In a single stroke, LDK Solar has wiped US$1 billion in expected revenue from its 2011 guidance on the back of significant price declines for bare wafers and solar modules. In the second quarter, LDK is planning US$55 to US$60 million of inventory write-downs, the largest so far of any PV manufacturer. Instead of expected 2011 revenue in the range of US$3.5-US$3.7 billion, the company expects full-year revenue to reach US$2.5-US$2.7 billion.
STR Holdings publicized the definitive purchase agreement it had signed with Underwriters Laboratories (UL), where UL will buy STR’s quality assurance (QA) business for US$275 million in cash, plus cash assumed. The acquisition is expected to be finalized no later than September 30 once all traditional closing conditions have been met.
The Fraunhofer Institute for Solar Energy Systems, along with Bureau Veritas, have evaluated and certified that Sputnik Engineering’s SolarMax 330TS-SV solar inverter has met the requirements for a compliance certificate from the German Association of Energy and Water Industries (BDEW). The certificate requires that all newly commissioned grid-coupled inverters with a direct medium-voltage connection in Germany adhere to the “Generator plants on the medium-voltage network” directive by BDEW.
Silex Systems’ subsidiary, Silex Solar, revealed plans to restructure its silicon PV panel business located at Sydney Olympic Park, a facility it bought a few years ago from BP Solar. Changes will revolve around management and operations, which the company hopes will strengthen its position in the business.
Government officials from Delaware were on hand with White Oak Solar Energy, a subsidiary of LS Power Group, and SunPower to commission the 10MW Dover SUN Park solar project in Dover, Delaware. SunPower designed and built the 10MW solar park using its tracker systems across the 103-acre site and installed its SunPower E20/327 solar panels.
Lincoln Renewable Energy has selected Yingli Green Energy to provide 55,000 YGE-235 series multicrystalline modules for a new 10MW PV power plant in Fairfield Township, Cumberland County, New Jersey. The project, dubbed New Jersey Oak Solar PV Power Plant, is being constructed by Quanta Renewable Energy Services and The Ryan Company under an engineering, procurement and construction services agreement with LRE. The plant is expected to be completed later this year, according to Yingli.
Having noted a 45% price decline for bare wafers from May to June this year, PV Crystalox Solar said it was currently operating below breakeven level and expects further pricing pressure in the second-half of the year could lead to incurring an operating loss in the second half. Despite challenging business environment, the wafer producer posted a 23% increase in wafer shipments in the first-half of the year to 204MW, compared to the same period (165MW) a year ago. PV Crystalox posted revenue of €129.6million, up 16% compared the prior year period. EBIT was up by 161% to €24.3 million. Wafer production capacity also increased, reaching a nameplate capacity of 535MW. The company is expanding capacity to 750MW by early 2012.
In a move that is sure to trigger interest across the solar industry, the Solar Trust of America has decided to change its plans for the first phase of its 1GW Blythe Solar Power Project. Switching from concentrated solar power (CSP) to photovoltaic technology for the first phase of the project (500MW), the company has cited improved PV market conditions for the decision.
As part of its strategy to supply a complete materials offering to the PV industry, Dow Corning has brought online a new 4,000MT per annum monosilane gas facility, adjacent to Hemlock Semiconductor’s polysilicon manufacturing plant in Hemlock, Michigan.
Envision Solar International advised of key changes to its executive management staff including its founder, Bob Noble, taking on the role of executive chairman while Desmond Wheatly, current president and Envision COO, will succeed Noble as CEO. Chris Caulson has additionally been named Envision Solar’s CFO with all changes effective August 10. Both Wheatley and Caulson have worked together for over ten years in publically traded and privately held international and domestic companies.
