Thin-film manufacturer NovaSolar has filed for Chapter 11 bankruptcy. That’s not unusual, a number of companies have gone bankrupt in the last months. NovaSolar, though, is the US arm of Chinese NovaStar, a company that was created with the remaining assets from bankrupt OptiSolar three years ago.
Having previously announced a major reorganization of its entire operations, centrotherm photovoltaics, the second largest equipment supplier to the PV industry, has employed an outside consultancy to prepare discussions with its banks to secure further funding. The move was sparked by short-term liquidity issues after merchandise credit insurance companies, used for products and merchandise being delivered to the company, declined further coverage and guarantees.
Scheuten Solar has been sold to Chinese investor Aikosolar and the company is celebrating its “comeback” at Intersolar Europe. Aikosolar, a solar cell manufacturer and also owner of Powerway Renewable Energy, has taken over Scheuten’s essential components. The combination of Scheuten Solar’s product portfolio, 10 years of experience and Aikosolar’s financial strength as well as Powerway Renewable Energy’s EPC experience propose a positive outlook for the future, company representatives stated. Financial details of the deal were not disclosed.
Distributed Energy Research & Solutions, or EnergySage, has been the recipient of one of 10 Department of Energy (DoE) SunShot Incubator investments worth US$500,000. The funding will be used to develop a web-based PV comparison-shopping platform that aims to deliver pricing transparency and encourage online networking among property owners and solar PV installers.
SolarCity and US Bancorp have announced a US$250 million fund to finance residential and commercial PV projects. The renewable energy tax equity fund is intended for homeowners as well as businesses, administrative, school and county buildings. The fund will be used to finance the solar panels and installations, while customers pay a discounted amount for the electricity. In the three years that SolarCity and US Bancorp have been collaborating, this is the sixth and largest fund, designed to make PV systems more accessible and affordable.
Taiyo Pacific Partners has upped its stake in Japan-based Ulvac to 18%, following its purchase of a 5% shares stake in September 2009. Taiyo is now Ulvac’s largest shareholder Pacific Partners and has, since its initial investment in 2009, acted as a “long-term friendly investor providing valuable advice and support”, according to Ulvac’s president Hidenori Suwa.
Flexible CIGS module manufacturer Global Solar Energy has initiated the steps to attract new investment, enlisting the services of FTI Capital Advisors to investigate new investor participation that could see the partial or complete takeover of the company.
As the largest merchant solar cell producer, JA Solar continues to be impacted by rapidly declining prices as overcapacity continues thought the supply chain. Emphasis has therefore shifted to module production and shipments, though a return to profitability remains a distant goal. First quarter shipments which included cells and modules that exceeded guidance at 366MW, while revenue reached US$254.4 million, down 17.7% from the prior quarter and 56%, year-on-year. Net loss for the quarter was US$39.8 million.
A day after reports claimed Hanergy and Q-Cells were in discussion over the sale of the German PV manufacturers' CIGS thin-film subsidiary, Solibro, both companies said in a statement that a deal had been signed. Financial terms were not disclosed.
Reports have emerged that Hanergy Solar Technology is considering the purchase of Solibro, the CIGS thin-film subsidiary of Q-Cells. Insolvency firm HWW Wienberg Wilhelm, which is administering the bankruptcy proceedings of Q-Cells had said in April that there had been both foreign and domestic interest in acquiring the bankrupt PV manufacturer.
