Financial & Legal

China’s drive to consolidate its leading position in PV manufacturing has been reinforced with a credit facility offered to JinkoSolar from the Bank of China that could be worth approximately US$7.6 billion over a five-year period.

Steed Technology recently completed the full acquisition of outstanding stock for Applied Technology Specialists (ATSI). Steed has confirmed that manufacturing of all products will remain in Northern California, while research and development will continue in Oklahoma. Both companies will now operate under the Steed name.

The Murfreesboro Solar Project has not broken ground yet, but that has not stopped GreenCo Solutions and the North Carolina Electric Membership Corporation (NCEMC) from announcing their intent to buy renewable energy certificates (REC) and electricity, respectively, from the solar project that Duke Energy acquired from SunPower in December 2010.

The North County Transit District (NCTD) transportation network has chosen Martifer Solar USA to supply 482.52kW of ground and roof-mounted solar systems for its bus and rail maintenance facilities.

Despite a short and chequered history, Hoku Materials polysilicon plant in Pocatello, Idaho could be in line for further funding, according to a strategic cooperation agreement signed between Baoding Tianwei Group and U.S. bank, Wells Fargo.

Kisco has agreed to become Tera-Barrier Films’ exclusive distributor in the Asia-Pacific region after making a strategic investment in the Singapore-based company. Kisco made the investment during Tera’s Series A investment round and its funding will help Tera’s attempts to bring its moisture-resistant films for solar cells to market.

Acuity Technology Management completed an independent evaluation on EnviroMission’s Australian Solar Tower technology, valuing it at AUDS$60,000,000. The valuation includes the intellectual property, development rights and overall commerciality of the technology.

Semiconductor capital equipment supplier Tegal and consultancy se2quel Partners have formed sequel Power, a new company focused on the development and operation of very large-scale solar photovoltaic-based utilities in the United States, Latin America, the Middle East, and Africa. At least 10 projects in the range of 750MW (DC) to 1.1GW (DC) are in various stages of negotiation, and all are located in high-insolation regions, according to company sources.

Pure Power Advisors has formed a new tax-equity fund known as the California Solar FIT Fund. The US$100 million tax-equity investment fund is geared towards ground-mounted solar projects throughout California and will supply funding for construction, completion, purchase and operation for qualified projects by means of a structured acquisition of projects from developers. The project acquisitions will use a financing structure influenced by Section 1603 Treasury grants or Section 48 energy tax credits.

Centrosolar Group is to issue a five-year bearer bond in Austria and Germany with a value of up to €50 million. The corporate bond will accrue interest at 7% per annum, and the securities prospectus required for the bond is expected to be approved by the Federal Financial Supervisory Authority (BAFin) on January 20, 2011.