Investment companies are continuing to investigate opportunities in emerging markets, one of which is Ghana, which is being studied by a Korean company with a view to investing in the company’s solar market. The Ghana Energy Commission and Halla Energy and Environment, a Kyonggi-do, South Korea-based EPC company, have been in discussions to establish a framework under which the latter could invest in the development of 300MW of solar energy in the country.
Financially challenged Q-Cells said it will restructure its finances in 2 key steps to avoid payment defaults to bondholders. The company confirmed 2011 revenue forecast of around €1 billion but said total losses for the year had yet to be concluded. Q-Cells guided a further decline in revenue in 2012 to approximately €865 million. A return to profitability was not expected until 2014, though this would only occur should all three outstanding convertible bond renegotiations prove successful.
Struggling Dutch module manufacturer, Solland Solar said it was forced to drastically reduce its remaining operations after the successful sale of its solar cell production facility, due to tough market conditions. Both its commercial and module assembly operations are being curtailed, without providing details, affecting approximately 100 employees.
MEMC has been forced to lower fourth quarter revenue guidance, just over a month after revisions were made as the company announced a major restructuring effort due to lower than expected PV project interconnections carried out by project developer subsidiary, SunEdison. MEMC revised revenue to be in the range of US$698 million to US$733 million, compared to December, 2011 guidance of between US$789 million to US$861 million.
Better than expected revenue figures have been reported by aleo solar, though previously guided losses of €25-€30 million are still expected for the full-year 2011, according to the company. aleo solar had previously guided revenue to be in the region of €440 million but this has been raised to €462 million, down 17% compared to 2010 revenue of €554 million.
For the second consecutive year after autumn 2009, preliminary estimates of electricity demand in Italy last year shows a 0.6% growth on 2010. The total energy demand in 2011 amounted to 332.3 billion kWh. PV accounted for 2.8% out of 64.7% of domestic production. However, the net national production (289.2 billion kWh) is a decrease of 0.5% compared to 2010.
Solar industry business people are continuing to investment in the Middle East. Terra Nex, a wealth management company specializing in Middle East investment and Germany-based Middle East Best Select (MEBS) plan a US$2 billion integrated project to develop 400MW of solar technology in the oil and gas exporting country, including facilities to manufacture solar panels for Oman and for export.
Citing an intensely competitive market environment, SMA Solar Technology, the leading PV inverter manufacturer, reported preliminary full-year financial results of €1.7 billion in sales for 2011. SMA Solar had previously cut €200 million from its previous forecast of €1.9 billion to €1.7 billion, with results therefore coming in at the lowered figure. SMA Solar reported 2010 sales of €1.9 billion. Earnings before interest and taxes (EBIT) were reported as being more than €240 million.
Thin-film solar cells manufacturer AQT Solar has received US$18.7 million from investors to double production at its headquarters in Sunnyvale, California, US. Details of the investors have not been disclosed.
A former vice president at Q-Cells, Matthias Altieri has joined UK-based merchant bank, ThomasLloyd Group to run its solar energy funding operations as managing director. The appointment was made at the beginning of December, 2011. In his new capacity, Mr Altieri will be responsible for sourcing new business both in the provision of technology and in the sourcing of new development opportunities.
