Spanish solar company ISOFOTON and Chinese oil company, China National Offshore Oil Corporations (CNOOC)'s subsidiary, TIANJIN LISHEN BATTERY JOINT-STOCK, have established a joint venture based in Tianjin, China. The new company, called ISOFOTON LISHEN New Energy, will develop PV projects totalling 150MW. CNOOC will invest up to US$300 million in the projects. For the CNOOC Group, partnering with ISOFOTON is an opportunity to have a strong European partner with experience in PV technology and extensive knowledge of international markets.
In addition to the 8% FiT cuts made in January, effective March 1 the Swiss Federal Department of Energy (DETEC) will further reduce the FiTs for PV power plants by 10% for new facilities.
The Chinese Ministry of Finance has announced that it has changed certain FiT regulations, claiming this will speed up domestic large-scale applications of PV power generation and promote sustained and steady development of the PV industry. This will apply to grid-connected PV installations.
Continuing with the impact of overcapacity and falling prices, REC has said that another long-term wafer sales contract signed in the 2006-2008 period had been terminated. REC said that it would receive a cash compensation of approximately US$34.2 million (NOK 220 million) in relation to the cancellation. REC did not disclose the customer involved.
The Coalition for Affordable Solar Energy (CASE) has commissioned an economic analysis to counter the petitions to the US Commerce Department and the US International Trade Commission by SolarWorld, demanding 250% tariffs on Chinese imports. The Brattle Group has found that a 100% tariff on imported solar PV cells and modules from China would result in as many as 50,000 net lost jobs in the US over the next three years. Furthermore, retaliatory tariffs placed on US exports of polysilicon to China would put nearly 11,000 more American jobs at risk in the first year following tariff imposition.
The Ontario Superior Court of Justice gave Timminco, and its subsidiary Bécancour Silicon, an extension of the Companies’ Creditors Arrangement Act stay of proceedings. The stay proceeds will now be allowed to continue until April 30.
Spain has made the controversial decision to cease renewables subsidies for new solar, wind, co-generation and waste incineration plants in the face of an ever-growing government budget deficit of €24 billion. The power-system borrowings have been backed by the state but it appears that revenue generated by state-controlled energy prices has not been covering the high costs associated with delivering power, including the payment of renewables subsidies that have been put in place.
SolarCity has appointed Toby Corey, co-founder and former president and COO of USWeb, as its new chief revenue officer. In his role at SolarCity, Corey will aim to change the ways in which consumers, businesses and government organizations convert to cleaner energy, at a lower cost, through the means of various integrated solutions.
Major materials provider to the PV industry, DuPont reported Electronics & Communications segment sales of US$630 million in the fourth quarter, a decline 18% compared to the same period last year, with 33% lower volume which was offset by 15% higher prices. PV related revenue represent about 40% of DuPont’s electronics segment sales. Management noted that material destocking at PV manufacturers had continued in the fourth quarter due to inventory issues, impacting pre-tax earnings, which were down from US$56 million in the fourth quarter of 2010 to US$42 million in the fourth quarter of 2011.
Eastman Chemical has completed its bid for the acquisition of performance materials and specialty chemicals company Solutia for an approximate total of US$4.7 billion – including debt – in order to fuel its expansion into the specialty chemicals and plastics sector. Solutia’s shares are said to have fallen by 25% in 2011, although the company was active in its acquisitions process, having finalized the takeover of Southwall Technologies late last year.
