SunEdison’s 53.5MW multi-site solar PV project in New Mexico looks set for completion by the end of this year, and has been buoyed by the news that it has secured financing of over US$200 millions from financier Wells Fargo. MEMC subsidiary company SunEdison has now activated three of the five power plants that together make up the 53.5MW total, and the remaining two plants are scheduled for completion before year’s end.
Two top executives of controversial thin-film PV company Solyndra won't be offering any substantive testimony before a Congressional subcommittee hearing scheduled for Friday. The company has issued a statement that, because of the ongoing investigation and on the advice of their lawyers, president/CEO Brian Harrison and CFO Bill Stover will invoke their constitutional Fifth Amendment rights, which protects citizens from self-incrimination.
Cleantech finance company De Lage Landen has finalized an agreement that will see the company’s Clean Technology Group team up with Tioga Energy to provide long-term financing for an 856kW solar project in Honolulu, Hawaii. Built for Oceanic Time Warner at its Mililani Tech Park, the project is a combination rooftop and solar parking canopy and is said to be the largest of its kind in the state of Hawaii.
OPEL Solar has advised of its recent agreement with Energi Insurance Services, which will see the solar company buy Energi’s Manufacturer’s Product Warranty (MPW) Insurance for its TF-800 solar tracking systems. The additional insurance will supplement the company’s five-year limited, or optional 10-year extension, warranty, for material and equipment.
California-based EPC and project developer, Premier Power expects 2011 revenue of between US$100.0 million and US$120.0 million, up from US$87 million in 2010. Growth was attributed to growth in the EU and US. Premier Power noted that it had a project pipeline of over 100MWp in Bulgaria and a deal with Teichert to build large scale utility solar power plants in the US put at 300MW.
Solar module encapsulant materials specialist, Solutia has guided lower revenue for the third quarter on the back of weaker than expected demand across its served markets including PV module manufacturing. Despite fallen module prices, PV installations have not rebounded to the degree envisioned and overcapacity remains an issue, reducing material demand.
SpectraWatt willo auction off its 140,000 square-foot crystalline silicon cell manufacturing and research facility in Hudson Valley at the end of the month. In August the cell manufacturer filed for Chapter 11 bankruptcy and the bulk and piecemeal auction, to be carried out by Heritage Global Partners, Counsel RB Capital and Silicon Valley Disposition, marks the first stage of financial restructuring.
Constellation Energy has initiated its solar panel leasing program for residential customers in Maryland, New Jersey, New York, Massachusetts, Ohio and Pennsylvania. Customers in Maryland will have the solar offer conducted through Constellation’s subsidiary, BGE Home.
Less than a week after shutting down manufacturing operations, Solyndra followed through on its announced intention to file for Chapter 11 bankruptcy. The beleaguered CIGS thin-film PV firm said it hopes to reorganize and find a buyer and would like to avoid liquidating its assets.
MEMC Electronic Materials and its solar subsidiary, SunEdison, revealed that they had completed the acquisition of Fotowatio Renewable Ventures, Inc. (FRV US), the US subsidiary of Fotowatio Renewable Ventures. MEMC paid a the disclosed consideration of US$112 million plus repayment of nearly US$19 million in intercompany loans and capital contributions. An additional consideration of up to US$103.6 million may be paid if FRV US reaches specified performance targets.
