MEMC slows PV project business to build cash pile

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

MEMC Electronic Materials is taken a cautious route with its Solar Energy business, preferring to build a strong balance sheet than PV projects on the scale of key rivals, First Solar and SunPower.

The company reported its SunEdison subsidiary had recognised GAAP revenue from solar projects totalling 48MW in Q3 2012, compared to 144MW in Q2.

Non-GAAP revenue was recognised from 74MW of solar project sales in Q3, compared to 169MW in Q2 and 82MW in Q3 2011. PV project ASP was US$3.87 per watt.

Solar Energy segment non-GAAP sales were US$469 million in Q3 2012. Solar projects represented US$286 million, solar materials represented US$155 million and the remaining $28 million consisted of operations and maintenance, and energy revenues. Overall, MEMC reported non-GAAP sales of US$709 million, 24% lower than the previous quarter, due primarily to lower PV project sales.

Ahmad Chatila, Chief Executive Officer MEMC said, “SunEdison continues to be one of the premier brands in the industry. We executed 74 megawatts in Q3 and maintained our pipeline at 2.9 gigawatts. We have redeployed some of our people from Europe to more promising growth markets, and we are being more efficient with working capital needs.”

Project pipeline
At the end of Q3 2012, MEMC said that its PV project pipeline remained at 2.9GW.

On a regional basis nearly 60% of the pipeline is within North America with 45% of that in the US, Canada was said to make up 14% of the North American pipeline. The remaining 40% of the pipeline was said to be outside the US.

According to management around 40% of the pipeline was in the medium to large-scale, primarily utility-scale projects exceeding 50MW, while around 50% of the pipeline was made of projects between 1MW-50MW. The remaining 10% of projects were said to be small-scale at below 1MW. 

MEMC said that it expected to sell 90MW-120MW of solar energy systems at an ASP exceeding US$3.50 per watt in Q4. 

28 September 2021
Solar Solutions International is the largest trade show for solar energy in Northwest Europe. Now the solar market has grown up, it's time for the next step. Solar Solutions International displays more than 500 innovations and over 100 practical seminars concerning the latest in energy storage, smart products, and an ever evolving array of solar panels. As an exclusively B2B trade show, Solar Solutions International offers both exhibitors and visitors the chance to network at the highest level. Duurzaam Verwarmd, the largest trade show for sustainable HVAC technology in the Benelux, is held simultaneously. This way your one visit gets you up to date with all of the developments in both sustainable energy and heating.
6 October 2021
Intersolar Europe is the world’s leading exhibition for the solar industry. It takes place as part of The smarter E Europe – the continent’s largest platform for the energy industry. Under the motto “Connecting solar business,” manufacturers, suppliers, distributors, service providers and project planners and developers from around the world meet in Munich every year to discuss the latest developments and trends, explore innovations firsthand and meet potential new customers.
6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.
18 October 2021
Intersolar South America, South America’s largest exhibition and conference for the solar industry, takes place at the Expo Center Norte in São Paulo, Brazil on October 18–20, 2021, and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. At the accompanying Intersolar South America Conference, renowned experts shed light on hot topics in the solar industry.
19 October 2021
This year’s EV World Congress will hold a special role, not only as the first live EverythingEV event in over a year – a chance to renew your connections and re-engage with the EV sector face to face – but also as a chance to share insight and inspiration as world starts to look towards move on post COVID towards hitting ambitious decarbonisation goals in 2030 and beyond. As ever, we will be bringing world leading organisations, cities, and technology providers to the UK to inspire EV innovators, and delve into the challenges facing the sector as the UK looks to revolutionise road transport.
20 October 2021
Utility-scale solar is evolving, shaped by higher power modules and demand for increasingly lower levelised cost of electricity (LCOE). Those trends are also changing project requirements elsewhere, with inverters capable of delivering high power density and power capacity in strong demand. In this webinar, FIMER will detail how its innovative high-power, multi-MPPT string inverter and modular conversion solution can both meet those demands and transform the utility-scale solar sector for the better.

Read Next

September 24, 2021
Independent power producer Catalyze has acquired commercial and industrial (C&I) solar developer Sol Alliance, expanding its presence in the northeast of the US and taking on an 80MW project development pipeline in the process.
September 24, 2021
California Governor Gavin Newsom has signed a US$15 billion package to fund programmes to tackle drought and climate change in the state
PV Tech Premium
September 24, 2021
Concerns have been raised that new measures introduced by Spain’s government to limit windfall profits of renewable energy plants could dent investor confidence and impact the stability of the country’s solar sector.
September 24, 2021
DNV-owned solar monitoring firm GreenPowerMonitor is to integrate Alteso’s solar analytics tech platform into its offering after striking a deal to acquire it.
September 23, 2021
A project that bids to combine up to 20GW of solar PV with the world’s largest energy storage battery and a 4,200km-long subsea power cable has moved a step forward after Indonesian authorities greenlit its proposed transmission cable route.
September 23, 2021
US national residential and C&I solar plant performance assessment company Omnidian has completed a US$33 million Series B raise.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021