Sandvika, Norway-based REC ASA has published its second-quarter financials for 2011, which show revenues of NOK 3,391 million, down 17% on the previous quarter. Significant weakening of the solar market led to a slowdown in demand for the company’s products, while polysilicon production operations are also under pressure from Chinese competitors.
On the heels of awarding a $16 million loan to Azure Power for a solar photovoltaic project in India, the Export-Import Bank of the United States said it is providing a $9.2 million long-term loan to support exports of Colorado-based Abound Solar's CdTe thin-film PV modules to Punj Lloyd Solar Power for a 5MW power plant in Rahjasthan.
The cofounder and former CEO of First Solar has launched a $300 million venture capital firm. Michael Ahearn's True North Venture Partners will invest primarily in early-stage companies in the energy, water, agriculture, and waste sectors, in amounts ranging from $100,000 to $25 million.
Q-Cells has signed a five-year sponsorship deal to become a “Champion Partner” of German football giants Borussia Dortmund. As part of the agreement, the recently-crowned Bundesliga champions have also agreed to install a 920kW solar array on the roof of their Westfalenstadion stadium.
Just over a year after Astronergy and Munich Re signed a contract to cover Astronergy’s crystalline-silicon PV modules, the two companies have revealed a new agreement that sees the reinsurer covering all crystalline-silicon PV modules sold by Astronergy as of January 1, 2011. The new contract additionally calls for Munich Re to back-up the performance warranties Astronergy issues against excessive power loss over the next 25 years.
Just one small euro million below the half-billion euro mark was reported by Fronius for revenue in 2010. The Austrian inverter manufacturer grew sales by 52%, compared with the previous year. Although sales in the PV inverter segment were not given separately, 2010 was characterised as a record year for inverter sales by market research firms.
Building upon its success with its 20MW Starwood SSM1, completed in October 2010, and the 30MW Starwood SSM2, expected to be completed during 2011’s third quarter, Starwood Energy Group Global has finalized the financing for the final 10MW of its Starwood SSM3 solar project. The combined 60MW project in Sault Ste. Marie, Ontario is contracted under the Renewable Energy Standard Offer Program with its development overseen by the Ontario Power Authority. The project will be connected to the local PUC Distribution grid and is said to be the second largest solar project in North America.
Semprius has secured US$20 million in its first tranche of Series C venture fundraising for a pilot high-concentration photovoltaic (HCPV) module production plant. Siemens Venture Capital led the investment round and was joined by Arch Venture Partners, Applied Ventures, Illinois Ventures, Intersouth Partners, In-Q-Tel and GVC Investment.
Leading French renewable energy producer Fonroche Energie has secured a €52-million credit line with a banking syndicate led by Credit Agricole. This finance will help Fonroche to increase its green portfolio, an expansion plan highlighted by the construction of 20MW of solar greenhouses in France.
A major reshuffling of executive positions has been made at Hanwha SolarOne, which said the move was designed to strengthen the management team as it continued to build-out the company to become a major player within the solar industry. Stepping aside is Dr. Peter Xie, CEO and Gareth Kung, CFO, both former Solarfun executives, who are being replaced by Hanwha Group executives, Ki-Joon Hong and Jung Pyo Seo, respectively. Hong is currently the chairman of the Board of SolarOne and CEO of Hanwha Chemical Corporation, which acquired a majority stake in the former Solarfun.
