Against a backdrop of many peers reporting lower fourth quarter shipments when compared to the previous quarter, ReneSola held its ground, exceeding shipment guidance for solar wafers and modules. The company reported 2011 revenue higher than guided at US$985.3 million but 18.3% below 2010 net revenue of US$1,205.6 million. Total solar wafer and module shipments in 2011 reached a record 1,294.8 MW, exceeding prior guidance and an increase of 9.5% from 1,182.8 MW for the full year 2010. However, management guided a significant increase in solar wafer and module shipments in 2012 to be in the range of 1.8GW to 2.0GW. Emphasis was placed on module shipments increasing as well as doubling capacity to 1GW.
Volker Böhm, insolvency administrator of the bankrupt Solar Millennium in Erlangen, has sold PV Power Holding shares to Bavaria-based Schoeller Renewables. Solar Millennium held 50% in PV Power Holding, a developer of PV projects in Italy.
Tough market conditions for Hanwha SolarOne led to fourth quarter losses and sliding shipments and average selling prices, which were below in-house manufacturing costs. Although the company posted 2011 revenue above the US$1.0 billion level, the company reported a net loss of US$169.8 million. PV module shipments were 189.1MW, in the fourth quarter, a decrease of 5.9% from 200.9MW in prior quarter. Module shipments for 2011 reached 844.4MW, representing an increase of 5.8% from 797.9MW in 2010. Hanwha SolarOne guided 2012 shipments to be in the range of 1GW.
AEG Power Solutions, part of parent company 3W Power, has updated its guidance for its financial performance for 2012. The company, which is currently the subject of a friendly takeover bid by Andrem Power, which is itself wholly owned by Nordic Capital Fund VII, expects its revenue to grow to between €430 and €460 million from €428 million in 2011. However, profitability margins are expected to fall as a result of economic factors.
Diversification in both business segments and on a regional basis proved successful for Portugal-based Martifer Solar which said its revenue increased 33% to €293.2 million in 2011. Unlike some of its rivals, the company also posted positive EBITDA of €20.1 million and a net profit of €9.5 million. The company noted that was the fourth consecutive year of positive financial results.
juwi has issued a press release to celebrate its success of 2011 and to increase public participation to make the transfer to renewables from fossil fuels more manageable. Thanks to this, the German company has been able to expand its management structure in a financially difficult climate.
Former CPV system manufacturer Energy Innovations will have its assets auctioned off by Heritage Global Partners as an Assignment for the Benefit of Creditors. The company was a Poway, California-based HCPV company until insolvency proceedings in the form of liquidation of assets were initiated by its creditors.
The recovery in solar cell shipments continued into February for Taiwan-based crystalline solar cell producer, Neo Solar Power (NSP). The company reported sales of approximately US$34.4 million, compared to US$22 million (NT$850 million) in January and up from NT$663 million in December, 2011 when sales hit a two-year record low.
Impairment charges due to price declines and expected challenging market conditions in 2012 weighed on Q-Cells' preliminary fourth-quarter and full-year results. The company reported a fourth-quarter EBIT loss of approximately €355 million and a full-year 2011 loss of €846 million. Fourth-quarter revenue was €353 million, up significantly from €299 million in the third quarter. Revenue for the year reached €1,023 million.
The US arm of Martifer Solar has received funding totalling US$3 million from the New York State Energy Research and Development Authority (NYSERDA) as part of the Authority’s Solar Electric Incentive Program. The funds are designed to offset system installation costs in New York State as part of the renewable energy portfolio standards in New York City and Westchester regions. NYSERDA was said to have allocated a total of US$30 million in grant money to eligible solar contractors through a highly competitive grant process.
