A few upgrades and downgrades to tell you about today..
Evergreen Solar (ESLR) upgraded from Sell to Hold by Citi
“With ESLR more clearly defining its exposure to a Lehman Bros. bankruptcy, the worst-case scenario is now well defined. The primary issue is dilution as ESLR might not recover funds on the issuance of ~30MM shares to LEH as part of a share lending agreement. Although ESLR may also be out the ~$40MM it has … Read the rest
Marketwire reports that Hoku has entered into a second contract with Tianwei New Energy Wafer Co, bringing it one step closer to funding the polysilicon plant it is constructing in Idaho. Hoku has also increased the capacity of the proposed plant, from 3,500 metric tons of polysilicon to 4,000.
Under the new contract with Tianwei, Tianwei will pay Hoku Energy an additional $227 million, more or less, for predetermined amounts of polysilicon, to be delivered … Read the rest
According to StreetInsider.com, Piper Jaffray analyst Jesse Pichel has commented on the solar stocks that are related to the Lehman bankruptcy, saying that Sunpower (SPWR), JA Solar (JASO) and Evergreen Solar (ESLR) are negatively affected with respect to prior convertible bond transactions and stock lending agreements. The firm said it would be prudent to assume the worst.
On JASO: “We estimate JASO would realize ~4% dilution on stock and incur a non-cash write off … Read the rest
Quantum Fuel Systems Technologies Worldwide Inc announced a deal between Asola, the company’s German partner, and Q&Tech/Yongsan Inc, a South Korean manufacturing company. Under the agreement, Asola and Q&Tech will enter into a joint venture to build a manufacturing plant in South Korea. Q&Tech will then produce and distribute Asola’s German-designed solar components.
South Korea is a fast-growing solar market, and this deal allows Asola to market its parts there. The plant will conform to … Read the rest
Trina Solar announced that it has signed a 2-year sales agreement with Invictus NV, a Belgian company. Under the agreement, Trina Solar, a prominent manufacturer of solar photovoltaics, will supply Invictus with 20 MW in 2009 and 30 MW in 2010, with an additional 10 MW option for each of those years.
Arturo Herrero, Trina Solar’s Vice President of Sales and Marketing, commented on the deal, saying:
… Read the rest"We look forward to continue working with Invictus,
LDK Solar announced that is has signed an 11-year service agreement with Q-Cells AG, a German company. Under the agreement, LDK will process Q-cells upgraded metallurgical grade solar grade silicon and turn it in to multicrystalline solar wafers. LDK will make wafers out of a minimum of 20,000 metric tons of Q-Cells’ silicon from 2008-2018, and will have the option to process an additional 21,000 tons.
Xiaofeng Peng, LDK Solar’s Chairman and CEO, commented on … Read the rest
The StreetInsider.com is out with comments from Piper Jaffray analyst Jesse Pichel on the Spain solar cap situation saying that the proposed 500 MW cap for 09 is a positive for the group. “While we expect final outcome by early October, we believe Spain will not be as weak as expected in ’09, and that this proposal should help improve investor sentiment around Spain.”
Apparently, Pichel can confirm that the Spain Energy Ministry has sent … Read the rest
According to a report released by Greentech Media and the Prometheus Institute, the solar power market will continue to grow, with thin-film photovoltaics leading the way. The authors predict that thin-film solar production will double each year for the next three years, reaching 4.18 GW worth of equipment in 2010, and almost 10 GW by 2012.
According to the report, most companies entering the industry are focusing on the development of amorphous-silicon films on glass. … Read the rest
Hoku (HOKU) was up nearly 14% today and looks ready to attack the 200 day moving average around 8/share in the coming weeks following news that the company signed a $455 million supply contract with Solargiga Energy Holdings.
Under terms of the deal, Hoku will supply polysilicon to Solargiga over a 10 year period and up to $455 million may be payable to Hoku during the 10 year period, subject to product deliveries and … Read the rest
LDK Solar announced that it has signed an 8-year contract to supply multi-crystalline solar wafers to Japanese trading house Sumitomo. Over the 8 year period starting in 2009, LDK will deliver 750 MW of the wafers to Sumitomo. The contract will end in 2016, and Sumitomo has agreed to make an advance payment for part of the contract’s value to LDK.
LDK’s CEO Xiaofeng Peng says, "“We are excited to announce this agreement with … Read the rest