Weaker than expected demand in key markets of Germany, Italy and UK in the third quarter have led to aleo solar further lowering its revenue expectations for 2012. The module manufacturer had said at the beginning of August that it expected a "surge in sales" especially from the German market in the second-half of the year with stability restored after the feed-in tariff changes.
Overcapacity in the c-Si ingot/wafer supply chain has forced materials specialist, Cookson to close one of its two ingot crucible production plants in China, with immediate effect. The company had closed a similar plant in the Czech Republic in July 2012, which has supplied crucibles, primarily to the European market. Major European-based ingot/wafer producers such as PV Crystalox are down below 30% capacity utilization on the back of weak demand.
Executives from American solar manufacturers, distributors and installers testified before the International Trade Commission demanding Chinese manufacturers be held accountable for the “unmistakable causes of damage to the American solar industry.” They added that without relief, including the application of duties for the surge in imports after the cases were filed, it is unlikely that the American industry can survive.
As part its senior management restructuring process, John Lefebvre, President of Suntech America has left the company, while E.L. “Mick” McDaniel, previously Vice President of Sales and Marketing for Suntech America, has assumed the newly introduced title of Managing Director for Suntech America. As with other recent changes, McDaniel will report directly to CEO David King.
Australian renewable energy firm Epuron has acquired the 1MW Uterne PV plant — which is said to be Australia’s largest tracking solar power plant — from US PV manufacturer SunPower Corporation. The acquisition was financed by Australian financial services company Commonwealth Bank, making it the country’s first major bank to support a solar project of this size.
Technology company active in the production of enclosures and industrial components, Phoenix Mecano, has announced an impairment of tangible and intangible assets in its ELCOM/EMS division effective December 2012. With the cancellation of a long-term framework supply contract for PV components with a major customer, Phoenix Mecano anticipates an impairment loss of approximately €6-8 million.
South Coast Solar advised that its CEO, Tucker Crawford, has stepped down in order to work full-time as president of the Gulf States Renewable Energy Industries Association (GSREIA). The group is specifically dedicated to expanding the use of solar power in Louisiana, Mississippi and Alabama.
Head of FiTs of the UK’s Department of Energy and Climate Change, Alisdair Grainger, told participants at Solar Power UK in Birmingham that 98.2% of installations in the UK are now from PV. The government minister made a very strong attempt to reassure the audience that cuts to and degression of the FiT in the UK was a good thing.
3M and Ceradyne revealed that they have entered a definitive agreement, which will see 3M buy Ceradyne for US$35 per share. The transaction holds an aggregate value of nearly US$860 million, or US$670 million net of cash, cash equivalents, short-term investments and debt acquired. Ceradyne, a major producer of crucibles used in the production of polysilicon chunks for multicrystalline ingots and then wafers, will join the 3M Energy Advanced Materials Division.
The Export-Import Bank of the US has agreed to provide a 10-year guarantee for a PNC Bank loan worth US$6.4 million. The loan will be used to finance the export of PV modules from SolarWorld Americas, based on the west coast if the US, to Barbados-based Williams Industries-Williams evergreen Ltd.
