REC’s board of directors has proposed an offering of NOK1.300 million through a private placement, it has been announced. The board of directors will propose an issuance of 866,666,667 new shares to existing shareholders and new investors at a subscription price of NOK1.50 to the Extraordinary General Meeting (EGM), scheduled for July 18, 2012. The price was determined by book building processes carried out by DNB Markets, Nordea Markets and Arctic Securities. The funds from the private placement will be utilized for a partial repayment of the €100 million convertible bonds. Umoe AS and Canica AS are among the primary insiders that have been allocated new shares. Conditions have been set and will have to be met by July 31, 2012, in order to complete the private placement.
Solar thermal project developer BrightSource Energy has placed the top bid for Palen, a 500MW solar thermal plant, at a Delaware auction of property of Solar Trust of America, which went bankrupt in April this year. The as-yet unbuilt solar thermal plant is said to have been bought by BrightSource for an unconfirmed amount of up to US$30 million.
Gary Dickerson has been appointed president of Applied Materials effective June 19, 2012, the company has announced. In his new role Dickerson, who will report to Chairman and CEO Mike Splinter, is responsible for Applied Materials’ business units: energy and environmental solutions, display and applied solutions and the silicon systems group. Dickerson spent seven years as CEO of Varian Semiconductor, a company Applied Materials acquired in 2011.
The dust is yet to settle on tariff determinations against Chinese manufacturers, but the Coalition for American Solar Manufacturing (CASM) has released a statement warning of a “conspiracy to commit offence or to defraud the United States”. According to CASM, Chinese solar cell and panel exporters are reportedly planning to evade antidumping/countervailing orders. It asserts that this will not be effective, could be illegal and may expose US importers, in addition to Chinese exporters, to liability under US law, including significant financial penalties and criminal prosecution.
Thin-film manufacturer NovaSolar has filed for Chapter 11 bankruptcy. That’s not unusual, a number of companies have gone bankrupt in the last months. NovaSolar, though, is the US arm of Chinese NovaStar, a company that was created with the remaining assets from bankrupt OptiSolar three years ago.
With European subsidies being cut left, right and centre, it appears Japan could fill the void and become the world’s second-largest market for solar power generation. The country will be welcoming the international solar community with open arms with the introduction of its latest feed-in tariff, which has the potential to generate US$30 billion by 2016 for the local economy. Industry Minister Yukio Edano approved the new rates this week, effective July 1.
Having previously announced a major reorganization of its entire operations, centrotherm photovoltaics, the second largest equipment supplier to the PV industry, has employed an outside consultancy to prepare discussions with its banks to secure further funding. The move was sparked by short-term liquidity issues after merchandise credit insurance companies, used for products and merchandise being delivered to the company, declined further coverage and guarantees.
Scheuten Solar has been sold to Chinese investor Aikosolar and the company is celebrating its “comeback” at Intersolar Europe. Aikosolar, a solar cell manufacturer and also owner of Powerway Renewable Energy, has taken over Scheuten’s essential components. The combination of Scheuten Solar’s product portfolio, 10 years of experience and Aikosolar’s financial strength as well as Powerway Renewable Energy’s EPC experience propose a positive outlook for the future, company representatives stated. Financial details of the deal were not disclosed.
The German government struggles to reach common ground on the proposed solar cuts, according to Bloomberg. In an email statement it was said that the upper house failed to reach an agreement in a panel meeting. Talks will resume on June 27. The upper house representatives have voiced concerns that the legislation will hurt domestic producers like Solarworld even further.
Distributed Energy Research & Solutions, or EnergySage, has been the recipient of one of 10 Department of Energy (DoE) SunShot Incubator investments worth US$500,000. The funding will be used to develop a web-based PV comparison-shopping platform that aims to deliver pricing transparency and encourage online networking among property owners and solar PV installers.
