This morning Citigroup is upgrading MEMC Electronics (WFR) from Hold to Buy, added to its Top Picks and raised the price target to $24 (a 50% premium over the current price).
Hat tip to Notable Calls for the following notes (read full article for more detail)
– Starting to reap meaningful cost reduction in poly operations
– plunging poly prices already built into the stock and it will recover long before poly prices … Read the rest
The US government announced today that they’ll soon begin accepting applications for around $3 billion in government funds to spur development in renewable energy across the country. Previously, companies could file for a tax credit to cover a portion of development costs, but this provides an immediate infusion of cash to help meet the government’s goal of doubling renewable energy production over the next 3 years.
“This partnership between Treasury and Energy will enable both … Read the rest
According to this report on TradingMarkets.com, Canadian Solar just announced that it will sell solar cells manufactured at its Chinese plant in Japan starting in the fall of this year. The company has set a goal for itself to sell 12,000kw of solar cells each year in the Japanese market. They plan to achieve this goal through supply contracts with Japanese sales companies like Green Tec. Green Tec will offer Canadian Solar’s solar panels … Read the rest
Ascent Solar just announced that its Copper, Indium, Gallium, Selenide (CIGS) monolithically integrated solar panel modules have achieved greater than 10% conversion efficiency. Ascent’s standard, 29 square centimeter modules were independently tested at the US Department of Energy’s National Renewable Energy Laboratory (NREL), where they achieved conversion efficiencies as high as 10.4%.
In a press release, leaders from both Ascent and NREL offered commentary on the achievement:
Dr. Prem Nath, Sr. Vice President of … Read the rest
According to StreetInsider.com, both Trina Solar (TSL) and Yingli Green Energy (YGE) are being downgraded today by Hapoalim Securities
YGE gets a downgrade from from Buy to Hold and a lower price target at $8 due to oversupply, inflated inflated valuations, high expectations priced in and limited US/China demand this year. Considering all the financing and stimulus packages coming out of China, I’m surprised they would be cautious on China demand. I think the … Read the rest
Last night I wrote about Best Buy’s move to begin selling electric bikes, scooters and motorcycles which has raised some eyebrows. It appears McDonald’s (MCD) is preparing for the green vehicle revolution as well, announcing yesterday that it would open its first green restaurant complete with eco-friendly materials and electric vehicle charging stations on July 14th at a restaurant in Cary, North Carolina. It’s certainly not hard to imagine retailers and restaurants offering EV charging … Read the rest
Solar stocks were slammed today as oil prices continued to retreat and the cautious comments out of Barclays didn’t help either. Barrons reported this morning that analyst Vishal Shah is cautious on solar heading into Q2 earnings because of the magnitude of the recent rally and the unlikelihood of US & China demand picking up the Germany slack.
He made price cuts as well:
– ENER from $13 to $17 on customer financing
– FSLR … Read the rest
LDK Solar just announced that is has revised its outlook for the 2nd quarter. According to Reuters, the revised outlook is still disappointing, with revenue down from $283.3 million in the first quarter to between $215 to $225 million in the second quarter. The estimates are between $25 and $35 million lower than what analysts had expected, as well. However, the company did raise the amount of second-quarter wafer shipments that it expects to ship … Read the rest
Tate posted last month about speculation that Suntech was working on a 500MW deal in China. Today, Suntech’s press office confirmed the deal for PV-tech.org. The article quotes an unnamed source from Suntech as saying that the deal is “a non-binding strategic agreement similar to our agreement with the Qinghai government.” Suntech reportedly signed the agreement on June 26th.
Under the agreement,Suntech will invest almost $1.2 billion in a 500MW solar project in … Read the rest
Suntech Power just announced that it has obtained a convertible loan for $50 million from International Finance Corporation. The 7-year loan agreement carries a fixed annual interest rate of 5.0 percent and can be converted into an ADS share for $18 per share.
In a press release, Dr. Zhengrong Shi, Suntech’s Chairman and CEO, commented on the loan:
“We are pleased that IFC, a world class investment institution that supports sustainable development, has agreed … Read the rest