Chevron Mining, a sister company to Chevron Technology Venture and a subsidiary of Chevron, has completed a 1MWconcentrated photovoltaic solar plant (CPV) near its molybdenum mine in Questa, New Mexico. The Questa solar project is spread over 20 acres and utilizes 173 solar trackers and Soitec’s CPV system to generate solar electricity. The energy produced at the site will be sold under a PPA to the Kit Carson Electric Cooperative.
The Asian Development Bank (ADB) revealed plans to offer up to US$150 million in credit guarantees to local and foreign commercial banks to encourage the development of solar power as a renewable energy in India. The credit will cover 50% of the payment default risk on bank loans made to solar project developers with an aim to secure long-term funding for solar energy development in the country.
Canadian Solar has signed a 100MW solar module supply contract with Fire Energy Group. Under the terms of the agreement, Canadian Solar will deliver modules throughout 2011, with prices adjusted on a quarterly basis.
Avidan Management has finished work on its 4.26MW rooftop solar system in Edison, New Jersey. The array, designed and installed by Solar Nation, generates 5 million kWh of electricity a year, which will be used to help power the 656,255-square-foot office and storage facility on which the system is housed.
After two months of uncertainty, the Italian Government finally looks set to unveil its much-anticipated new solar feed-in tariff bill. A draft decree of the Conto Energia IV bill is currently in circulation and includes legislation to reduce subsidies and introduce a 23GW cumulative cap until 2020, according to analysts at Germany’s Commerzbank.
Monocrystalline wafer manufacturer Comtec Solar Systems has recorded net profit of ¥83.5 million (US$12.8 million) for the first quarter of 2011. This was a huge 311.1% rise on the Q1 2010 number and highlighted an impressive set of unaudited Q1 figures.
Boeing and South Carolina Electric & Gas (SCE&G) will be working together to make Boeing’s South Carolina facility a 100% renewable energy site. The North Charleston site will produce renewable energy with the help of a 2.6MW rooftop solar installation. Both companies maintain that the solar system at the Boeings 787 Final Assembly site will be the largest solar installation in the Southeast and the sixth largest in the US.
Under a new agreement between TPG Capital and Comtec Solar Systems Group, TPG will invest a total of US$150 million through newly issued convertible bonds and warrants. TPG has subscribed for unsecured convertible bonds, which are due in 2016 with an aggregate principal of US$100 million. The bonds are zero interest and will be able to transfer into Comtec’s new ordinary shares at an initial conversion price of US$0.50 per ordinary share. If the bonds are not exchanged after five years, they will be redeemed at par.
Solar cell manufacturers are undertaking aggressive expansion plans at present in an attempt to meet ambitious 2011 shipment forecasts, according to Solarbuzz’s latest quarterly report. This ramping up of production has the potential to create US$15.2 billion in revenue for manufacturing firms – a year-on-year rise of 41%.
Yingli Green Energy has signed an exclusive module distribution agreement with YHS. Under the terms of the contract, YHS will purchase modules totalling 10MW and take on the role of Yingli’s sole Japanese residential market distributor.
