STR Holdings publicized the definitive purchase agreement it had signed with Underwriters Laboratories (UL), where UL will buy STR’s quality assurance (QA) business for US$275 million in cash, plus cash assumed. The acquisition is expected to be finalized no later than September 30 once all traditional closing conditions have been met.
Having noted a 45% price decline for bare wafers from May to June this year, PV Crystalox Solar said it was currently operating below breakeven level and expects further pricing pressure in the second-half of the year could lead to incurring an operating loss in the second half. Despite challenging business environment, the wafer producer posted a 23% increase in wafer shipments in the first-half of the year to 204MW, compared to the same period (165MW) a year ago. PV Crystalox posted revenue of €129.6million, up 16% compared the prior year period. EBIT was up by 161% to €24.3 million. Wafer production capacity also increased, reaching a nameplate capacity of 535MW. The company is expanding capacity to 750MW by early 2012.
Margin pressure would seem to be the only negative force of a weak PV market on Canadian Solar’s financial performance. In the second quarter of 2011, the PV module manufacturer reported increased revenue and shipments that have continued to rise over 2010. Solar module shipments were 287MW, up from 244MW in the first quarter 2011 and 181MW in the second quarter of 2010. Net revenue was US$481.8 million, up 8.7% from US$443.4 million in the first quarter of 2011 and up US46.6% from US$328.7 million in the second quarter of 2010.
Day4 Energy reported revenues of US$23.3 million, a decline from its reported earnings for the Q2 2010, but a US$4.4 million increase from Q1 2011. While the company noted sales of US$2.6 million, which it accredits to its acquisition of ACI ecoTec, it notes that sales numbers did decrease when compared to previous years due to the overall instability that the solar industry has been going through over the past few months. However, Day4 acknowledged that its sales increased over Q1 2011, mainly because of the Italian government’s FiT resolution.
As a consequence of Evergreen Solar’s Chapter 11 bankruptcy filing, Nasdaq has notified the company that it will be suspended at the opening of business on August 24. Based on Nasdaq rules, Evergreen Solar’s common stock will be delisted but the company may trade on the OTC Bulletin Board or the Pink OTC Markets. However, this will require at least one market maker to quote Evergreen Solar’s common stock, though this is not given, it normally happens.
Sungevity and Citigroup have created a renewable energy tax equity fund that will support over $50 million of new residential solar lease projects. The installer/integrator company said it has raised funds to support over $120 million in residential solar projects in the US since 2010.
Only hours after PV-Tech reported that Evergreen Solar had said it was in detailed and time-consuming negotiations with holders of its convertible senior secured notes, which had caused the company to delay quarterly SEC filings, the company said it has filed for voluntarily bankruptcy under US Chapter 11. At the same time, Evergreen stated that it has made agreements with certain noteholders with more than 70% the outstanding debt to sell its ‘String Ribbon’ wafer technology business assets. A ‘stalking-horse’ bidding process has been agreed.
The long and winding road for polysilicon start-up, Hoku Materials looks to straightening after the company said it expected to start operations at its poly plant in Pocatello, Idaho. Hoku said it had received continued financial support from Tianwei New Energy Holdings, to complete construction of its first phase (2,500MT) plant and begin production.
Having previously revised downwards its 2011 revenue guidance, Centrosolar remains positive that it will achieve full-year revenue target of €330 to €380 million with a positive operating result. As international sales as a percentage of sales increased from 49% to 63% in the first-half of the year, the company noted a pick-up in demand for rooftop installations in Italy, UK, Belgium and the USA.
Payom Solar has taken over the remaining 47.4% of US project developer Amsolar Holdings. The German company acquired a majority share of the San Diego-based company in March.
