MEMC acquires Fotowatio Renewable Ventures’ U.S. subsidiary
MEMC Electronic Materials Inc. has completed the acquisition of Fotowatio Renewable Ventures’ U.S. subsidiary for $112 million. Also, MEMC agreed to repay about $19 million in loans and capital contributions, and could pay additional up to $103.6 million if Fotowatio Renewable Ventures achieves certain performance targets.
Fotowatio Renewable Ventures U.S. solar portfolio includes 42 MW in operation in the U.S. In addition, the company’s solar portfolio includes 28 projects currently in various stages of development. The company’s staff will remain in northern California and will report into MEMC subsidiary SunEdison.
“This complementary acquisition will help us secure a leading position in the U.S. utility market,” said Carlos Domenech, president of SunEdison and executive vice president of MEMC. “The acquired capabilities and portfolio of projects with leading utilities adds meaningful value to our operations. Together, with our proven capabilities, we will continue lowering the cost of solar deployments through innovation and technology advancements, while providing economic solar solutions to our customers.”
First Solar agrees to supply 100-MW module to India’s Reliance Power
First Solar has signed a 100 MW solar module supply agreement with Reliance Power. Under the deal, First Solar will deliver 40 MW of advanced thin film modules to Reliance Power by the end of 2011 for its solar power project in Jaisalmer, India.
The companies did not disclose the financial terms. The delivery of the remaining 60 MW modules is expected be completed in 2012.
“We are delighted to collaborate with Reliance Power, one of India’s leading independent power producers,” said Jim Brown, president of First Solar’s utility systems business group. “With strong growth projections, India is expected to become one of the world’s major solar markets, due to its abundant solar resource and significant energy demand. This agreement with Reliance Power continues First Solar’s momentum in India, helping develop the country’s long-term, sustainable solar market,” Brown added.
BioSolar signs sales rep agreement with Korea’s ShinHa
BioSolar Inc., which develops a breakthrough technology to produce bio-based materials from renewable plant sources, has entered into a sales rep agreement with Korean firm ShinHa Inc., which represents large Asian photovoltaic panel manufacturers targeting the North American solar market.
“Competition in the worldwide marketplace is working in our favor,” BioSolar CEO David Lee said. “As prices for solar panels continue to drop, manufacturers are searching for alternative PV components that cost less while matching or exceeding the durability of incumbent components. Our BioBacksheet, which costs less than incumbent backsheet with similar durability, has become very appealing to large Asian PV panel manufacturers that export to the North American market. New research shows that the North America will be the fastest growing PV market over the next five years.”
Alex Solar names chief technology officer
Alex Solar has named Ximing Dai to the position of chief technology officer. Dai was the co-founder of JA Solar and held the position of chief technology officer at the company. She will lead the Alex Solar R&D team.
Solyndra goes bankrupt
Solyndra LLC has filed for Chapter 11 bankruptcy protection with the Delaware bankruptcy court early on Tuesday, according to Reuters. The company listed assets and liabilities in the range of $500 million to $1 billion. Solyndra is third U.S. solar company after Evergreen Solar Inc. and SpectraWatt Inc. to seek bankruptcy protection.