In an attempt to close the gap between design and manufacturing new PV inverter technology, SMA Solar Technology is acquiring dtw Sp.z o.o., one of Poland's largest electromagnetic components manufacturers. SMA said that dtw had been a supplier to the inverter firm for 10 years. Financial details of the deal were not disclosed, though dtw was said to have annual revenue of €74 million. The transaction is subject to regulatory approval and scheduled to be completed in July 2011.
Several large sapphire furnace orders have helped GT Solar to almost double its equipment order backlog guidance from approximately US$1 billion to US$1.6 billion. However, technical upgrades offered to existing customers of DSS650 furnaces are tracking ahead of schedule, enabling GT Solar to raise revenue guidance for the current quarter to approximately, US$225 million, up from previous guidance of between US$140 million - US$150 million.
According to the United News of Bangladesh, top executives at the Asian Development Bank (ADB) have agreed to help finance a 500MW solar system, which will be built at locations throughout Bangladesh. The plan has officials proposing the 500MW solar system include solar irrigation pumps, solar rooftop installations in urban areas and mini solar grid plants in rural areas.
As part of its updated second-quarter and fiscal year 2011 financial outlook, SunPower boosted its expected quarterly revenues to between $550 million and $600 million, while annual sales are forecast to end up in the $2.8 billion-$2.95 billion range. Because of the new Italian policy environment, the company said it will be reallocating 85MW of product from its utility group in Italy to residential and commercial customers in Europe and elsewhere.
LDK Solar released its unaudited financial results for its first quarter, which ended March 31. While the company did see its gross margin increase both year-over-year and sequentially, revenue and sales were lower in comparison to its fourth quarter 2010 results. Q1 2011 revenue reached US$766.3 million, a 16.8% sequential drop from Q4 2010’s US$920.9 million. However, in a year-to-year comparison, sales grew 120.5% from US$347.6 million in Q1 2010.
Belectric and Smart Energy Capital said that they have created a joint venture to develop and finance utility-grade photovoltaic power plants. The partnership will focus on multimegawatt sites in the United States, and will develop projects on a greenfield basis as well as through acquisitions from qualified developers.
PvXchange has named Michael Mueller as CEO and Olaf Emmerich as CMO after the recent investment round from WHEB Partners. Mueller will oversee the company’s new international unit, pvXchange, in Zug, Switzerland. The company intends to continue recruiting and expanding its international reach while further developing its trading technology.
GT Solar International has appointed John Granara as its new vice of president finance, chief accounting officer and corporate controller. Granara succeeds Richard Johnson, who resigned last week to pursue other interests, and will start the role immediately.
SolarBridge Technologies has appointed Bill Mulligan as its newest board member and Bill Paape as its CFO. Over fifty years of professional experience lies between the two men and the company looks forward to SolarBridge growing under their leadership.
A dramatic u-turn by German Chancellor Angela Merkel has been officially proclaimed with the announcement that all nuclear plants in the country will be shut down permanently by 2021. Initially, eight of Germany’s oldest nuclear plants will shut down immediately and the remaining plants will be phased out over the next 10 years. However, three plants could remain operational until 2022 to allow for the possibility of delays occurring in the addition of new energy sources - mainly renewables - as a replacement.
