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.
Hyderabad, India-based Surana Ventures has completed construction of its 5MW solar module manufacturing facility in the Fab City, approximately 40km from Hyderabad. The company has also announced that it is seeking the necessary permission to commission a second 5MW module manufacturing plant in Gujarat.
Yingli Green is to supply project developer, IBC Solar, with 180MW of multicrystalline and monocrystalline (Panda) PV modules in 2012 under a new supply agreement. IBC has an option for a further 20MW under the new agreement. IBC is expected to use the modules in projects within Germany, Europe and other regions during the year.
National Solar Power and Liberty County, Florida, have entered into a 100MW solar energy project agreement. The project, representing a US$350 million investment at full build out, is National Solar Power’s third in Florida with the others being in Gadsden and Hardee counties.
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.
London-based private-equity group Amplio has commissioned 7MW of PV capacity in the Italian region of Lazio, just outside of Rome. The company secured €16m from an Italian bank for the project – details for which are yet to be disclosed.
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.
The University of Cyprus campus has been host to a meeting of minds to discuss the feasibility of installing a 10MW PV plant on the grounds of the university. The university’s Rector Konstantinos Christofides initiated the move, which has led to the establishment of a special committee that will be assisted in its task by institutions including the Cyprus Electricity Authority and Cyprus Energy Regulatory Authority.
Over a year and a half ago, Japan brought its grievances against FiTs in the Canadian province of Ontario to the World Trade Organisation (WTO). The EU has now joined the fray and the WTO Dispute Settlement Body has committed itself to establishing a panel to hear the EU’s claims against the apparent discriminatory nature of Ontario's FiTs. Formal panel proceedings, however, are not expected to start before the end of March.
