Micro-cap module manufacturer, China Technology Development Group Corporation (CTDC) has been notified by NASDAQ Stock Market that its shares will be delisted on May 29, 2012 should the company fail to re-establish its common stock trading above US$1.00 minimum.
An attempt to regain lost revenue has led to MEMC Electronic Materials’ decision to cut its global workforce by 20%, or over 1,300 employees. Among other activities, the company will also idle its 6,000MT Merano, Italy polysilicon facility, which it says it will close unless “dramatic feedstock, power and other cost reductions are achieved” in the near future.
India’s Ministry of New and Renewable Energy has awarded PV project contracts worth 350MW to 28 developers in its latest National Solar Mission (NSM) auction. Projects in batch II of phase II were allotted by a reverse bidding process and have an initial completion deadline of March 2013.
With almost perfect conditions for solar technology deployment, a significant energy need and weak infrastructure, South Africa as highlighted in a detailed EPIA report last year should be one of the best emerging markets. However, lack of financial support was said to be the key obstacle. That my now be changing with one example of funding being made available with the support of the European Investment Bank and Investec to the tune of €100 million for the promotion of clean energy generation and energy efficiency initiatives in South Africa.
Late Friday, November 25, Evergreen Solar issued a statement announcing that senior executives, including CEO, Michael El-Hillow had been sacked with immediate effect on November 21, 2011. The board of directors appointed Christian M. Ehrbar as its new CEO and Paul Kawa as CFO, without providing reasons for the sacking or new appointments. Evergreen Solar is currently in Chapter 11 bankruptcy and recently conducted a sale of some of its core assets to Max Era Properties Limited.
Algonquin Power has entered into a share purchase agreement with EffiSolar Energy to buy all the issued and outstanding shares in Cornwall Solar and its 110MW project pipeline.
Third quarter results from Hanwha SolarOne echoed pricing pressure and weak demand, especially from Germany that led to margin pressure, inventory write downs and losses. Hanwha SolarOne reported US$225.4 million in revenue, a decrease of 20.1% from 2Q11 when revenue reached US$277.1 million. The company recorded a non-cash inventory write-down of US$30.6 million and a net loss of US$46.4 million.
€100 million have been invested into Solar21, the Irish renewable energy fund, for PV solar farms across Europe, focussing on economies with the most attractive long-term guaranteed FiT rates.
Significant price declines coupled with difficult project financing conditions, especially for large-scale PV projects in Europe, were key reasons behind Trina Solar reporting a net loss of US$31.5 million in the third quarter. Though module shipments reached 370MW in the quarter, slightly higher than previous guidance of 360MW at the high range figure, shipments declined 6.6% sequentially. Net revenues were US$481.9 million, a decrease of 16.8% sequentially and 5.2% year-over-year.
