Solar industry business people are continuing to investment in the Middle East. Terra Nex, a wealth management company specializing in Middle East investment and Germany-based Middle East Best Select (MEBS) plan a US$2 billion integrated project to develop 400MW of solar technology in the oil and gas exporting country, including facilities to manufacture solar panels for Oman and for export.
India-based, thin-film PV manufacturer Moser Baer has installed a 5MW solar farm, equivalent to powering 70,000 households, covering an area of 60 acres in Tinwari, Jodhpur district, India. This is part of the US$1 billion the company has promised the Indian states of Gujarat, Orissa, West Bengal and Rajasthan, for projects worth 300MW. The farm was built under the solar subsidy scheme, the Jawaharlal Nehru National Solar Mission (JNNSM). The opening ceremony was attended by the renewable energy minister Dr. Farooq Abdullah and Ashok Gehlot, chief minister of Rajasthan.
Citing an intensely competitive market environment, SMA Solar Technology, the leading PV inverter manufacturer, reported preliminary full-year financial results of €1.7 billion in sales for 2011. SMA Solar had previously cut €200 million from its previous forecast of €1.9 billion to €1.7 billion, with results therefore coming in at the lowered figure. SMA Solar reported 2010 sales of €1.9 billion. Earnings before interest and taxes (EBIT) were reported as being more than €240 million.
The tragic death of Amonix CEO Brian Robertson late last year has led to Jan van Dokkum, an executive with venture capital firm, Kleiner Perkins Caufield & Byers, becoming interim CEO of the concentrated photovoltaic (CPV) solar systems company. The Board of Directors at Amonix said it had enlisted an executive search firm and has established a search committee for the selection and appointment of a new CEO.
Thin-film solar cells manufacturer AQT Solar has received US$18.7 million from investors to double production at its headquarters in Sunnyvale, California, US. Details of the investors have not been disclosed.
A former vice president at Q-Cells, Matthias Altieri has joined UK-based merchant bank, ThomasLloyd Group to run its solar energy funding operations as managing director. The appointment was made at the beginning of December, 2011. In his new capacity, Mr Altieri will be responsible for sourcing new business both in the provision of technology and in the sourcing of new development opportunities.
Taiwan-based crystalline solar cell producer, Neo Solar Power (NSP) has reported December, 2011 revenue of approximately US$21.94 million (NT $663 million), down significantly from the previous quarter and year-on-year. Total revenue for 2011 reached approximately US$600.2 million, down from US$634.4 million in 2010.
India’s Prime Minister has appointed Anil Kakodkar as the new head of his government’s solar programme. Kakodkar, who is also a member of the Atomic Energy Commission (AEC) and previously led India’s nuclear programme, was unveiled as chairman of the recently launched Solar Energy Corporation of India (SECI) during Prime Minister Manmohan Singh’s speech at the Indian Science Congress.
Westinghouse Solar has been granted an equity investment from CBD Energy; a partnership that will also see the companies mutually explore a wider strategic relationship. The investment saw Westinghouse Solar issue common stock at a price of US$0.60 per share for gross proceeds of US$1,000,000.
PV inverter supplier, Satcon Technology is realigning its business operations and significantly cutting operating expenses to reach breakeven mid-year. Europe and Canada business efforts are being scaled back, which includes the closure of its manufacturing facility in Ontario, Canada and an overall headcount reduction of 140 worldwide, or approximately 35%. Satcon will also stop production of its Solstice product line.
