MEMC Electronic Materials and its solar subsidiary, SunEdison, revealed that they had completed the acquisition of Fotowatio Renewable Ventures, Inc. (FRV US), the US subsidiary of Fotowatio Renewable Ventures. MEMC paid a the disclosed consideration of US$112 million plus repayment of nearly US$19 million in intercompany loans and capital contributions. An additional consideration of up to US$103.6 million may be paid if FRV US reaches specified performance targets.
Clean Power Finance (CPF) is in the midst of what is shaping up to be quite a promising month. The company recently closed a US$25 million investment led by new investor Kleiner Perkins Caufield & Byers (KPCB), received a US$3 million US Department of Energy (DOE) SunShot award and appointed three new board members and a new CEO.
Canadian silicon metal producer Timminco has promoted its executive management team following the recent resignations of President and Chief Operating Officer, John Fenger, as well as Executive Vice President, Finance and Chief Financial Officer, Rob Dietrich.
The US Export-Import Bank will provide First Solar with $455.7 million of loan guarantees to construct a pair of solar PV power projects in Ontario, Canada. The bank will guarantee a $236.7 million loan for a 50MW plant to be built near Amherstburg, Belmont, and Walpole townships, and another $219 million loan for a 40MW farm slated for construction in St. Clair. The debt will be repaid over 18 years.
Bringing over 15 years of executive and technology experience to the role, Dr. Omid Shojaei joins Indeotec as its new chief executive officer. In his new position Shojaei hopes to build upon the company’s PECVD platform for R&D and pilot production for both c-Si and TF-Si.
Cylindrical CIGS thin-film manufacturer Solyndra has announced that it has suspended its manufacturing operations, immediately laid off its 1100 full-time and temporary employees, and intends to file for Chapter 11 bankruptcy. The Fremont, CA-based company cited "the negative impacts of global economic and solar industry market conditions" as the reason for the actions. The firm also said it is evaluating its options, which could include "a sale of the business and licensing of its advanced CIGS technology and manufacturing expertise."
Roth & Rau has appointed new members to its supervisory board, replacing the previous board who concluded their term in office last week. At the company’s Annual General Meeting, shareholders chose to elect Michel Hirschi, Andrea Sieber and Peter M. Wagner, with Wagner appointed as chairman of the board.
Hemlock Semiconductor has named Andrew Tometich as its new president. Tometich will start his new role immediately, where he will work alongside current chief executive officer Richard Doornbos.
Air Products has appointed Stephen J. Jones as China president, in an effort to promote the company’s next stage of growth in China. Jones will be based in Shanghai and will also remain as senior vice president and general manager of Global Tonnage Gases, Equipment and Energy, a position he has held since 2009.
Hanwha Group has signed an exclusive partnership with Hamburger SV. Under the terms of the two-year exclusive partnership, Hanwha will carry out a wide range of advertising campaigns in Hamburg’s Imtech Arena and was also granted naming rights for the club’s pre-season tournament, the Hanwha Solar Cup.
