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.
After Solar Power Portal last week reported that photovoltaic installations in the UK had begun to tail off, the Department of Energy and Climate Change (DECC) has quietly updated its weekly data revealing shocking figures not even the most optimistic of us would have expected.
An attempt to regain lost revenue has led to MEMC Electronic Materials’ decision to cut its global workforce by 20%, or over 1,300 employees. Among other activities, the company will also idle its 6,000MT Merano, Italy polysilicon facility, which it says it will close unless “dramatic feedstock, power and other cost reductions are achieved” in the near future.
Effective January 1, 2012, Robert Yorgensen will be STR Holdings’ new CEO and president. Dennis Jilot, who has served as the company’s CEO since 1997 will be retiring from the positions, but intends to remain as chairman of the board of directors.
