed UL certification and are available for release in the US market.
Solar IPP Sonnedix has announced the acquisition of a 5.4MW ground mounted facility in France from Element Power Solar. Fully operational since February 2011, the plant is located in St Martin Lalande, near Carcassonne and expected to generate in excess of 6,000MWh per annum.
Sunlogics Power, a subsidiary of the Salamon Group, is now the senior creditor of the collapsed DayStar Technologies, a company developing thin-film CIGS deposition technology. Sunlogics is DayStar’s business development and strategic opportunities consultant and will continue to advise in this function.
Citing further pricing pressures in the fourth quarter of 2011, LDK Solar has revised down fourth quarter financial guidance and warned of further inventory write downs, expected to be from its polysilicon production operations. The company has already made several downward amendments to its expected quarterly results in 2011, resulting in excess of US$1 billion wiped-off expected revenue and over 1GW in expected wafer shipments alone.
Semiconductor manufacturer Soitec has completed its acquisition of Soitec Solar, formerly Concentrix Solar. The purchase process began in 2009 and Soitec has finalized the acquisition of the remaining shares.
As revealed in Hanwha SolarOne’s recent quarterly financial conference call, the PV module manufacturer is moving downstream to become a project developer and financier. As part of those business changes the company has formed a joint venture with project developer S.A.G. Solarstrom to initially build-out 20MWp of rooftop projects - mainly in Northern Italy - that are expected to be completed by the end of June 2012.
A class action lawsuit was filed against First Solar by Pomerantz Haudek Grossman & Gross in the US District Court for the District of Arizona. The complaint states that between April 30, 2008 and February 28, 2012, First Solar violated the Securities Exchange Act of 1934 by not disclosing the full extent of certain manufacturing flaws on its earnings, that it improperly recognized revenue for certain products in its systems business, that it lacked sufficient internal and financial controls and, finally, that as a result, First Solar’s statement were materially false and misleading at all relevant times.
SolarBridge Technologies and NESL-USA have partnered in order to provide an AC module system using SolarBridge’s microinverter. The module is backed by an end-to-end 25-year warranty. The NESL AC module system uses SolarBridge’s Pantheon microinverter in the pre-assembled panel, with the company offering its AC module system up to 250W per panel.
