SunPower has become entangled in a lawsuit directed at the US Departments of the Interior, Treasury and Navy. Judicial Watch, an organization that investigates government corruption and Human Events, a weekly American conservative magazine, filed a Freedom of Information (FOIA) act to sue the Obama administration on February 1, 2012.
Europe’s second-largest oil company, British Petroleum (BP), has failed to meet a financing deadline despite today’s announcement that the company has raised dividends to shareholders by 14%. The Australian government has reopened a solar funding competition to AGL Energy, TRUenergy and Suntech Power, to construct the Moree solar farm in New South Wales.
MiaSolé noted that it had welcomed a new member to its executive management team with the selection of Richard Hossfeld as VP of global business development and sales. Hossfeld previously served as VP of business development for both First Solar and Fluidic Energy and holds experience in developing and leading market entry and go-to market strategies in North America, Asia and Latin America. Before his appointment at First Solar, Hossfeld was a corporate lawyer with Cravath, Swaine & Moore.
PV module encapsulant material supplier, STR Holdings warned late last week that sales would not meet previously guided levels. The company had previously guided sales to be in the range of US$44-US$48 million. However STR has revised guidance to approximately US$36.5 million, well below that level.
Considering the country’s decision in 2011 to phase out nuclear power by 2022, Germany has made a smart decision to take definite steps towards incentivizing the uptake of renewable energy technologies from a fiscal point of view. The country recently reached the point where 20% of its electricity is generated from renewable sources, and in order to maintain this rise in uptake, the federal KfW bank group has increased its lending in the multimillion euro business loan sector.
Victor Lee, executive director of TFG Radiant Group, will now serve as Ascent Solar Technologies’ president and CEO. TFG Radiant owns approximately 20% of the outstanding shares of Ascent and this past December agreed to purchase an additional 21% of the outstanding stock in a private transaction. Lee will remain as a board member for the company, but advised that he takes on the roles of president and CEO voluntarily and without any compensation.
Dow Corning’s JV polysilicon subsidiary, Hemlock Semiconductor was impacted by overcapacity in 2011. Like major competitor, Wacker sales were lower and demand weakened. Overall, Dow Corning recorded record sales of US$6.43 billion in 2011 while adjusted net income decreased 15% compared to 2010. The company does not breakout polysilicon sales.
PV inverter manufacturer, Power-One reported net sales of US$267 million, with Renewable Energy Solutions contributing US$191 million and Power Solutions segment sales reaching US$76 million for the fourth quarter of 2011. Driving sales was greater market penetration in the utility-scale sector in North America and Asia-Pacific, as revenue in these regions increased to 25%, compared to 17% in the prior quarter. Power-One had sales of 829MW of PV inverters in the fourth quarter.
Spanish solar company ISOFOTON and Chinese oil company, China National Offshore Oil Corporations (CNOOC)'s subsidiary, TIANJIN LISHEN BATTERY JOINT-STOCK, have established a joint venture based in Tianjin, China. The new company, called ISOFOTON LISHEN New Energy, will develop PV projects totalling 150MW. CNOOC will invest up to US$300 million in the projects. For the CNOOC Group, partnering with ISOFOTON is an opportunity to have a strong European partner with experience in PV technology and extensive knowledge of international markets.
In addition to the 8% FiT cuts made in January, effective March 1 the Swiss Federal Department of Energy (DETEC) will further reduce the FiTs for PV power plants by 10% for new facilities.
