New orders for PV equipment suppliers recently reached a critical low point when SEMI posted a PV book-to-bill ratio of 0.40 for the first quarter of 2012. However, market conditions look to have worsened in the second quarter after leading equipment supplier GT Advanced Technologies (GTAT) reported new order intake of only US$13.8 million, while a negative adjustment to its strong order backlog totalled US$31.9 million.
Major restructuring efforts at First Solar took a backseat during the company’s second quarter conference call as management focused on a significant increase in its PV project pipeline. First Solar said it had added almost 1GW of new projects to a pipeline that previously stood at 2.9GW. Net sales were US$957 million, up from US$497 million last quarter while revenue guidance was raised for 2012 to US$3.6-US$3.9 billion, up from a range of US$3.5 billion to US$3.8 billion.
Suntech Power Holdings said it had started multiple legal proceedings against a number of unidentified parties regarding investment guarantees it provided for a joint venture PV power plant project developer, Global Solar Fund, S.C.A., Sicar (GSF). However, Suntech has claimed that a pledge of €560 million of German government bonds by a third-party investor of GSF, GSF Capital Pte Ltd., may never have existed. Suntech said that it may have to delay second quarter financial reporting as a result.
With insolvency protection proceedings underway, not surprisingly, centrotherm photovoltaics have said it would delay its Annual General Meeting and the first-half year financial results.
Credit Suisse, which just announced its US$200 million partnership with Solar City, has additionally advised that it has committed US$200 million to Sunrun. The investment will help support the purchase and installation of thousands of residential solar systems in the US. Sunrun noted that it installs over US$1.5 million in solar every day and has more than 24,000 customers in ten states.
The latest global PV inverter market report from IMS Research paints a mixed business environment for the sector that has more than 150 active suppliers. Although having defended reasonably well against price declines, compared to the rest of the supply chain, the market research firm is forecasting inverter sector revenues to only increase by 3% in 2012, while shipments increased nearly 25%.
After a rebound in polysilicon sales in the first quarter of 2012, Wacker’s polysilicon sales declined 22% in the second quarter due to customers delaying or reducing delivery quantities. Sales in the second quarter reached €286.8 million, down from €366.6 million in the prior quarter. However, the major reason for the sales decline was due to the substantial reduction in polysilicon prices, which will also result in lower sales being achieved this year than in 2011, according to the company.
PV module encapsulant materials supplier, STR Holdings has warned it will not meet previously guided second quarter 2012 revenue expectations. The company previously guided second quarter sales to be flat with the first quarter, being in the range of US$31-US$33 million, but revised this down approximately US$25 million. Management said that demand was weaker than expected.
Another solar company has fallen prey to the weakened economy, and like its predecessors Solyndra and Abound Solar, won’t be going quietly into the Nevada night. A report by the Las Vegas Review Journal has noted that one year after opening its doors, Amonix closed its 214,000 square foot North Las Vegas manufacturing plant, which was subsidized by over US$20 million in federal tax credits and grants. Amonix supposedly began selling equipment, including automated tooling systems and robotic welding cells in an online auction Wednesday.
The Export-Import Bank of the United States has okayed two loans, totalling US$57.3 million, which will see the exportation of US-made solar panels and ancillary services to Solar Field Energy Two and Mahindra Surya Prakash in India.