PV inverter manufacturer, Power-One reported net sales of US$267 million, with Renewable Energy Solutions contributing US$191 million and Power Solutions segment sales reaching US$76 million for the fourth quarter of 2011. Driving sales was greater market penetration in the utility-scale sector in North America and Asia-Pacific, as revenue in these regions increased to 25%, compared to 17% in the prior quarter. Power-One had sales of 829MW of PV inverters in the fourth quarter.
Spanish solar company ISOFOTON and Chinese oil company, China National Offshore Oil Corporations (CNOOC)'s subsidiary, TIANJIN LISHEN BATTERY JOINT-STOCK, have established a joint venture based in Tianjin, China. The new company, called ISOFOTON LISHEN New Energy, will develop PV projects totalling 150MW. CNOOC will invest up to US$300 million in the projects. For the CNOOC Group, partnering with ISOFOTON is an opportunity to have a strong European partner with experience in PV technology and extensive knowledge of international markets.
Continuing with the impact of overcapacity and falling prices, REC has said that another long-term wafer sales contract signed in the 2006-2008 period had been terminated. REC said that it would receive a cash compensation of approximately US$34.2 million (NOK 220 million) in relation to the cancellation. REC did not disclose the customer involved.
The Coalition for Affordable Solar Energy (CASE) has commissioned an economic analysis to counter the petitions to the US Commerce Department and the US International Trade Commission by SolarWorld, demanding 250% tariffs on Chinese imports. The Brattle Group has found that a 100% tariff on imported solar PV cells and modules from China would result in as many as 50,000 net lost jobs in the US over the next three years. Furthermore, retaliatory tariffs placed on US exports of polysilicon to China would put nearly 11,000 more American jobs at risk in the first year following tariff imposition.
The Ontario Superior Court of Justice gave Timminco, and its subsidiary Bécancour Silicon, an extension of the Companies’ Creditors Arrangement Act stay of proceedings. The stay proceeds will now be allowed to continue until April 30.
Major materials provider to the PV industry, DuPont reported Electronics & Communications segment sales of US$630 million in the fourth quarter, a decline 18% compared to the same period last year, with 33% lower volume which was offset by 15% higher prices. PV related revenue represent about 40% of DuPont’s electronics segment sales. Management noted that material destocking at PV manufacturers had continued in the fourth quarter due to inventory issues, impacting pre-tax earnings, which were down from US$56 million in the fourth quarter of 2010 to US$42 million in the fourth quarter of 2011.
Eastman Chemical has completed its bid for the acquisition of performance materials and specialty chemicals company Solutia for an approximate total of US$4.7 billion – including debt – in order to fuel its expansion into the specialty chemicals and plastics sector. Solutia’s shares are said to have fallen by 25% in 2011, although the company was active in its acquisitions process, having finalized the takeover of Southwall Technologies late last year.
Major polycilicon producer, Wacker Chemie saw an abrupt demand decline in the fourth quarter of 2011 as PV customers reduced inventory levels and cancelled contracts due to some customers exiting the industry. Polysilicon spot prices fell below Wacker’s long-term pricing levels for the first time in many years, sparking price renegotiations.
Continued restructuring, inventory sell-off and higher than expected price declines in the fourth quarter, further impacted fourth quarter and full-year financial results at Conergy. Preliminary revenue results were reported to have reached €755 million in 2011 but losses are expected to be in the range of €80-€85 million, higher than previously guided losses of €50 to €55 million. Operating cash flow was said to be positive in the fourth quarter.
According to Algerian newspaper El Watan, Edielec is to open a 12MW manufacturing facility producing about 54,000 solar modules annually. The plant is to become operational in March.
