Eastman Chemical has completed its bid for the acquisition of performance materials and specialty chemicals company Solutia for an approximate total of US$4.7 billion – including debt – in order to fuel its expansion into the specialty chemicals and plastics sector. Solutia’s shares are said to have fallen by 25% in 2011, although the company was active in its acquisitions process, having finalized the takeover of Southwall Technologies late last year.
The University of Cyprus campus has been host to a meeting of minds to discuss the feasibility of installing a 10MW PV plant on the grounds of the university. The university’s Rector Konstantinos Christofides initiated the move, which has led to the establishment of a special committee that will be assisted in its task by institutions including the Cyprus Electricity Authority and Cyprus Energy Regulatory Authority.
Over a year and a half ago, Japan brought its grievances against FiTs in the Canadian province of Ontario to the World Trade Organisation (WTO). The EU has now joined the fray and the WTO Dispute Settlement Body has committed itself to establishing a panel to hear the EU’s claims against the apparent discriminatory nature of Ontario's FiTs. Formal panel proceedings, however, are not expected to start before the end of March.
Major polycilicon producer, Wacker Chemie saw an abrupt demand decline in the fourth quarter of 2011 as PV customers reduced inventory levels and cancelled contracts due to some customers exiting the industry. Polysilicon spot prices fell below Wacker’s long-term pricing levels for the first time in many years, sparking price renegotiations.
Canadian Solar has entered into a deal with Al Fahad Group, an Abu-Dhabi-based diversified conglomerate, to provide 1.5MW of its CS5A-M PV modules for one of the city’s largest PV plants. The government-funded project was finalized at the recent World Future Energy Summit (WFES) in Abu Dhabi.
A global survey conducted by IMS Research has found that an increasing number of PV inverter customers consider Chinese inverters to be of acceptable quality.
ESA Renewables advised that it had not only completed its latest 500kW PV rooftop array in North Carolina, but has also sold the system, for an undisclosed amount, to Holocene. The 500kW array spreads over 55,867 square feet and uses 2,016 panels from Canadian Solar. Electricity from the array will be sold to Progress Energy Carolinas.
IKEA teams up with REC Solar again to construct a now operational, 128,000ft2 PV array, consisting of a 1,026kW system and built with 4,186 panels. IKEA West Chester’s program will produce approximately 1,334,300kWh of clean electricity annually, the equivalent of reducing 1,014 tons of CO2, eliminating the emissions of 180 cars or powering 115 homes yearly.
Continued restructuring, inventory sell-off and higher than expected price declines in the fourth quarter, further impacted fourth quarter and full-year financial results at Conergy. Preliminary revenue results were reported to have reached €755 million in 2011 but losses are expected to be in the range of €80-€85 million, higher than previously guided losses of €50 to €55 million. Operating cash flow was said to be positive in the fourth quarter.
Investment companies are continuing to investigate opportunities in emerging markets, one of which is Ghana, which is being studied by a Korean company with a view to investing in the company’s solar market. The Ghana Energy Commission and Halla Energy and Environment, a Kyonggi-do, South Korea-based EPC company, have been in discussions to establish a framework under which the latter could invest in the development of 300MW of solar energy in the country.
