Updated. Business conditions at LDK Solar have worsened considerably since reporting fourth quarter financial results at the end of April, 2012. The integrated PV manufacturer has slashed both polysilicon production and full-year revenue guidance, while meeting the low mark of guided sales in its first quarter 2012 results.
REC’s board of directors has proposed an offering of NOK1.300 million through a private placement, it has been announced. The board of directors will propose an issuance of 866,666,667 new shares to existing shareholders and new investors at a subscription price of NOK1.50 to the Extraordinary General Meeting (EGM), scheduled for July 18, 2012. The price was determined by book building processes carried out by DNB Markets, Nordea Markets and Arctic Securities. The funds from the private placement will be utilized for a partial repayment of the €100 million convertible bonds. Umoe AS and Canica AS are among the primary insiders that have been allocated new shares. Conditions have been set and will have to be met by July 31, 2012, in order to complete the private placement.
Solar thermal project developer BrightSource Energy has placed the top bid for Palen, a 500MW solar thermal plant, at a Delaware auction of property of Solar Trust of America, which went bankrupt in April this year. The as-yet unbuilt solar thermal plant is said to have been bought by BrightSource for an unconfirmed amount of up to US$30 million.
Thin-film manufacturer NovaSolar has filed for Chapter 11 bankruptcy. That’s not unusual, a number of companies have gone bankrupt in the last months. NovaSolar, though, is the US arm of Chinese NovaStar, a company that was created with the remaining assets from bankrupt OptiSolar three years ago.
Having previously announced a major reorganization of its entire operations, centrotherm photovoltaics, the second largest equipment supplier to the PV industry, has employed an outside consultancy to prepare discussions with its banks to secure further funding. The move was sparked by short-term liquidity issues after merchandise credit insurance companies, used for products and merchandise being delivered to the company, declined further coverage and guarantees.
Scheuten Solar has been sold to Chinese investor Aikosolar and the company is celebrating its “comeback” at Intersolar Europe. Aikosolar, a solar cell manufacturer and also owner of Powerway Renewable Energy, has taken over Scheuten’s essential components. The combination of Scheuten Solar’s product portfolio, 10 years of experience and Aikosolar’s financial strength as well as Powerway Renewable Energy’s EPC experience propose a positive outlook for the future, company representatives stated. Financial details of the deal were not disclosed.
Distributed Energy Research & Solutions, or EnergySage, has been the recipient of one of 10 Department of Energy (DoE) SunShot Incubator investments worth US$500,000. The funding will be used to develop a web-based PV comparison-shopping platform that aims to deliver pricing transparency and encourage online networking among property owners and solar PV installers.
SolarCity and US Bancorp have announced a US$250 million fund to finance residential and commercial PV projects. The renewable energy tax equity fund is intended for homeowners as well as businesses, administrative, school and county buildings. The fund will be used to finance the solar panels and installations, while customers pay a discounted amount for the electricity. In the three years that SolarCity and US Bancorp have been collaborating, this is the sixth and largest fund, designed to make PV systems more accessible and affordable.
Taiyo Pacific Partners has upped its stake in Japan-based Ulvac to 18%, following its purchase of a 5% shares stake in September 2009. Taiyo is now Ulvac’s largest shareholder Pacific Partners and has, since its initial investment in 2009, acted as a “long-term friendly investor providing valuable advice and support”, according to Ulvac’s president Hidenori Suwa.
Flexible CIGS module manufacturer Global Solar Energy has initiated the steps to attract new investment, enlisting the services of FTI Capital Advisors to investigate new investor participation that could see the partial or complete takeover of the company.
