Blaubeuren, Germany-based Centrotherm has filed for Chapter 11-type bankruptcy protection in Ulm’s district court to start insolvency proceedings. Centrotherm has a three-month window to restructure before creditors come knocking on its door. The company named insolvency lawyer Tobias Hoefer to the board in a bid to oversee the restructuring. Last month, Hans Autenrieth, member of the management board and co-CEO stepped down from his board position. Jan von Schuckmann replaced him and was appointed chief restructuring officer.
Research company Bloomberg New Energy Finance has published figures demonstrating China’s dominance in both solar and wind sectors, each securing hundreds of millions in dollars in financing. In the second quarter of 2012, China saw a surge in investment to US$18.3bn, up 92% from the previous quarter. The largest Chinese solar project financed was the Shanlu & Shengyu Bayannur Wuyuan PV plant, at US$316m.
Fiera Axium Infrastructure has purchased a Canadian portfolio of 47.1MW, the company has announced. The portfolio consists of four operational PV plants, developed by EDF EN Canada, located in Ontario. EDF En subsidiary enXco Service Canada will provide operation and maintenance of the projects after the acquisition. All four plants sell energy to the Ontario Power Authority under a 20-year PPA.
The Bulgarian government has announced a 50% cut to solar feed-in tariffs, having only approved a new FiT in April. Effective July 1, chair of the State Commission for Energy and Water Regulation (DKEVR), Angel Semerdzhiev, told Parliament on Friday that the renewable energy surcharge was solely responsible for an increase in electricity rates.
Solutia’s stockholders have voted in favour of its previously announced acquisition by Eastman Chemical Company. The original merger agreement was signed on January 26 and states that stockholders will receive US$22 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock.
Continuing market constraints and unattainable cost bases have conspired to force Schott Solar’s management to withdraw from c-Si PV manufacturing completely. Although the company’s thin-film and CSP activities are unaffected by this news, this exit from the c-Si sector will affect around 870 employees as well as its Mainz and Alzenau plants in Germany, Valasske Mezirici in the Czech Republic and Albuquerque in New Mexico.
It appears that the next victim of this most ruthless of competitions – the solar shakeout – is CdTe thin-film manufacturer Abound Solar. Another controversial recipient of a DOE loan guarantee, the company will be closing its doors next week, a claim that has been confirmed on the DOE's website today. According to a GTM Research report, the company will finally cave to cost pressure from CdTe leader First Solar and the general plummeting product costs across the PV manufacturing board.
SPI Solar has purchased Italy-based EPC company Solar Green Technologies (SGT) from LDK Solar Europe Holdings and the founders of Solar Green Technologies, the company has announced. SPI invested US$5 million, consisting of approximately 13,400,533 SPI shares with a value of US$0.45 and circa US$250,000 in cash, paid to the two founders of Solar Green Technologies. The transaction adds 20MW in EPC contracts to SPI Solar’s portfolio.
SAG Solarstrom advised that Deutsche Bank Group had given the company a financing commitment of €65 million. The loan has conditions in line with the market and a term up to the fall of 2013. The company plans to use the financing for various projects planned in 2012 and 2013, which will mainly be implemented in Germany. SAG Solarstrom acknowledged that the financing commitment and the payment of the loan will depend on the fulfillment of customary banking conditions and the signing of financing documents.
Renewable Energy Corporation’s (REC) board of directors has proposed an additional sum of NOK75 million (approx. US$12 million) to the Extraordinary General Meeting (EGM). The company states that all investors that participated in the private placement have agreed to the final gross proceeds of NOK375 million (approx. US$62 million).
