In a brief market update, aleo solar said that it expected losses in 2011 to be in the range of €25-€30 million. The PV module manufacturer had reported an EBIT profit of €7.4 million, with an EBIT margin of 2.2% for the first 9-months of the year.
Following the Canadian government’s announcement to reduce FiT prices for new projects, The Green Energy Act Alliance and Shine Ontario Association have joined forces by releasing the Ontario Feed-in Tariff 2011 Review: More Jobs, Affordable, Clean Energy, and a Brighter Future for Ontario report. The groups represent Canada’s leading environmental and energy groups, as well as the key players in Canada’s solar industry.
Darryl Nakamoto has resigned from his position as Hoku's chief financial officer. Nakamoto, who also served as Hoku's treasurer and secretary, will remain at the company until March 31, 2012 to help the search for his successor and assist with the transition.
Financially challenged silicon metal supplier, Timminco has tapped Bank of America for the remaining US$2.9 million of a revolving credit facility, resulting in the company having to pursue alternative sources of financing. The Canada-based materials producer recently reported third quarter sales of US$28.6 million and a net loss of US$2.4 million.
Troubled thin film veteran, Energy Conversion Devices has deferred interest payments to note holders of its Senior Convertible Notes due 2013 as it continues talks with some of the holders over restructuring debt and raising funds to continue operations.
Jan Stasik has moved from his post at the parent company Wagner & Co Solar Technology to join the UK technical division. Stasik has been appointed technical manager of the solar PV and solar thermal teams, whilst also leading the training programme at the company’s Wagner Academy solar training school.
The North American Development Bank (NADBank) revealed that it is lending up to US$88.5 million to SunEdison for the development of a 20MW solar park in Picture Rocks, Arizona. This is the largest, and second, solar project financed by the NADBank. The solar park is expected to generate enough electricity for nearly 3,500 homes in the metropolitan area of Tucson.
Having secured funding, Tata Power is continuing with its three-fold project in cooperation with BP Solar installing plants located in the Patan, Kutch and Mithapur areas of the state of Gujarat to be completed under its Solar Power Policy 2009.
Blaming weaker than expected revenue earnings on poor weather and other factors, First Solar lowered its 2011 revenue guidance and separately announced a restructuring of its core business groups with the exit of TK Kallenbach, President of the Components Business Group, at the end of the year. Restructuring will lead to a workforce reduction of approximately 100 associates, around 1.5% of its workforce, according to the company. First Solar revised 2011 guidance in the range of US$2.8 to US$2.9 billion, down from a prior guidance range of between US$3.0 and US$3.3 billion.
Micro-cap module manufacturer, China Technology Development Group Corporation (CTDC) has been notified by NASDAQ Stock Market that its shares will be delisted on May 29, 2012 should the company fail to re-establish its common stock trading above US$1.00 minimum.
