The Asian Development Bank (ADB) revealed plans to offer up to US$150 million in credit guarantees to local and foreign commercial banks to encourage the development of solar power as a renewable energy in India. The credit will cover 50% of the payment default risk on bank loans made to solar project developers with an aim to secure long-term funding for solar energy development in the country.
Monocrystalline wafer manufacturer Comtec Solar Systems has recorded net profit of ¥83.5 million (US$12.8 million) for the first quarter of 2011. This was a huge 311.1% rise on the Q1 2010 number and highlighted an impressive set of unaudited Q1 figures.
Under a new agreement between TPG Capital and Comtec Solar Systems Group, TPG will invest a total of US$150 million through newly issued convertible bonds and warrants. TPG has subscribed for unsecured convertible bonds, which are due in 2016 with an aggregate principal of US$100 million. The bonds are zero interest and will be able to transfer into Comtec’s new ordinary shares at an initial conversion price of US$0.50 per ordinary share. If the bonds are not exchanged after five years, they will be redeemed at par.
OPEL Solar International has finalized its financial statements for 2010 declaring increased revenues for both the fourth quarter 2010 and full 2010 year. Revenue for Q4 2010 was finalized at US$375,747, which contributed to its 2010 revenue total of US$1,647,638. Both the Q4 and full year results show an increase in revenue over figures for the same period in 2009.
CBD Energy is on the verge of signing a contract finalising its joint venture with two of China’s biggest renewable energy companies, China Datang Renewable Power and Tianwei Baobian Electric.
Total has signed an agreement with EDF ENR to acquire all of Tenesol’s operations outside of France’s overseas departments and territories, of which it already owns 50%. Tenesol’s operations in the French overseas departments and territories would continue to be equally owned by the Total Group and EDF ENR.
In future weeks, SunPower will almost certainly be marking April 12 as not only an eventful day, but a successful one as well. Not only did the company celebrate the opening of its Milpitas module manufacturing plant, but also announced that the US Department of Energy (DOE) has offered the company a conditional loan guarantee for its California Valley Solar Ranch power plant.
Tigo Energy has secured investment of up to US$20 million to help expand its manufacturing, international sales and logistics divisions and meet rising demand for its Maximizer Management Unit.
Continuing its PV equipment company consolidation attempts, Meyer Burger will acquire Roth & Rau in a friendly takeover. Meyer Burger said it had already acquired a total of 11.3% of the share capital of Roth & Rau AG from the founders and key shareholders. Meyer Burger is offering bearer shares in Roth & Rau at €22 per share in cash, a premium of around 41% compared with the volume-weighted average share price of the past three months. The total deal is worth approximately €356.6 million.
French utility EDF will acquire the outstanding 50% share in EDF Energies Nouvelles after the renewable energy firm accepted an offer of €40 per outstanding share. This represents a premium of 10.4% on the share closing price on April 7 and a 23.8% premium compared to the daily volume-weighted average over the last six months.
