SolarCity advised that it is planning to organise a registered initial public offering of its common stock. The company anticipates beginning the offering after the SEC completes the review process initiated by SolarCity’s confidential submission on April 26 of its draft registration statement.
Delayed fourth quarter and full-year results at LDK Solar show the full extent of the challenges facing the integrated PV manufacturer. Having already revised downwards its fourth quarter figures, the company missed revenue guidance and guided first quarter revenue to levels not seen since the second quarter of 2009. Loss from operations for the fourth quarter of fiscal 2011 was US$531.4 million on the back of heavy write downs across the company, leading to a net loss of US$588.7 million. Revenue reached US$2.15 billion in 2011, compared to US$2.5 billion in 2010.
Meyer Burger Technology advised that it had raised US$121.3 (CHF110 million) in long-term capital through a Swiss Franc dominated straight bond issuance. The bond holds a coupon of 5% payable annually and maturity date of May 24, 2017. Zürcher Kantonalbank, Credit Suisse and UBS Investment Bank collectively offered the bond issue to institutional and private investors.
Hanwha SolarOne has acquired a three-year US$180 million syndicated term loan facility led by The Korea Development Bank, Standard Chartered Bank (Hong Kong), KEB Hong Kong Branch, KDB Asia and KEB Asia Finance. The loans will be denominated in US dollar and will be guaranteed by Hanwha Chemical Corporation.
Poor demand for silver paste, primarily used in solar cell production, was highlighted by Ferro management as a key reason for lower quarterly earnings at Ferro Corporation. The company reported net sales of US$466 million for the three-month period ended March 31, 2012, compared with net sales of US$573 million in the first quarter of 2011.
Yesterday, at Hannover Messe, Germany, Phono Solar and SYBAC solar signed a five-year purchase agreement for €300 million, which equates to an output of 500MW. Last month, Phono Solar, a monocrystalline and polycrystalline silicon solar modules manufacturer, passed TÜV Rheinland’s ammonia corrosion test.
The voluntary takeover offer for Sunways, submitted by LDK’s German subsidiary, has been accepted following the passing of the additional acceptance period on April 12.
Following a continued downturn in operating results, Renewable Energy Corporation (REC) will close its 650MW multicrystalline wafer plant at Herøya, Norway by the second quarter of 2012. The closure of the Herøya plant, in the south of the country, will signal the end of all REC’s wafer operations in Norway after the closure of the Glomfjord monocrystalline plant on March 20, 2012.
Energy Conversion Devices (ECD) has announced that the auction date for the sale of United Solar Ovonics (USO) will be put back to 10:00 a.m. (Eastern Time) on May 8, 2012. The auction was previously set for 10:00 a.m. (Eastern Time) on April 24, 2012 following the company’s entry into Chapter 11 proceedings in the Bankruptcy Court for the Eastern District of Michigan in February 2012.
Solarhybrid Israel, subsidiary of Solarhybrid, recently sold 201MWp of project rights, which it originally bought in January for US$2,391,705, to Summit Energy of Israel. Under the agreement, current liabilities of Solarhybrid Israel amounted to US$398,617.50, while earn-out-payments in connection with the acquisition of the project rights totaled US$5,580,645.
