Continuing market constraints and unattainable cost bases have conspired to force Schott Solar’s management to withdraw from c-Si PV manufacturing completely. Although the company’s thin-film and CSP activities are unaffected by this news, this exit from the c-Si sector will affect around 870 employees as well as its Mainz and Alzenau plants in Germany, Valasske Mezirici in the Czech Republic and Albuquerque in New Mexico.
The dark clouds of controversy looming over the German feed-in tariff have finally cleared with a compromise between the Bundestrat and Bundestag. Chancellor Merkel’s government has announced that it wants to maintain a solar “growth” corridor” of 2,500 – 3,000MW per year, with installations capped at 52GW. A class system for medium-sized roof-top installations will also be introduced. All funding will be back-dated to the original date of April 1, 2012.
It appears that the next victim of this most ruthless of competitions – the solar shakeout – is CdTe thin-film manufacturer Abound Solar. Another controversial recipient of a DOE loan guarantee, the company will be closing its doors next week, a claim that has been confirmed on the DOE's website today. According to a GTM Research report, the company will finally cave to cost pressure from CdTe leader First Solar and the general plummeting product costs across the PV manufacturing board.
SPI Solar has purchased Italy-based EPC company Solar Green Technologies (SGT) from LDK Solar Europe Holdings and the founders of Solar Green Technologies, the company has announced. SPI invested US$5 million, consisting of approximately 13,400,533 SPI shares with a value of US$0.45 and circa US$250,000 in cash, paid to the two founders of Solar Green Technologies. The transaction adds 20MW in EPC contracts to SPI Solar’s portfolio.
Banyan Energy has announced the appointment of Rusty Schmit as its new CEO. Schmit has over 30 years of experience in the solar industry and has been a member of Banyan’s board of directors where he served as the company’s vice president of business development in his most recent role. Before joining Banyan Energy, Schmit was involved in the foundation of PV companies like Advent Solar and Matrix Solar Technologies, where he served as CEO.
SAG Solarstrom advised that Deutsche Bank Group had given the company a financing commitment of €65 million. The loan has conditions in line with the market and a term up to the fall of 2013. The company plans to use the financing for various projects planned in 2012 and 2013, which will mainly be implemented in Germany. SAG Solarstrom acknowledged that the financing commitment and the payment of the loan will depend on the fulfillment of customary banking conditions and the signing of financing documents.
Renewable Energy Corporation’s (REC) board of directors has proposed an additional sum of NOK75 million (approx. US$12 million) to the Extraordinary General Meeting (EGM). The company states that all investors that participated in the private placement have agreed to the final gross proceeds of NOK375 million (approx. US$62 million).
Updated. Business conditions at LDK Solar have worsened considerably since reporting fourth quarter financial results at the end of April, 2012. The integrated PV manufacturer has slashed both polysilicon production and full-year revenue guidance, while meeting the low mark of guided sales in its first quarter 2012 results.
REC’s board of directors has proposed an offering of NOK1.300 million through a private placement, it has been announced. The board of directors will propose an issuance of 866,666,667 new shares to existing shareholders and new investors at a subscription price of NOK1.50 to the Extraordinary General Meeting (EGM), scheduled for July 18, 2012. The price was determined by book building processes carried out by DNB Markets, Nordea Markets and Arctic Securities. The funds from the private placement will be utilized for a partial repayment of the €100 million convertible bonds. Umoe AS and Canica AS are among the primary insiders that have been allocated new shares. Conditions have been set and will have to be met by July 31, 2012, in order to complete the private placement.
Solar thermal project developer BrightSource Energy has placed the top bid for Palen, a 500MW solar thermal plant, at a Delaware auction of property of Solar Trust of America, which went bankrupt in April this year. The as-yet unbuilt solar thermal plant is said to have been bought by BrightSource for an unconfirmed amount of up to US$30 million.
