Listed solar companies in dash for cash

Facebook
Twitter
LinkedIn
Reddit
Email

Updated: Taking advantage of a general run-up in solar sector shares on both the NASDAQ and NYSE, several leading companies are planning to sell new tranches of stock, including Yingli Green, SunEdison and GT Advanced Technologies.

Yingli Green Energy kicked-off the current wave on 6 September, with an SEC filing to prepare for a total issue value of US$$200 million in commons shares via the NYSE in the future.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Outside of its planned spin-off and IPO of its polysilicon and wafer operations, SunEdison also filed documents with the SEC on 10 September to issue 30 million shares of common stock. SunEdison’s stock price stood at over US$8.25 yesterday. The issue could generate around US$250 million in new capital.

Equipment specialist, GT Advanced Technologies has also announced today (11 September) in SEC filings that it would issue around 3.3 million shares for a net proceeds of US$50 million.

The vast majority of companies in the PV sector and across the supply chain have been reeling from two years of losses as overcapacity drove prices of all components to unsustainable levels.

Many in the PV module manufacturing sector are carrying sizable debts after aggressive expansions since 2009 and now need cash injections to pay looming debt schedule repayments as well as funds to meet growing demand and ramp existing plants to return to profitability.

With Chinese banks continuing to be highly selective in lending to the Chinese PV sector the share price rally this year is proving an alternative vehicle to raise cash, previously unavailable to them due to low evaluations of shares.

Previous to the latest wave of share offerings, First Solar tapped the US markets for a cool US$427.7 million in July.

As with First Solar, Yingli Green and SunEdison are bulking-up their balance sheets as companies continue to pursue the downstream market and build and replenish PV power plant project pipelines.

Update

Canadian Solar, which had also previously planned a stock issue has announced it successfully sold 3,772,254 of its common shares at an average price of US$13.25 per share, raising approximately US$50 million in gross proceeds.

Update 2

ReneSola has also followed Canadian Solar in announcing the pricing of a registered direct offering of approximately US$70 million in American Depositary Shares (ADS) of US$4.67 per ADS.

Investors would receive 35% warrant coverage in the offering with an initial exercise price of US$6.04 per ADS or US$3.02 per share. The warrants will expire four years from the date of issuance.

Update 3

Another PV related company that has entered this week’s dash for cash is Emcore, which fabricates III-V-based solar cells for satellites but recently pulled-out of the CPV market.

Suffering again from losses and lack of cash (US$6.6 million remaining on its balance sheet), Emcore is seeking to issue 2.5 million shares, which could net the company around US$12 million at current stock prices.

Emcore has since set the price to US$4.30 per share, potentially netting around US$10.2 million.

Update 4

Emcore later received a total of US$12.3 million from the offering, which included an over allotment. 
 

Read Next

July 3, 2025
Renewable energy curtailment in Brazil is set to reach 8% across the country, and be as high as 11% in the north-east, by 2035.
July 3, 2025
Spanish IPP Zelestra has secured a €235 million (US$277 million) increase to its sustainability-linked loan, bringing the total to €770 million.
July 3, 2025
US tracker manufacturer GameChange Solar has introduced the Genius Tracker TF, a new terrain-following solar tracker system designed to deliver “the industry’s lowest grading requirement on challenging terrain.” 
Premium
July 3, 2025
Meeting the UK’s solar targets will not simply require the installation of new capacity, but investment in grid infrastructure and training.
July 3, 2025
TotalEnergies has expanded its renewables assets in the Caribbean, sold a stake in projects in Portugal and begun construction on two PV parks in Spain.
July 3, 2025
Malaysian engineering and infrastructure giant Gamuda has expanded its presence in the Australian renewables sector by partnering with Tasmanian landowners to build a 1.2GW portfolio, which includes solar PV.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK