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.
First Solar has reached an agreement regarding the DoE loan funded AV Solar Ranch One in Antelope Valley, the company has announced. The company has resumed the installation of its PV modules at the PV plant after being forced to cease construction in order to deal with module code certification issues. First Solar and the Los Angeles Country Department of Public Works have now reached an agreement about the PV module installation and First Solar is able to continue constructing the 230MW project. Construction of the PV plant began in August 2011 and the project is expected to be completed in 2013.
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.
Ministers and senior officials witnessed the signature of a partnership agreement to enhance the mapping of renewable energy resources in the region. On June 19, at Rio+20 United Nations Conference on Sustainable Development, the International Renewable Energy Agency (IRENA) and the Latin American Energy Organization (OLADE) agreed to assess the renewable energy potentials on a global scale. Initially, it will cover wind and solar, but is to progressively extend to other renewable energy resources.
Canadian solar power producer Etrion has opened an office in Santiago, Chile, the company has announced. The company is trying to break into the Chilean market and is currently in negotiations for a power purchase agreement (PPA) for the construction of a 5MW PV project in Chile. Etrion is expecting to sign more PPAs for possible PV projects throughout the year.
First Solar and enXco, a subsidiary of EDF Energies Nouvelles, signed a solar module supply agreement, which will see First Solar deliver 61MWp of its thin-film modules. Delivery is set to start in September and will supply enXco’s Catalina Solar Project in Kern County, California.
During Intersolar Europe 2012, KACO new energy signed a memorandum of understanding with Samsung SDI, which will see both companies support each other in defining optimal energy storage systems. Sangjin Park, CEO of Samsung SDI and Ralf Hofmann, CEO of KACO new energy both signed the MOU.
The Toshiba Corporation has announced that it will commence the construction of PV plants totaling 100MW in Minami Soma on the battered northeastern coastline where a tsunami and an earthquake caused the worst nuclear disaster since Chernobyl a year ago.
Lancaster, California, US, has received the Energy Globe Award to recognize the installation of its many alternative energy projects. The city’s "Home of the Future" project, conducted in conjunction with KB Home and China-based BYD, was the focus as a public-private partnership of international proportions.
Bisol Group has attributed a 130% increase in year-on-year production to its confidence in a people-oriented corporate culture and producing only high quality and eco-friendly products. In the first half of 2012 the company’s mono- and polycrystalline PV module lines were booked to capacity. Bisol claims that it is finishing the first half of 2012 by more than doubling production compared to last year.
