Company name changes can often be as part of a rebranding exercise, sometimes due to poor performance or turmoil. This is certainly not the case with GT Solar, which is outperforming much of its competitor base in the PV equipment market sector. Having secured approximately US$1 billion in order backlog for its new foray into the LED sapphire wafer manufacturing market and hints by executives of further acquisitions, a new name, GT Advanced Technologies was seen as better reflection of what the company is now doing and where it intends to play in the future.
Updated: The optimism from the first quarter was short-lived at JA Solar, which has warned investors that ASPs declined faster than expected in the second quarter, negatively impacting gross margins. Coupled to ‘high-cost inventory provisions,’ gross margins are expected to be in a negative low single digit range, according to a company statement.
The continued construction and eventual interconnection of what will be the world’s largest solar PV power plant now seems assured. The US Department of Energy’s Loan Programs Office has finalized a $967 million loan guarantee for the 290MW (AC) Agua Caliente solar project in Arizona, thus triggering the purchase close of the project by NRG Energy from First Solar. The plant could start generating electricity for PG&E as early as the end of this year.
(UPDATED) First Solar has reported second-quarter 2011 net sales of US$533 million in the quarter, a decrease of US$34.5 million from the first quarter, which were a decrease of US$42.5 million from the fourth quarter of 2010. The CdTe thin-film leader noted that the sales decline was primarily due to lower average selling prices, which in turn were due to policy uncertainties in Italy, Germany and France, leading to weaker-than-expected demand.
Despite current weakness in solar related equipment spending, due to weak demand for PV modules in the first half of the year and a longer than expected inventory build, GT Solar posted first quarter financial year revenue of US$231.1 million, compared to US$271.6 million last quarter and up 71% from the US$135.2 million of revenue in the first quarter of fiscal 2011. Record order backlog stood at US$2.3 billion.
Independent power developer K Road Power Holdings and Barclays Natural Resource Investments have established a partnership aimed at the development, construction, and operations of K Road’s utility-scale solar power portfolio. The developer has 11 solar projects totaling nearly 2.3GW in various stages of development in the southwestern US.
Having cited weaker-than-expected financial results for the first quarter of 2011, due in part to the halt in PV installations in the key Italian market, Trina Solar has revised its second-quarter guidance, which points to the demand issues in Italy for the company's lower sales expectations.
Meyer Burger Technology has received antitrust clearance from the Ministry of Commerce of the People’s Republic of China, concerning the acquisition of equipment supplier, Roth & Rau. The settlement of the tender offer and the payment of the offer price are expected to take place on 9 August 2011.
The ongoing wafer supply deal dispute between China Sunergy and REC Wafer entered a new phase with a Norwegian court ruling in favour of China Sunergy. REC Wafer is said to appeal the decision made by the Norwegian Court of Appeal.
German football club Bayer 04 Leverkusen has signed a three-year sponsorship contract with solar giants JinkoSolar. The deal provides Jinko with advertising space at the club’s BayArena and also grants it exclusive rights to install solar panels on the stadium itself.
