As a consequence of Evergreen Solar’s Chapter 11 bankruptcy filing, Nasdaq has notified the company that it will be suspended at the opening of business on August 24. Based on Nasdaq rules, Evergreen Solar’s common stock will be delisted but the company may trade on the OTC Bulletin Board or the Pink OTC Markets. However, this will require at least one market maker to quote Evergreen Solar’s common stock, though this is not given, it normally happens.
JA Solar Holdings revealed that it has signed a supply agreement with China Power Investment’s subsidiary, Huanghe Hydropower Development, for the delivery of nearly 21MW of solar products by September. The PV modules will be used for a solar project being developed in Qinghai, China.
BrightSource Energy has welcomed Joe Desmond as senior VP of government affairs and communications, Stephen Wiley as senior VP of US development and Yasser Dib as regional VP of international business development to its executive management team. Between them, the three new recruits hold nearly 60 years of experience in the energy sector.
US-based project developer SPI Solar said it has been awarded two new contracts worth 14.1MW. The first project is a 4.4MW fixed-ground-mount solar power plant located in Evros, a northeastern region of Greece, while the second project is for a 9.7MW fixed-ground-mount solar power plant for a subsidiary of an international pharmaceutical company’s operations at its New Jersey corporate headquarters. Both projects will use LDK Solar’s PV modules.
Sungevity and Citigroup have created a renewable energy tax equity fund that will support over $50 million of new residential solar lease projects. The installer/integrator company said it has raised funds to support over $120 million in residential solar projects in the US since 2010.
Only hours after PV-Tech reported that Evergreen Solar had said it was in detailed and time-consuming negotiations with holders of its convertible senior secured notes, which had caused the company to delay quarterly SEC filings, the company said it has filed for voluntarily bankruptcy under US Chapter 11. At the same time, Evergreen stated that it has made agreements with certain noteholders with more than 70% the outstanding debt to sell its ‘String Ribbon’ wafer technology business assets. A ‘stalking-horse’ bidding process has been agreed.
A 7MW PV power plant has gone on stream in Ukishima, Kawasaki City, Kanagawa Prefecture, Japan, built and operated by Tokyo Electric Power Company (TEPCO). The PV plant, built on land owned by Kawasaki City is expected to generate about 7,400MWh per year, or equal to annual total energy consumption of 2,100 households from 38,000 modules. TEPCO said it would operate the plant for 18 years.
The long and winding road for polysilicon start-up, Hoku Materials looks to straightening after the company said it expected to start operations at its poly plant in Pocatello, Idaho. Hoku said it had received continued financial support from Tianwei New Energy Holdings, to complete construction of its first phase (2,500MT) plant and begin production.
Payom Solar has taken over the remaining 47.4% of US project developer Amsolar Holdings. The German company acquired a majority share of the San Diego-based company in March.
Daniel Matloff has joined 1366 Technologies as its new CFO and is charged for strengthening the company’s financial strategy and managing all finance and accounting transactions as it prepares to commercially-scale its direct wafer technology. Matloff comes to 1366 from Hittite Microwave where he was the corporate controller and previously held various positions at Millennium Pharmaceuticals, Thermo Fisher Scientific and PricewaterhouseCoopers. He is a CPA and graduated from Bentley University.
