Worldwide Energy & Manufacturing USA, which supplies PV solar modules under the Amerisolar brand, has had a momentous week of executive changes. The company announced that on April 25, its board of directors removed Jimmy Wang as the company’s CEO, chairman as well as from all other offices and positions that he held at Worldwide and with any of the company’s subsidiaries and affiliates. The board also discharged Mindy Wang, wife of Jimmy Wang, on April 25, from all offices and positions she held at the company, its subsidiaries and affiliates, which included secretary and treasurer of Worldwide. Although both Jimmy and Mindy Wang will no longer serve in their former executive positions, they will remain on the board of directors.
Lincoln Renewable Energy (LRE) has finalized the sale and project finance deal with Macquarie Energy worth US$41 million. The agreement sees Macquarie Energy enter a long-term purchase agreement for power and renewable energy credits from LRE’s New Jersey-based 10MW Oak Solar PV project. LRE will remain the long-term owner of the facility, while Macquarie Energy provides construction finance and term debt for Oak Solar.
Eric Daniels will be leading the Solar Energy North American division of Robert Bosch as the department’s first solar energy regional president. In his new role, Daniels will supervise the company’s solar business in North America while specifically focusing on business development opportunities. Daniels is a 14-year veteran of the solar industry who joins Bosch from BP Solar where he served as CTO for seven years.
Expanding its global team of solar technology experts, Amtech Systems has appointed semiconductor and solar industry veterans Dr. James Hwang and Dr. SooKap Hahn as chief technology officer and member of the board, respectively.
PVJapan 2011 has been rescheduled from its original July dates to December 5-7. Event sponsors SEMI and the Japanese Photovoltaic Energy Association decided to postpone the show because of the ongoing recovery efforts in the wake of the Japanese earthquake and tsunami and at the request of Japanese government agencies to help conserve energy resources during the summer months.
The Asian Development Bank (ADB) revealed plans to offer up to US$150 million in credit guarantees to local and foreign commercial banks to encourage the development of solar power as a renewable energy in India. The credit will cover 50% of the payment default risk on bank loans made to solar project developers with an aim to secure long-term funding for solar energy development in the country.
After two months of uncertainty, the Italian Government finally looks set to unveil its much-anticipated new solar feed-in tariff bill. A draft decree of the Conto Energia IV bill is currently in circulation and includes legislation to reduce subsidies and introduce a 23GW cumulative cap until 2020, according to analysts at Germany’s Commerzbank.
Monocrystalline wafer manufacturer Comtec Solar Systems has recorded net profit of ¥83.5 million (US$12.8 million) for the first quarter of 2011. This was a huge 311.1% rise on the Q1 2010 number and highlighted an impressive set of unaudited Q1 figures.
Under a new agreement between TPG Capital and Comtec Solar Systems Group, TPG will invest a total of US$150 million through newly issued convertible bonds and warrants. TPG has subscribed for unsecured convertible bonds, which are due in 2016 with an aggregate principal of US$100 million. The bonds are zero interest and will be able to transfer into Comtec’s new ordinary shares at an initial conversion price of US$0.50 per ordinary share. If the bonds are not exchanged after five years, they will be redeemed at par.
OPEL Solar International has finalized its financial statements for 2010 declaring increased revenues for both the fourth quarter 2010 and full 2010 year. Revenue for Q4 2010 was finalized at US$375,747, which contributed to its 2010 revenue total of US$1,647,638. Both the Q4 and full year results show an increase in revenue over figures for the same period in 2009.
