Premier Power Renewable Energy advised that construction on its 16.2MWp Zdravetz utility-scale solar plant in Bulgaria has begun with completion expected during Q2 2012. The company originally entered into an agreement, along with its JV with Plaan Czech, in September 2011 to build the solar plants in Bulgaria. The project is being installed on land that was once a coal mine and will receive around US$0.30 for every kWh generated over the next 20 years from the energy administration.
Impairment charges due to price declines and expected challenging market conditions in 2012 weighed on Q-Cells' preliminary fourth-quarter and full-year results. The company reported a fourth-quarter EBIT loss of approximately €355 million and a full-year 2011 loss of €846 million. Fourth-quarter revenue was €353 million, up significantly from €299 million in the third quarter. Revenue for the year reached €1,023 million.
PV inverter market leader, SMA Solar Technology, has provided 2012 guidance that has sent shockwaves through the investment community as revenue and margins are expected to take a significant nosedive. Management said in a statement that 2012 sales would be between €1.2 billion and €1.5 billion, while EBIT margin would be between 5-10%. SMA Solar reported preliminary 2011, full-year financial results in January of €1.7 billion in sales and EBIT of more than €240 million. The mid-point of the guidance, which the company had previously declined to provide due to uncertainty in the market, will represent over a 20% decline in revenues and a 60% fall in EBIT.
GE Energy Financial Services announced that over the past year, the company has more than doubled its global solar power investment commitments to US$1.4 billion, leading to nearly US$ 5 billion in projects. The company notes that its 1GW portfolio spans 48 solar power plants in six countries, including Australia, Canada, Italy, Portugal, Spain and the US.
Vancouver, Canada-based P2 Solar has revealed that it has signed a binding agreement for the construction and ownership of a 4.95MW solar farm in the Vratsa Province of north-west Bulgaria. The company has assigned a 20-year gross revenue of €31 million to the project with a net cash flow of €13.6 million.
Previously announced in February, the French government has confirmed PV power plants will be eligible to receive a 10% bonus on top of the feed-in tariff if at least 60% of the installation’s modules are made in Europe. The law will come into effect shortly before the first round of presidential elections in April.
Microsol International, a UAE based module manufacturer has agreed to acquire the majority of operations of insolvent Solon that could secure most of the 471 jobs at the firm. Insolvency administrator, Ruediger Wienberg announced the deal on the March 1, as insolvency proceedings started. Solon had filed for insolvency in the German courts on December 13, 2011. Financial details of the deal were not disclosed or whether Microsol would be responsible for Solon’s debts or whether the acquisition was primarily asset-based.
DEGERenergie has hired several new key personnel to its international offices in order to better serve, and build better relationships, with its customers. Customers in Germany and other European countries will now be serviced by Hendrik Walter and Steffen Bahlinger.
Payom Solar advised that as of February 10, it had completed its energy bond issuing a volume of €27,548,000 in subscription. Finished ahead of schedule, the bond has a €1,000 denomination and holds a five-year maturity with an interest rate of 7.5%, due April 8. The company notes that the original subscription period was scheduled to March 20, but after talk about the future of FiTs, coupled with other developments in the solar market, no further subscriptions had been received.
Solar Fields, the owner of CdTe thin-film module manufacturer Calyxo, will continue to financially support the company through 2012 thanks to Calyxo's new aperture area efficiencies of 13.4%, as confirmed by SGS Germany. The latest improved module performance is said to be the cornerstone of its next-generation module series and potentially improves their market competitiveness in the future.
