First Solar (FSLR) will form a new utility systems business group to address the large-scale photovoltaic (PV) system solutions market which will be headed by current CFO Jens Meyerhoff. Following its NextLight acquisition which is expected to close this quarter, the company sees big potential in the utility scale business and will have 2.2GW in power purchase agreements under its belt from the deal. The company will look for a replacement CFO as soon as … Read the rest
Category Archives: Solar Energy
Hoku Scientific (HOKU) Revises Agreement With Suntech (STP), Announces $28 Million Loan From China Bank
It’s a busy afternoon for Hoku Scientific (HOKU). The company announced a revised agreement with Suntech Power (STP) which excludes Suntech from having to prepay $30 million for future shipments of polysilicon, but potentially allows Hoku to keep the $2 million already paid which will be credited to future shipments. The terms have also been shorted to one year and Hoku isn’t obligated to ship polysilicon until next June.
LDK Solar (LDK) Discovers Another $12.6 Million In Losses
LDK Solar (LDK) announced after the bell today that during their preparation of the 2009 annual report, they determined an additional provision for doubtful recoveries of approximately $12.6 million for its accounts receivable and prepayment to suppliers. The revised financials were based on updated information about its customers repayment ability and its suppliers ability to honor existing contractual terms for delivery of products or refund of amounts paid.
Shares are hanging in there after the … Read the rest
Raser Technologies (RZ) To Develop Solar Power & Electric Cars With Hyundai Heavy Industries
Raser Technologies (RZ) is surging 25% this morning after announcing it will develop solar power and electric cars with Korea based, global manufacturer Hyundai Heavy Industries. This is the same company working with American Superconductor (AMSC) to develop wind energy.
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This isn’t yet a done deal with contracts signed, but the two companies have signed a memorandum of understanding to co-develop solar power and electric vehicles … Read the rest
Goldman Sachs (GS) On China Solars: Buy JASO; Neutral YGE, TSL; Sell STP
I just posted about a few US solar companies Goldman Sachs (GS) initiated coverage on and here is the China solar coverage. Again, hat tip to Street Insider for the ratings this morning.
JA Solar (JASO) initiated with a Conviction Buy rating and $7.50 price target. It’s calling JASO it’s “top pick”, citing an improvement to cash returns and a better looking balance sheet than its solar competitors. Shares are up nearly 5% today. Get … Read the rest
Minnesota Awards Veeco (VECO) 800K In Matching Funds
Veeco just announced that the State of Minnesota has awarded them $800,000 worth of matching funds for a 1.5 year project to help Veeco’s copper, indium, gallium and selenium deposition equipment technology for solar panel manufacturers move more quickly to market. Veeco’s technology is designed to reduce manufacturing costs for solar panels and bring them closer to grid parity. The funds were awarded as part of the American Recovery and Reinvestment Act.
In a press … Read the rest
Auriga Initiates Jinko Solar (JKS) With Buy Rating
Auriga is out this morning initiating coverage on recent solar IPO Jinko Solar (JKS) with a Buy rating and $23 price target (more than double the current price. Despite viewing the company as a 2nd tier China solar manufacturer, the firm sees considerable value in the stock.
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“We believe the shares are substantially undervalued and see significant upside to our $23 price target. Given our … Read the rest
Goldman Sachs (GS) Initiates Solar Coverage: Buy FSLR, Neutral SPWRA, Sell WFR
The big gorilla Goldman Sachs (GS) has finally begun covering the solar sector and initiated coverage of the US solar sector with a Neutral rating and initiated coverage on a few of the largest solar companies too. Hat tip to Street Insider for the heads up on these ratings this morning.
It begins First Solar (FSLR) coverage with a Buy rating and $150 price target. They view the increased exposure to the US utility scale … Read the rest
Solar Subsidy Cuts Not As Bad As Feared In Italy & Spain?
It seems like every few weeks the ebb and flow of feed-in-tariff fear and optimism rolls through the solar industry with rumors fueling speculation as what it means for solar companies, particularly those that do much of their business in the German, Italian and Spanish markets. Last week, the rumors continued…
I mentioned in a report several days ago that the industry feared Spain would retroactively cut their solar FIT program and some even … Read the rest
Trina Solar (TSL) To Supply Solar Modules For Australia Campus
Trina Solar (TSL) will be the supplier of solar modules for a 1.2MW solar system at the University of Queensland in Brisbane, Australia. The roof top systems will be developed by Ingenero and mounted across four buildings at the University. The local government is contributing AUD1.5 million to the project.
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“The Australian solar market has enormous potential and Trina Solar is pleased to be selected … Read the rest