The Export-Import Bank of the US has agreed to provide a 10-year guarantee for a PNC Bank loan worth US$6.4 million. The loan will be used to finance the export of PV modules from SolarWorld Americas, based on the west coast if the US, to Barbados-based Williams Industries-Williams evergreen Ltd.
The US Department of Energy’s Energy Information Administration has released a report on annual PV module shipments in the US. Solar Photovoltaic Cell/Module Shipments Report 2011, states that US shipments reached a record high of 3.77GW, an increase of 43% since 2010. The report lists declining PV cell and module prices, along with an installation rush at the end of the year due to the conclusion of grant programmes amongst its reasons for the increase.
Financially constrained PV manufacturers are advised to look at alternative ways other than relinquishing hard-to-find cash to end wafer supply deals with suppliers after a long-standing dispute between Conergy and MEMC was partially resolved via old-fashioned bartering.
United Insurance Brokers (UIB), an international insurance and reinsurance broker with headquarters in London, UK, has announced that it has won a contract to provide reinsurance for a 100MW power plant in southern Ukraine.
SunEdison, a provider of solar energy services, has announced that it has secured an additional US$40 million for its project finance revolving credit facility, bringing the total capacity of the facility to US$150 million.
SunEdison announced that, along with Firelight Infrastructure Partners, it has attained financial close for a 10MW solar project being built in Ontario. Completed through a construction and term debt credit facility, the project is owned by SunEdison and Firelight as equity partners. Deutsche Bank worked as the private placement agent for the transaction, which was supported by a consortium of lenders.
Italian solar firm Aion Renewables has signed a preliminary agreement to sell 30MW of PV projects to Luxembourg-based Avelos. Aion Renewables is a specialist in the design, engineering, manufacturing and installation of PV systems.
Increased losses posted only a few weeks ago has forced Trina Solar to streamline its business operations to reduce operating costs that include job losses, according to a statement posted on its website. The restructuring comes after reporting a catalogue of woes in its second quarter financial results as well as a management reshuffle and the exit of its CCO. Management said that the key action was to separate its PV module operations from its PV systems business operations.
Stefan Quandt, BMW board member and one of the richest people in the world, according to the Forbes list of billionaires, will become the majority owner of German-based PV module manufacturer, Solarwatt which is currently insolvency proceedings since mid-June.
Dealing with the acute lack of capital spending across the PV supply chain, major equipment supplier Meyer Burger is consolidating its production and technology operations after several years of leading an acquisition trail. The company said it would focus operations at four main production locations and two solar technology centres worldwide.
