I’ll keep this post short because the details are well.. detailed and aren’t worth repeating here. You can get all the financial details in a post here. In a nutshell, Solarfun (SOLF) owed Hoku Scientific (HOKU) millions in payments for supplying them with solar modules that they were behind on and put their agreement in jeopardy. It’s being announced this morning that Solarfun just paid $8 of the $13 million owed and will being … Read the rest
Category Archives: Solar Energy
Analyst Rating Changes: STP, JASO Upgraded Again; BofA Starts ITRI At Buy
The upgrades keep coming in for Suntech Power (STP) and JA Solar (JASO). Yesterday they were upgraded by Barclays and this morning Thomas Weisel is doing the same, upgrading both from Underweight to Market Weight. Both stocks are holding yesterday’s breakout moves well despite heavy selling in the overall market today. While it could be a rocky ride, solar stocks are increasingly showing signs that the bottom is in.
Itron (ITRI), the smart grid behemoth … Read the rest
First Solar (FSLR), Enbridge (ENB) To Quadruple Size Of Sarnia Solar Project
Enbridge (ENB) and First Solar (FSLR) announced today an agreement to expand the Sarnia Solar Project from 20MW of capacity to 80MW, which when completed late next year, will make Sarnia the largest solar facility in N America. Enbridge already acquired the first 20MW which went into commercial operation yesterday.
First Solar (FSLR) will provide operation and maintenance services to Enbridge under a long term contract with the output of the 80MW facility being sold … Read the rest
Yingli Green Energy (YGE) In Sales Agreement With Payom Solar AG
Yingli Green Energy just announced that the company has entered into a sales agreement with Payom Solar AG. Under the terms of the agreement, Yingli will supply Payom with 51 MW of solar modules throughout 2010.
In a press release, Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy, commented on the agreement:
“This agreement extends the successful cooperation with Payom that we have enjoyed over a number of years, and … Read the rest
STP, JASO, SPWRA Upgraded At Barclays, CREE Downgraded
A few analyst rating changes and coverage initiations this morning…
Barclays upgraded Suntech (STP), JA Solar (JASO) and Sunpower (SPWRA) to Overweight. All three are up about 8% today with STP and JASO breaking out of bases on the upgrade.
Wedbush Morgan isn’t quite as positive on Sunpower, lowering the price target from $29 to $21, but maintains its Neutral rating. Hat tip to StreetInsider.com for the following analyst comment:
“We believe investors do not … Read the rest
Energy Conversion Devices (ENER) Gets JANCO Sell Rating
JANCO Partners has downgraded Energy Conversion Devices (ENER) from Market Perform to Sell today and lowered the price target to $8.75..
Hat tip to StreetInsider.com for the following analyst comment:
“We are downgrading the company’s stock as a result of the company’s restructuring plan and the 20% planned head count reduction. We see the layoffs as a sign from management that a rebound in demand is materializing slower than originally anticipated. Furthermore, we expect competition … Read the rest
LDK Solar (LDK) Q-Cells End Solar Supply Rift, Shares Rally
Shares of LDK Solar (LDK) are rallying about 7% on news it has ended the solar supply disagreement with Q-Cells as the two companies settled out of court and will continue their relationship.
The original supply contract has been amended to be more flexible in supply and pricing. While the total 10 yr supply won’t change, LDK Solar will ship out fewer modules over the next two years to match current market conditions.
These kinds … Read the rest
Solarfun (SOLF) Gets 100MW Jiayuguan Solar Deal
Solarfun Power (SOLF) has announced its subsidiary Jiangsu Linyang Solarfun has signed an agreement with the government of Jiayuguan City under which Solarfun agreed to build a 100MW solar power plant. To support this project, Solarfun agreed to construct a module production facility in Jiayuguan City.
Jingchang Zhang, Vice Mayor of Jiayuguan City, commented, “Jiayuguan is a famous tourist attraction in western China. Its abundant sunshine makes it an attractive location for solar projects. We … Read the rest
Collins Stewart Upgrades First Solar (FSLR) To Buy, $160 Price Target
Collins Stewart upgraded First Solar (FSLR) from Hold to Buy this morning and has a price target of $160.
Hat tip to StreetInsider.com for the following analyst comments:
The firm notes that its downgrade in March was “due to concerns that its CY10 EPS was at risk due to impending module price cuts and its significant valuation premium at the time.” With the Street’s estimates for next year coming down, in addition to a narrowing … Read the rest
Canadian Solar (CSIQ) Will Build Plant in Ontario
Canadian Solar just announced its intention to build a new solar panel manufacturing plant in Ontario, Canada. The company is currently making plans and determining the plant’s exact location, size and cost. The plans are expected to be finalized next year. Tentatively, the company plans to build a 200MW plant with an estimated cost of approximately C$24 million. A plant of this size would create 500 new manufacturing jobs and produce enough solar modules to … Read the rest