While talks continue with potential buyers of insolvent PV manufacturer, Q-Cells, Insolvency administrator Henning Schorisch will also potentially conduct a full restructuring of the company under administration. Q-Cells reported that its creditors met in Dessau-Rosslau to hear about the insolvency proceedings.
Effective August 27, 2012, the revised Italian feed-in tariff programme Conto Energia V has made the registration of all PV systems compulsory. EuPD Research claims this will induce an artificial limitation to the market as well as incur a supplementary cost of €3/kWh.
The US Energy Department’s (DOE) loan-guarantee is walking a fine line these days, which cannot make life any easier for 1366 Technologies and SoloPower as they prepare to receive funding from the same DOE guarantee that failed solar companies Solyndra and Abound Solar partook in. A report by Bloomberg noted that both 1366 Technologies and SoloPower qualified for guarantees last year and are currently working to meet milestone in order to gain access to the credit.
Earlier this year, SunSi Energies advised that it had signed a binding letter of intent to acquire a 51% controlling interest in TransPacific Energy. Today, the company revealed that it has increased its equity stake in TPE to nearly 45% and plans to gain the additional equity necessary to reach 51% by the end of the month.
Spanish Prime Minister Mariano Rajoy Brey has come to blows with a group of 11 international infrastructure funds, including those managed by HSBC and Deutsche Bank. The prime minister has pledged to Parliament to tax utilities in an attempt to raise sorely needed cash from renewable energy to curb €25 billion of debt. The financial institutions are threatening cutting investment and taking legal action if reforms are tougher on renewables than traditional energy sources, throwing further companies into bankruptcy.
Blaubeuren, Germany-based Centrotherm has filed for Chapter 11-type bankruptcy protection in Ulm’s district court to start insolvency proceedings. Centrotherm has a three-month window to restructure before creditors come knocking on its door. The company named insolvency lawyer Tobias Hoefer to the board in a bid to oversee the restructuring. Last month, Hans Autenrieth, member of the management board and co-CEO stepped down from his board position. Jan von Schuckmann replaced him and was appointed chief restructuring officer.
Research company Bloomberg New Energy Finance has published figures demonstrating China’s dominance in both solar and wind sectors, each securing hundreds of millions in dollars in financing. In the second quarter of 2012, China saw a surge in investment to US$18.3bn, up 92% from the previous quarter. The largest Chinese solar project financed was the Shanlu & Shengyu Bayannur Wuyuan PV plant, at US$316m.
Fiera Axium Infrastructure has purchased a Canadian portfolio of 47.1MW, the company has announced. The portfolio consists of four operational PV plants, developed by EDF EN Canada, located in Ontario. EDF En subsidiary enXco Service Canada will provide operation and maintenance of the projects after the acquisition. All four plants sell energy to the Ontario Power Authority under a 20-year PPA.
Bryan Crabb has joined the California Solar Energy Industries Association (CALSEIA) as its new executive director. Crabb comes to CALSEIA after serving as director of government affairs at both First Solar and OptiSolar. He is lauded as having vast experience in solar policy as well as legislative and regulatory experience.
Trina Solar has appointed Henry Chow as a member of its board of directors, effective immediately, the company has announced. Chow has worked in executive positions for IBM until 2009 and served most recently in a non-executive position for semiconductor company AMD in the US. Furthermore, he is a member of British private equity company the European Advisory Committee of Bridgepoint.
