€100 million have been invested into Solar21, the Irish renewable energy fund, for PV solar farms across Europe, focussing on economies with the most attractive long-term guaranteed FiT rates.
Significant price declines coupled with difficult project financing conditions, especially for large-scale PV projects in Europe, were key reasons behind Trina Solar reporting a net loss of US$31.5 million in the third quarter. Though module shipments reached 370MW in the quarter, slightly higher than previous guidance of 360MW at the high range figure, shipments declined 6.6% sequentially. Net revenues were US$481.9 million, a decrease of 16.8% sequentially and 5.2% year-over-year.
Just a handful of days after the US Department of Commerce and the International Trade Commission agreed to open an investigation into SolarWorld’s claims that China is dumping solar panels in the US far below US costs, the China Photovoltaic Industry Alliance (CPIA) is launching its own counteroffensive with the claim that the US is dumping polysilicon at below cost prices in China.
After a record revenue financial year, Applied Materials is experiencing a significant reduction in equipment orders and revenue from PV manufacturing customers. Though cancellations were minimal, backlog decreased by 26% to US$2.4 billion, of which 14% is within its EES division, which includes PV equipment. Management expects PV related global CapEx to at fall by at least 50% in 2012 as manufacturers combat massive overcapacity and focus on cell efficiency improvements and technology buys.
Australian Capital Territory is launching a new incentive scheme to promote large-scale solar in the state. It is Australia’s first scheme targeting larger systems and aims to help install projects totalling up to 210MW.
Upon expiry of a recent five-year contract, long-standing employee and current CFO, Sabine Kauper will leave Phoenix Solar at the end of the year. Her replacement, Dr. Bernd Köhler comes from Siemens and will assume responsibility for finance, along with Personnel and Organisation Development, International Process and IT Management, Internal Audit and Law from January 1, 2012.
As Douglas May, former CEO of Unirac, retired at the end of October, the company had been in search of a new executive and they have found a new leader in Peter Lorenz. The new CEO joins Unirac after serving as president of Quanta Services’ Renewable Energy Services unit. Prior to his role with Quanta, Lorenz worked seven years with McKinsey & Company as an associate principal and specialized in finance assignments with Royal Dutch Shell from 1996 to 1999.
ForVEI investment company revealed that it had bought two solar PV facilities developed by the OPDE Group amounting to a total of 7.93MW. The €33 million (US$45 million) project was financed by Intesa Sanpaolo with the power plants located in the Italian Piedmont region. Both solar farms are fully operational with the 6.19MW Tortona project and the 1.74MW Predosa installation utilizing Trina Solar and Canadian Solar modules, SMA inverters and Mecasolar single-axis solar trackers.
Having stopped all production at various plants to preserve cash and help draw down inventory, Energy Conversion Devices (ECD) posted a net loss from continuing operations of US$57.5 million, which includes a non-cash impairment charge of US$34.3 million for its financial Q1 results. Revenue was reported at US$22.0 million, which compares to US$65.3 million in the first quarter of fiscal year 2011, and US$70.5 million in the fourth quarter of fiscal year 2011. ECD previously cancelled its conference call and refrained from providing information on whether a call would be organised.
