Sunways seemed hopeful today that by 2014, and on, it will once again be producing operating profits, thanks to LDK Solar taking over as its new majority shareholder. For its solar modules business, Sunways looks to continue building on its brand and service quality with LDK Solar, while in the solar cells segment, Sunways is expected to play a large role as a technology excellence centre within the LDK Solar Group.
Chinese PV firm Suntech Power Holdings faces more trouble in Italy after an Italian court reportedly filed a lawsuit against the company’s Global Solar Fund (GSF). The lawsuit alleges that the investment fund illegally built solar farms in the country in order to exploit Italy’s subsidies, Reuters has revealed.
Solar Universe Network and Sunrun entered a strategic partnership, which will bring Sunrun’s solar service to more US customers. The partnership will be offered to homeowners in California, Arizona, Hawaii, Maryland, Pennsylvania and Oregon.
Westinghouse Solar and CBD Energy have formed a joint venture with an intent to design, engineer, procure and construct commercial PV projects in Italy. Westinghouse Solar will have a 25% stake, with the option to take up to a 50% stake, in the profits from CBD’s commercial project pipeline in Italy in exchange for an investment of US$1.5 million (with an option to invest an additional US$1.5 million).
Canadian Solar advised that the sale of its Canadian Solar 1 installation has been completed with the utility-scale power plant sold to Stonepeak Infrastructure Partners for US$48.4 million. Canadian Solar was the developer, EPC and construction financier for the project, which is built near the town of Napanee. The installation is connected to the grid and uses nearly 50,000 of the company’s CS6M modules.
Higher module shipments on the back of increasing focus on expanding its solar module business and building sales channels supported ReneSola producing better than expected second-quarter 2012 financial results. The company posted US$233 million in sales, up 10.2% from US$211.5 million in the prior quarter.
Updated: After much media speculation that South Korean conglomerate Hanwha Group had been in negotiations to acquire PV manufacturer Q-Cells, a deal has been struck according to a brief statement issued late Sunday evening. However, the deal still requires the approval of creditors, which the insolvency administrator Henning Schorisch said would be sought at a meeting on August 29.
Daqo New Energy Corporation, a Chinese manufacturer of polysilicon, has received a notification from the New York Stock Exchange (NYSE) claiming that the company does not meet its price criteria.
With a debt of ¥1.25 trillion (US$16 billion), Japanese electronics manufacturer Sharp Corporation has been feeling the weight on its shoulders and will submit an asset report to its banks next month in order to identify any flagging businesses it could sell to raise some finance, Reuters revealed.
Daqo New Energy released its second quarter 2012 financial earnings, which saw the company post revenues of US$30.6 million, down from US$34 million in Q1 2012. Additionally, Daqo’s Q2 2012 polysilicon shipments were approximately 1,028MT, while its PV module shipments amounted to 3.6MW. Wafer shipments for the second quarter were 11.2MW.
