Strong quarterly shipments failed to offer respite from a rapid decline in revenue and profit margins within OCI Chemicals, polysilicon production division in the third quarter of 2011. Revenue in its polysilicon segment fell from KRW572 billion in Q2 to KRW495 billion in Q3. Margins fell from 50% in Q2 to 36% in Q3, according to the company.
Citing some customer cutbacks in solar module manufacturing production levels and continued pressure on wafer prices that have declined more than 50% since April this year, PV Crystalox Solar is taking drastic measures to reduce cash burn in difficult times for the global PV industry. The company guided a significant reduction in wafer shipments, compared to previous forecasts, job losses and short time working.
It was recently revealed that Solyndra’s surplus assets will be auctioned off through a global webcast and in person auction by Heritage Global Partners beginning Wednesday, November 2 through Thursday November 3.
Solar energy is fast becoming a ‘sunrise’ sector in India and it has started attracting considerable interest from financial investors as well as cross-border partnerships.
A 25-year veteran in the business and financial business sectors, Bob Kelly has joined SolarCity as the company’s new chief financial officer. In his new role, Kelly will oversee the company’s financial affairs as well as its corporate, project financing and accounting units.
SunCap Financial has selected Suniva to supply its high-efficiency panels for the SunCap Solar Lease Program, which aims to allow US homeowners a more economically sound option when it comes to the design, installation and financing of a custom solar array for their home. The companies noted that Suniva’s Optimus modules, powered by ARTisun solar cells, would be offered through the lease program and come with a 25-year linear power performance warranty.
Germany’s solar industry has endured a difficult year and the Federal Network Agency and transmission system operators (TSO) have responded accordingly by leaving the Renewable Energy Law (EEG) levy virtually unchanged at €0.3592 per kWh.
SunRun, a home installation solar company, and PV Solar, an authority on California solar market data, announced that third-party-owned solar has eclipsed cash purchase as the preferred way to go solar in California. Also known as leasing or solar power service, third-party-owned solar represented approximately 59% of California's home solar market in Q3 2011 and 51% of the market year to date.
Effective as of October 12, Bruce Cousins has been appointed CEO and a board director of Carmanah Technologies, specialists in self-contained solar LED lighting and solar power solutions. Cousins replaces Ted Lattimore, CEO since 2007, who announced his resignation in May this year.
According to a new study by IMS Research, PV component profits are expected to fall by 70% year-on-year in Q4 2011. Furthermore, an examination of the polysilicon, wafer, cell, module and inverter industries led the research organization to conclude that the continuation of dropping prices in 2011 will cause gross margins for the whole PV industry to drop 17% to 12.4% in Q4.
