Taiwan-based solar wafer producer, Green Energy Technology (GET) reported net sales for December 2011 of NT$880 million (US$29.05 million), down approximately 57%, compared to the same month in 2010. Total net sales for 2011 reached NT$18,615 million, (US$614.5 million) up 7.6% from 2010.
A highly anticipated deal expected since Total bought a majority share holding in SunPower earlier this year, should be completed in early 2012. SunPower is to acquire module manufacturer, Tenesol from Total for US$165.4 million in cash. Ownership of Total in SunPower will increase to 66% as part of the transaction. SunPower noted that the acquisition would positively affect its financial position in 2012.
T-Solar has signed three loan agreements worth US$145 million to finance two PV plants in Peru. The systems, which have a combined capacity of 44MW, are the first large-scale solar installations in Latin America and will cover 206 hectares of land in the Arequipa region of southern Peru.
Unable to secure closure on a previous deal to sell its solar project pipeline to solarhybrid and investor funding for its planned expansion of its Ibersol parabolic trough power plant project, Solar Millennium has filed for the opening of insolvency proceedings at the district court in Fuerth, Germany. The module supply deal between First Solar and solarhybrid becomes suspect.
In a brief market update, aleo solar said that it expected losses in 2011 to be in the range of €25-€30 million. The PV module manufacturer had reported an EBIT profit of €7.4 million, with an EBIT margin of 2.2% for the first 9-months of the year.
Financially challenged silicon metal supplier, Timminco has tapped Bank of America for the remaining US$2.9 million of a revolving credit facility, resulting in the company having to pursue alternative sources of financing. The Canada-based materials producer recently reported third quarter sales of US$28.6 million and a net loss of US$2.4 million.
Troubled thin film veteran, Energy Conversion Devices has deferred interest payments to note holders of its Senior Convertible Notes due 2013 as it continues talks with some of the holders over restructuring debt and raising funds to continue operations.
The North American Development Bank (NADBank) revealed that it is lending up to US$88.5 million to SunEdison for the development of a 20MW solar park in Picture Rocks, Arizona. This is the largest, and second, solar project financed by the NADBank. The solar park is expected to generate enough electricity for nearly 3,500 homes in the metropolitan area of Tucson.
Having secured funding, Tata Power is continuing with its three-fold project in cooperation with BP Solar installing plants located in the Patan, Kutch and Mithapur areas of the state of Gujarat to be completed under its Solar Power Policy 2009.
Blaming weaker than expected revenue earnings on poor weather and other factors, First Solar lowered its 2011 revenue guidance and separately announced a restructuring of its core business groups with the exit of TK Kallenbach, President of the Components Business Group, at the end of the year. Restructuring will lead to a workforce reduction of approximately 100 associates, around 1.5% of its workforce, according to the company. First Solar revised 2011 guidance in the range of US$2.8 to US$2.9 billion, down from a prior guidance range of between US$3.0 and US$3.3 billion.
