GCL-Poly Energy Holdings and Bank of America Merrill Lynch have closed the initial transaction to fund 15 solar power systems that will be developed by GCL-Poly’s US subsidiary, GCL Solar Energy. The 15 solar sites will total 5MW of solar energy and serve the Palmdale School District in southern California.
The CPV solar cell business segment of Emcore accounted for US$19.1 million or 51% of the company's total revenue in its FY2012 first quarter, representing a decline of US$2 million from the prior quarter. However, Emcore reported a CPV cell order backlog of approximately US$51.7 million, an increase from US$43.5 million in the prior quarter. The order increase was due to the first order from its China-based JV CPV module operations, Suncore, which is starting assembly operations to meet a US$100 million project contract in the country.
Borrego Solar has again secured funding for US$47 million from US Bank and East West Bank for solar energy projects in California, US. The fund will be used to build 6MW of installations for three school districts and two plants in Massachusetts – the largest of which is expected to be 4.7MW. The company said these projects are expected to create 400 local jobs and generate enough electricity to power nearly 2,000 homes.
In releasing full-year 2011 results, Showa Shell highlighted the successful roll-out of subsidiary, Solar Frontier’s CIS thin film modules in key markets such as Germany, US, Asia, Middle-East and Japan. The company noted a string of commercial and utility-scale project wins having started production at its 900MW plant in February, 2011. However, price decline of 40% were reported for the year with further price declines expected in 2012, due to oversupply, though current price declines were said to have slowed.
Inline with previous guidance, PV equipment supplier, Amtech posted net revenue of US$24.7 million for its financial year first quarter, 2012, a decline of 59% compared to the previous quarter. The company reported minimal order cancellations but noted shipment push-outs as PV manufacturers tackle severe overcapacity. Revenue for FY2Q12 was guided down to be in the range of US$20 - US$22 million.
A US$646 million US DOE loan and loan guarantee for First Solar’s 230MW Antelope Valley Solar Ranch One (AVSR) PV power plant project in northern Los Angeles County, California has hit a snag over an outstanding construction permit issue. The timeframe for initial funding of the loan has been pushed back to February 24, 2012 but if the issue isn’t resolved by that date, First solar said it could have to acquire the project from customer, Exelon for approximately US$75 million.
An undisclosed Chinese investment company that is said to own a portfolio of PV power plants in Italy is planning to recoup the investment in a frame agreement signed with 3Power Energy Group.
Private equity firm Element Partners has announced that it is to acquire both Bekaert Advanced Coatings (BAC) and Soleras Ltd, with the two companies merging to form Soleras Advanced Coatings.
SunPower has become entangled in a lawsuit directed at the US Departments of the Interior, Treasury and Navy. Judicial Watch, an organization that investigates government corruption and Human Events, a weekly American conservative magazine, filed a Freedom of Information (FOIA) act to sue the Obama administration on February 1, 2012.
Europe’s second-largest oil company, British Petroleum (BP), has failed to meet a financing deadline despite today’s announcement that the company has raised dividends to shareholders by 14%. The Australian government has reopened a solar funding competition to AGL Energy, TRUenergy and Suntech Power, to construct the Moree solar farm in New South Wales.
