The cofounder and former CEO of First Solar has launched a $300 million venture capital firm. Michael Ahearn's True North Venture Partners will invest primarily in early-stage companies in the energy, water, agriculture, and waste sectors, in amounts ranging from $100,000 to $25 million.
Peter Mak, Trina Solar’s independent director and chairman of the audit committee has resigned from his post, effective July 10, in order to focus on other personal and professional pursuits. Jerome Corcoran and Qian Zhao, independent directors for the company, have been appointed chairman of the audit committee and member of the corporate governance and nominating committee respectively.
Q-Cells has signed a five-year sponsorship deal to become a “Champion Partner” of German football giants Borussia Dortmund. As part of the agreement, the recently-crowned Bundesliga champions have also agreed to install a 920kW solar array on the roof of their Westfalenstadion stadium.
The Indian state of Karnataka has published its updated solar policy, which includes a target for 350MW of solar projects by 2016. The Government will allocate 40MW worth of projects for direct sale to the different distribution companies in the state, commonly known as ESCOMS, up to the amount of 200MW. A total of 50MW of bundled solar thermal power will be allotted to state-owned utilities for development. The split between photovoltaic and concentrated solar power (CSP) has not yet been defined.
The final adaptation of Italy's deficit-reduction plan has imposed further reductions on renewable energy incentives. If confirmed, the new legislation could see incentives to renewable energy companies paid for by consumers on their electricity bills slashed by as much as 30%.
Just over a year after Astronergy and Munich Re signed a contract to cover Astronergy’s crystalline-silicon PV modules, the two companies have revealed a new agreement that sees the reinsurer covering all crystalline-silicon PV modules sold by Astronergy as of January 1, 2011. The new contract additionally calls for Munich Re to back-up the performance warranties Astronergy issues against excessive power loss over the next 25 years.
Just one small euro million below the half-billion euro mark was reported by Fronius for revenue in 2010. The Austrian inverter manufacturer grew sales by 52%, compared with the previous year. Although sales in the PV inverter segment were not given separately, 2010 was characterised as a record year for inverter sales by market research firms.
Building upon its success with its 20MW Starwood SSM1, completed in October 2010, and the 30MW Starwood SSM2, expected to be completed during 2011’s third quarter, Starwood Energy Group Global has finalized the financing for the final 10MW of its Starwood SSM3 solar project. The combined 60MW project in Sault Ste. Marie, Ontario is contracted under the Renewable Energy Standard Offer Program with its development overseen by the Ontario Power Authority. The project will be connected to the local PUC Distribution grid and is said to be the second largest solar project in North America.
Semprius has secured US$20 million in its first tranche of Series C venture fundraising for a pilot high-concentration photovoltaic (HCPV) module production plant. Siemens Venture Capital led the investment round and was joined by Arch Venture Partners, Applied Ventures, Illinois Ventures, Intersouth Partners, In-Q-Tel and GVC Investment.
Spanish regulators have suspended subsidies for 360 solar plants after they failed to prove their eligibility for the feed-in tariff. The sanctioning brings the number of projects punished by the regulators to 1,919 and concludes the investigation into fraudulent subsidy claims within the country’s solar industry.
