Much weaker than expected demand in Europe impacted PV inverter manufacturer, Satcon Technology’s first quarter financial results. Although Satcon posted record revenue of US$62 million for a first quarter accounting period, the revenue figure was below initial projections of US$65 million to US$70 million. Some shipments were postponed to later in the year by some of its customers due to an inventory build, executives noted in a conference call to discuss financial results. Net loss for the first quarter was US$2.1 million.
Citing a slowdown in module sales and prising pressure in the first quarter of 2011, Evergreen Solar has declared that its near term liquidity has been negatively impacted, which could lead the company to find new sources of cash sooner than expected. The struggling String Ribbon module producer said shipments were only 18MW in the first quarter, down significantly from 47MW in the fourth quarter of 2010.
Lincoln Renewable Energy (LRE) has finalized the sale and project finance deal with Macquarie Energy worth US$41 million. The agreement sees Macquarie Energy enter a long-term purchase agreement for power and renewable energy credits from LRE’s New Jersey-based 10MW Oak Solar PV project. LRE will remain the long-term owner of the facility, while Macquarie Energy provides construction finance and term debt for Oak Solar.
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.
