Inventory writedowns and a weaker-than-expected recovery in demand for PV installations, specifically in Germany, are behind revised financial guidance by Phoenix Solar. The project developer warned of significant losses for the fiscal year 2011 and said it would be looking at its current business model in an effort to make changes and reduce costs to return to profitability in 2012.
UK based Foresight Group has signed a joint venture agreement with Quercus Renewable Energy Fund, a division of the Luxembourg-based Quercus Asset Selection, for the expansion of its investments in the Italian solar PV market. Quercus bought a 50% stake in Foresight’s Luxembourg holding Foresight Lux Co 2, which controls 40% of ForVEI, a company that was established by investors with help from Foresight, who were looking to buy interests in Italian PV plants.
SunEdison and KGAL recently finalized an agreement that sees KGAL buying 33MW of solar PV systems from SunEdison, which are located in Italy and Spain. Financial and specific project details were not released, but the recent acquisition comes after KGAL completed a 20MW purchase from SunEdison in Q2 2011.
Array Technologies has shipped its first solar tracking system for the Sacramento Municipal Utility District’s (SMUD) 50MW PV installation in south Sacramento County, California. The utility-scale project is being developed by Recurrent Energy with Swinerton Renewable Energy acting as the EPC for the installation.
Voltaix has formed a sales and customer support office in Shanghai, China. The company’s Asian business manager, Yun Liu, will be responsible for running the office and also implementing the regional sales and marketing strategy.
Three months ahead of schedule, Wacker Chemie has started ramping its new polysilicon plant in Nünchritz, Germany. The €900 million investment which includes debottlenecking strategies to boost output to 15,000MT per annum has created 500 new jobs at the plant. Full nominal capacity is expected to be operational in the second quarter of 2012.
No surprises after announcing it was entering into Chapter 11 bankruptcy in the US, Evergreen Solar has been officially delisted from Nasdaq. Evergreen Solar stock was suspended from the exchange on August 24, 2011 and has not traded on NASDAQ since that time.
SolarEdge Technologies has gained certification for its module-embedded power optimizers, rendering them ready for commercial deployment. The optimizers, now recognized and listed for use in North America, are embedded as a junction box in smart modules and are capable of arc detection and termination.
KDC Solar has joined forces with SunDurance Energy and the County of Middlesex, New Jersey to build a 6.7MW solar array. The ground-mounted system will generate 8.45 million kWh of solar electricity a year, catering for all of the energy requirements of the Middlesex Apple Orchard Complex in North Brunswick where it is being built.
Renewvia Energy advised that it had commissioned its 1.26MW solar system at the Northport Industrial Centre in New Jersey. Working with Public Service Electric and Gas (PSE&G) and two of Renewvia’s partners, , the solar project has brought PSE&G’s Solar Loan program over the US$100 million mark for solar financing in New Jersey.
