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Taking the Guesswork Out of Purchasing Home Solar Systems. Starting Under $6000
May 12th, 2013
LOUISVILLE, Colorado. Home Solar Power Now More Affordable.
May, 2013 — Real Goods Solar, Inc. (NASDAQ: RSOL), a nationwide leader of turnkey solar energy solutions for residential, commercial, and utility customers, launched its PowerON Solar systems – a selection of house-ready solar kits for customers who are interested in purchasing low-cost, high-value solar at a very clear published price and with complete peace of mind.
“PowerON makes converting to solar energy easier than ever with pre-packaged, professionally designed residential systems starting at less than $6,000,” said Real Goods Solar CEO Kam Mofid.
These convenient solutions are part of Real Goods Solar’s vision and commitment to bring solar to the mainstream by continuously improving upon the economic benefits of going solar for our customers.
Real Goods Solar continues to offer a comprehensive range of leasing and financing choices for those customers who wish to have a solar system with little to no money down. “The deployment of solar financing solutions has been a great growth driver in residential solar and will continue to be a very attractive path for many to benefit from this 100% clean renewable energy source,” continued Mofid. “At the same time, it is important to have an excellent value proposition for those who wish to own the asset from day one and get maximum benefits over the life of the system – this is precisely what PowerON will do.”
PowerON Solar system packages feature high-quality equipment, full system warranties, professional site inspection, complete installation by a licensed professional, public utility review and interconnection. The five available options range from 1.5 to 9 kilowatts rooftop installations. PowerON Solar systems are designed for homes with standard roofing types and sufficient east, south and/or west-facing roof space.
“As consumers look for ways to save and reduce their expenses and embrace the emerging distributed generation model of self-sufficiency coupled with environmental stewardship, we will be there to support their requirements and exceed their expectations,” said Troy Pittock, vice president of residential sales and marketing. “With PowerON’s clear and transparent pricing and excellent cost and performance attributes, Real Goods Solar continues to help more Americans achieve maximum benefits from going solar.”
About Real Goods Solar, Inc.
Real Goods Solar, Inc. (NASDAQ: RSOL) is the nation’s pioneer in delivering commercial, residential and utility turn-key solar energy solutions. Beginning with the very first photovoltaic panel sold in the U.S. in 1978, the company has installed more than 14,500 solar power systems representing more than 100 megawatts of clean energy. As one of the nation’s largest and most experienced solar power installers, the company has 15 offices across the West and the Northeast. Real Goods Solar makes it easy for customers to save on their energy bill by providing a comprehensive solar solution, from design, financing, permitting and installation to ongoing monitoring, maintenance and support. For more information about Real Goods Solar, go to RealGoodsSolar.com or call (888) 507-2561. Follow us on Twitter @realgoodssolar and join us on Facebook at facebook.com/RealGoodsSolar.
Forward-looking Statements
This press release includes forward-looking statements relating to matters that are not historical facts. Forward-looking statements may be identified by the use of words such as “expect,” “intend,” “believe,” “will,” “should” or comparable terminology or by discussions of strategy. While Real Goods Solar believes its assumptions and expectations underlying forward-looking statements are reasonable, there can be no assurance that actual results will not be materially different. Risks and uncertainties that could cause materially different results include, among others, introduction of new products and services, completion and integration of acquisitions, the possibility of negative economic conditions, and other risks and uncertainties included in Real Goods Solar’s filings with the Securities and Exchange Commission. Real Goods Solar assumes no duty to update any forward-looking statements.
SolarCity Opens its Largest U.S. Operations Center in Riverside, California
May 6th, 2013
New Facility Will Service Inland Empire, Brings Jobs to the Region
RIVERSIDE, California.
SolarCity® (Nasdaq: SCTY), a leading provider of clean energy, has opened its largest U.S. operations center in Riverside to accommodate growing demand in the Inland Empire. The 35,000-square-foot facility is staffed by 75 employees and currently has 20 additional job openings, and SolarCity expects to hire 50 additional employees in the area this year. SolarCity has grown to become the largest rooftop distributed energy company in California and in the U.S. by making it possible for customers to install solar panels for free and pay less for renewable, solar electricity than they pay for their utility bills.
“We look forward to creating more local jobs as we expand our services for homeowners and businesses,” said Jim Cahill, SolarCity’s regional vice president of operations for Southern California.
Riverside alone has 277 sunny days per year, which is nearly 40 percent more than the national average, so solar power production in the Inland Empire region is excellent.
SolarCity provides energy services to more than 2,500 customers through its Inland Empire operations center, including Walmart stores in Corona, Temecula, Palm Desert and the Moreno Valley; the Barstow and Murrieta Valley Unified School Districts; the U.S. Bank branch in Rancho Cucamonga; and the First Assembly of God in Lake Elsinore.
Homeowners and businesses in the Inland Empire who are interested in SolarCity’s services can contact the company directly at 1-888-SOL-CITY (1-888-765-2489) for a free, no-obligation solar consultation or visit SolarCity online at www.solarcity.com/request. Candidates interested in available employment opportunities in the Inland Empire can contact SolarCity via its online jobs form at www.solarcity.com/jobs.
About SolarCity
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
New Appointments to Strengthen UK Teams as Solarcentury Expands
April 6th, 2013
Bertrand Belben, Director of International Business Development – Bertrand joins Solarcentury as it embarks on a programme of international expansion. He will focus on developing business in emerging markets such as Africa and Latin America. Previously, Bertrand was a Business Development Director for AES and Managing Director of Innovent.
Tilman Beller, Business Development Director, Latin America – Tilman will be establishing our office in Panama and developing our relationships with our local partners. Tilman has previously held roles with Trina Solar and SunPower.
Archie Fraser, Director of Corporate Finance – Archie holds responsibility for our relationships with our project investors; a role which has become increasingly important as our utility-scale development activity increases.Prior to joining Solarcentury, Archie was Head of Alternative Energy Research at Redburn Partners and co-founder of Envirocapital.
Mike Madeiros, Supply Chain Director – Mike has responsibility for procurement and logistical activities including; securing value across all equipment supply, driving operational improvements and developing the company’s supply chain for its international operations. Mike has previously worked as Head of Operations and Supply Chain for Pacific Brands and prior to this he was the owner and managing director of Sugarcane.
Bruce Carter, Quality Manager – Bruce is responsible for developing Solarcentury’s internal processes, the continuous improvement of the customer journey and maintaining our ISO9001 and OHSAS18001 certifications. Bruce has previously been the Director of Continuous Improvement at CW Print and Applications Architect at Bezier.
Speaking of the appointments Solacentury CEO, Frans Van Den Heuvel said:
“These appointments are a significant part of our long-term strategy for growth both in the UK and internationally.”
Envision Solar has a New Investor Relations Advisor
March 27th, 2013
SAN DIEGO, March 2013
Envision Solar, Inc, a leading sustainable infrastructure product designer and developer, today announced that it has retained MZ Group as its investor relations advisor.
MZ Group will assist Envision Solar with designing and executing a comprehensive investor relations program, with an emphasis on expanding the Company’s shareholder base, particularly in North America.
Desmond Wheatley, Chief Executive Officer of Envision Solar, began,
We are a dynamic company focused on creating high quality products that transform the parking lots of commercial, institutional and government buildings into differentiated renewable power generation assets. Our patented and patent pending products are manufactured in the U.S. and are engineered to be highly scalable and highly deployable. Our recently announced agreement in North Carolina with Horizon Energy and our agreement with Cadillac are positioning us for some potentially substantial growth which makes the timing of this agreement with MZ ideal.
“Envision Solar is building a strong foundation for sustainable growth,” said Ted Haberfield, President of MZ Group North America. “They have the highest quality products in their industry and a highly credible pipeline of deals with quality portfolio customers. We see Envision Solar as an emerging investment opportunity for investors looking for a truly unique story in the alternative energy space.”
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, designs, manufactures and deploys unique, proprietary and architecturally accretive renewable energy systems with a Drag & Drop Infrastructure™ product line. The company’s flagship products include the patented Solar Tree® array and Solar Tree® Socket™ solar shaded parking solutions with EnvisionTrak™, a proprietary and patent pending solar tracking machine, and SunCharge™ Column Integrated Electric Vehicle Charging Stations.
Based in San Diego, the company integrates only the highest quality components into its Made in America products ensuring long and trouble free service and timeless beautification of the parking lots they serve. This unique approach to the industry allows the company’s commercial and institutional customers to take full advantage of the value creation associated with transforming parking lots into beautiful, shaded, renewable energy generation plants shrouded in the “Green Halo.” For more information on Envision Solar, visit www.envisionsolar.com or call (866) 746-0514.
About MZ Group
MZ Group, subsidiary of @titude Global, a multinational company and the world’s largest independent global investor relations consulting firm, provides investor relations, corporate communications, market intelligence, corporate governance and technology products and services. Founded in 1999, MZ Group focuses on innovation and personalized services, supported by its exclusive “one-stop-shop” business model. With offices in São Paulo, New York, Chicago, San Diego, Vancouver, Hong Kong, Beijing, Shanghai, Taipei and Mumbai, MZ has approximately 350 professionals who serve over 580 clients in 12 countries. For more information, please visit www.mzgroup.com.
Forward-Looking Statements
This Press Release may contain forward-looking statements regarding future events or our expected future results that are subject to inherent risks and uncertainties. All statements in this Report other than statements of historical facts are forward looking statements. Forward looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. Statements contemplating or making assumptions regarding actual or potential sales, market size and demand, prospective business contracts, customer orders, trends or operating results also constitute forward looking statements. Our actual results may differ substantially from those indicated in forward looking statements because our business is subject to significant economic, competitive, regulatory, business and industry risks which are difficult to predict and many of which are beyond our control. Our operating results, financial condition and business performance may be adversely affected by a general decline in the economy, unavailability of capital or financing for our prospective customers to purchase products and services from us, competition, changes in regulations, a decline in the demand for solar energy, a lack of profitability, a decline in our stock price, and other risks. We may not have adequate capital, financing or cash flow to sustain our business or implement our business plans. Current results and trends are not necessarily indicative of future results that we may achieve.
Solar Energy Iniatives Inc, Penny Stocks
March 24th, 2013Massapequa Park.
King Penny Stocks is an elite financial community for investors and traders alike who are looking to potentially gain financial freedom through the markets on undervalued companies and “in-play” momentum penny stocks. Today We bring special trend analysis of following stocks: Solar Energy Initiatives Inc (PINK:SNRY), Amwest Imaging Inc (PINK:AMWI),AMR Corporation (PINK:AAMRQ), Creative Edge Nutrition Inc (PINK:FITX)
PLUS you’ll get KingPennyStock’s Pro Trading Rules Mini E-book absolutely FREE! Claim Your Copy
Solar Energy Initiatives Inc (PINK:SNRY) started its trading session with the price of $0.0006 and closed at $0.0005 by decreasing -16.67%. A review of its graph: Previous 5 days graph demonstrated a negative move of -16.67%. SNRY’s quarterly performance remained in the red with the percentage of -28.57; while its year to date performance showed that the stock plunged overall -16.67%. The beta of SNRY stands at -3.07. The 52-week price range of the stock remained $0.0004 – $0.32, while during last trade its minimum price was $0.0005 and it gained its highest price of $0.0006.
SNRY’s stocks traded with total volume of 7.79 million shares, while the average trading volume remained 7.61 million shares. Solar Energy Initiatives, Inc., together with its subsidiaries, markets and sells solar power products, systems, and services in the United States and the Caribbean. The company primarily designs, markets, and sells solar power systems for residential and commercial customers; and designs, markets, sells, owns, and operates solar power systems for municipal and commercial customers, as well as designs, develops, and manages solar parks.
Will SNRY Get Buyers Even After The Recent Rally? Find Out Here
Amwest Imaging Inc (PINK:AMWI), during the previous trading session, the stock showed a positive movement of +10.53%. Graph values of the stock demonstrate these trends: Year to date performance of the stock remained positive with the rise of +15.12%. AMWI traded with volume of 7.78 million shares, while its average trading volume remained 2.16 million shares.
Currently, the company has a market capitalization of $1.24 million. Stock’s closing price was $0.0021 while it started its day-trade at $0.002. Its 52-week price range was $0.0002 – $0.053. Amwest Imaging Incorporated provides document digitization services to businesses. The company focuses on helping companies become efficient through digital conversion and indexing of documentation. It also offers relationship building tools and processes that help business cultivate relationships with customers through Web-based solutions.
Will AMWI Continue To Move Higher? Find Out Here
AMR Corporation (PINK:AAMRQ) stock’s trade opened at $4.43 and, as day trade closed, its price was $4.17 after decreasing-4.79% .The market capitalization of AAMRQ was 1.40 billion. Total traded volume of the stock was 7.55 million shares, while company’s average volume remained 18.15 million shares.
AAMRQ’s day range was $4.17 – $4.52, while its 52 week range was $0.36 – $4.52. During its last 5 trades, the stock jumped almost 9.74%. During the last 3 months it rose with the percentage of 414.81. Its year to date performance remained progressive 424.53%. AMR Corporation operates in the airline industry. The company, through its subsidiary, American Airlines, Inc., provides scheduled jet service to approximately 160 destinations throughout North America, the Caribbean, Latin America, Europe, and Asia; and operates as a scheduled air freight carrier, which provides a range of freight and mail services to shippers.
Will AAMRQ Get Buyers Even After The Recent Rally? Find Out Here
Creative Edge Nutrition Inc (PINK:FITX) remained among the day losers and traded with volume of 7.52 million shares in the last session, as compared to average volume of 5.16 million shares. Previous 5 days graph demonstrated an adverse move of -9.38%. FITX’s quarterly performance remained in the green with the percentage of 75.76, while its year to date performance showed that the stock advanced overall -1.69%.
The 52 week range of the stock remained $0.0019 – $0.0398, while its day lowest price was $0.0057and it hit its day highest price at $0.0065. FITX’s total market capitalization is $3.42 million along with 589.59 million shares outstanding. Creative Edge Nutrition, Inc. focuses on the development of healthoriented nutrition products. The company offers a range of capsules, tablets, and powders, as well as science based products in the categories of weight management, nutrition challenges, energy, and fitness.
Why Should Investors Buy FITX After the Recent Fall? Just Go Here and Find Out
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New Report: The Myth of China’s Endless Coal Demand: A missing market for US Exports
March 24th, 2013Washington DC – 2013.
The Chinese market for US coal exports may dry up before major new US coal shipments ever reach its ports, according to a new Greenpeace report. The report, “The Myth of China’s Endless Coal Demand: A missing market for US Exports” identifies several factors that cast doubt on the future of Chinese demand for US coal, including new national and local policies in China aimed at reducing air pollution and capping coal use, slowing economic growth, surging renewable energy growth, and increased public concern about air pollution.
“Many of the same factors that are causing coal to be phased out of the US market – sluggish economic growth, a rapidly developing renewable energy sector, government policies and social opposition to coal – are conspiring to make the Chinese market for US coal exports economically unviable as well,” said Greenpeace East Asia Energy Analyst and report author Lifeng Fang.
The report also details earlier coal export proposals that failed in part because of unstable Asian demand, and argues that the current push to export US coal by companies like Arch Coal, Cloud Peak Energy, and Australian upstart Ambre Energy are motivated by a desperate industry, not sound economics. Among the report’s findings:
The Chinese government’s 12th five year plan for the coal industry caps domestic coal production and consumption at 3.9 billion tons by 2015. As China begins to decouple economic growth from coal consumption, coal is piling up in record amounts at ports and power plants.
According to the China Electricity Council, investment in the coal power sector dropped by over half from 227.1 billion RMB ($36.4 billion USD) in 2005 to 105.4 billion ($16.9 billion USD) in 2011, and this trend is continuing.
China’s third largest city, Guangzhou, recently announced that it won’t allow new coal power capacity within the city, and other major cities also plan to limit coal expansion in order to meet air quality standards.
Public resistance and protests against pollution are increasing, and new air pollution standards for thermal power plants from China’s Ministry of Environmental Protection will bring Chinese power plant regulations in line with developed world standards.
Renewable energy is growing rapidly in China, and the government plans to increase the share of non-fossil fuels to 30% of installed electricity generating capacity by the end of 2015.
The report is available at http://www.greenpeace.org/usa/en/media-center/reports/Myth-of-China-Endless-Coal-Demand/
Contact: Joe Smyth, Greenpeace Communications, 831-566-5647, joe.smyth@greenpeace.org
Lifeng Fang, Greenpeace East Asia Energy Analyst, 202-462-1177 ext 182
Masdar Launches SHAMS 1, The World Largest Concentrated Solar Power Plant in Operation
March 24th, 2013
His Highness Sheikh Khalifa bin Zayed Al Nahyan President of the United Arab Emirates and Ruler of Abu Dhabi yesterday officially inaugurated Shams 1, the largest concentrated solar power plant (CSP) in operation in the world.
Located in the Western Region of Abu Dhabi, the 100-megawatt, grid connected power plant will generate clean energy to power 20,000 homes in the UAE.
His Highness President Sheikh Khalifa bin Zayed Al Nahyan expressed his pride in the inauguration of Shams 1, calling it a major achievement in the UAE’s goal of energy and economic diversification.
“Expanding our leadership into renewable sources of power demonstrates the United Arab Emirates’ commitment to maintaining its position as a major provider of energy,” said His Highness Sheikh Khalifa bin Zayed Al Nahyan.
The inauguration of Shams 1 is a major milestone in our country’s economic diversification and a step toward long-term energy security
“We are proud of the young Emiratis that worked on this project,” said His Highness. “The expertise they gained, working closely with international companies and building a project of such scale, is the type of human capital development that will enable our country to secure long-term energy leadership.
“Shams 1 is a strategic investment in our country’s economic, social and environmental prosperity,” added His Highness.
The domestic production of renewable energy extends the life of our country’s valuable hydrocarbon resources and supports the growth of a promising new industry.
The ceremony was also attended by His Highness Sheikh Mohammed bin Rashed Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, as well as other members of the UAE leadership.
Holding nearly half of the world’s renewable energy potential, the Middle East and North Africa is poised for unprecedented growth in renewable energy.
“The inauguration of Shams 1 is a breakthrough for renewable energy development in the Middle East,” said Dr. Sultan Ahmed Al Jaber, CEO of Masdar. “With the demand for energy rising exponentially, the region is undergoing a major transformation in how it generates electricity. In fact, the Middle East is poised for major investments in renewables, and Shams 1 proves the economic and environmental advantage of deploying large-scale solar projects.”
“Our wise leadership recognises the immediate and future benefits of renewable energy,” added Dr. Al Jaber. “Investments in sophisticated projects like Shams 1train our future energy leaders, create specialised jobs and encourage economic development. Renewable energy is fundamental to achieving a diversified energy mix and extending the life of our precious hydrocarbon resources. Clean energy, is aligned with the legacy of conservation instilled in us by our founding father, Sheikh Zayed bin Sultan Al Nahyan.”
Shams 1 was designed and developed by Shams Power Company, a joint venture between Masdar (60 percent), Total (20 percent) and Abengoa Solar (20 percent).With the addition of Shams 1, Masdar’s renewable energy portfolio accounts for almost 68 percent of the Gulf’s renewable energy capacity and close to 10 percent of the world’s installed CSP capacity.
“Abu Dhabi is investing and incubating a new energy industry,” added Dr. Al Jaber.
Through Masdar, we are redefining the role our country will play in delivering energy to the world. From precious hydrocarbons exports to commercially viable renewable energy projects, we are extending our legacy for future generations.
The innovative CSP project reduces the UAE’s carbon emissions, displacing approximately 175,000 tonnes of CO2 per year, an equivalent to planting 1.5 million trees, or taking 15,000 cars off the road. With solar power generated during peak demand, the UAE can reduce its need for “peak shaving” generators, which are expensive and idle most of the year.
“As a long-lasting partner of Abu Dhabi, we are particularly proud to have been part of the challenging adventure that was Shams 1 construction. This is a major step in the process of transforming the capabilities of solar power in the region,” said Christophe de Margerie, chairman and CEO of Total.
“We share Abu Dhabi’s vision that renewables have a promising future alongside fossil energies. Total is today a world leader in solar industry. As such, we are pleased to accompany the Emirate in the diversification of its energy mix.”
Covering an area of 2.5 km2 – or 285 football fields – Shams 1 incorporates the latest in parabolic trough technology and features more than 258,000 mirrors mounted on 768 tracking parabolic trough collectors.
By concentrating heat from direct sunlight onto oil-filled pipes, Shams 1produces steam, which drives a turbine and generates electricity. The project uses a booster heater to heat steam as it enters the turbine, dramatically boosting the cycle’s efficiency. Shams 1also features a dry-cooling system that significantly reduces water consumption – a critical advantage in the arid desert.
“The Middle East holds nearly half of the world’s renewable energy potential,” said Santiago Seage, CEO of Abengoa Solar. “The abundance of solar energy is an opportunity to integrate sustainable, clean sources of power that address energy security and climate change. The region needs more projects like Shams 1, and we look forward to pushing the boundaries of future energy.”
A source of great pride, the Western Region of Abu Dhabi is the centre of the country’s hydrocarbon industry and represents the roots of its Bedouin heritage. Today, with the addition of Shams 1, the region is evolving. Alongside oil fields, renewable energy and peaceful nuclear power is being developed to support the country’s long-term energy requirements.
– Emirates News Agency, WAM
Canadian Solar Reports Fourth Quarter and Fiscal Year 2012 Financial Results
March 22nd, 2013
GUELPH, Ontario, March, 2013.
Canadian Solar Inc, one of the world’s largest solar power companies, this month announced its financial results for the fourth quarter and fiscal year ended December 31, 2012.
Fourth Quarter 2012 Highlights
Solar module shipments were 404 MW, compared to 384 MW in the third quarter of 2012.
Net revenue was $294.8 million, compared to $326.0 million in the third quarter of 2012.
Revenue derived from the Company’s total solutions business represented 12.8% of total revenue, compared to 21.5% in the third quarter of 2012.
Gross margin was 5.0%, compared to 2.2% in the third quarter of 2012.
Cost of revenue included a $6.8 million depreciation charge for underutilized assets, representing 2.3% of revenue.
Diluted loss per share was $2.43, compared to diluted loss per share of $1.01 in the third quarter of 2012.
Non-GAAP adjusted diluted loss per share was $1.01, compared to non-GAAP adjusted diluted loss per share of $1.00 in the third quarter of 2012. A table that provides a reconciliation of GAAP to non-GAAP measure is available at the end of this press release.
Cash, cash equivalents and restricted cash balances at the end of the quarter were $564.3 million, compared to $690.8 million at the end of the third quarter 2012.
Fiscal Year 2012 Highlights
Solar module shipments were 1,543 MW, up 16.6% from 1,323 MW in fiscal year 2011.
Net revenue was $1.3 billion, compared to $1.9 billion in fiscal year 2011.
Gross margin was of 7.0%, compared to 9.6% in fiscal year 2011.
Diluted loss per share was $4.53, compared to diluted loss per share of $2.11 in fiscal year 2011.
Non-GAAP adjusted diluted loss per share was $3.04, compared to adjusted diluted loss per share of $1.68 in fiscal year 2011.
Fourth Quarter 2012 Results
Net revenue for the fourth quarter of 2012 was $294.8 million, down 9.5% from $326.0 million in the third quarter of 2012 and down 37.8% from $474.1 million in the fourth quarter of 2011. Total solar module shipments in the fourth quarter of 2012 were 404 MW, compared to 384 MW in the third quarter of 2012 and 436 MW in the fourth quarter of 2011. Total solar module shipments in the fourth quarter of 2012 included 15.7 MW in the Company’s total solutions business, compared to 21.1 MW in the third quarter of 2012 and 16.3 MW in the fourth quarter of 2011.
By geography, in the fourth quarter of 2012, sales to European markets represented 40.6% of net revenue, sales to North America represented 20.0% of net revenue, and sales to Asia and all other markets represented 39.4% of net revenue, compared to 47.9%, 24.9% and 27.2%, respectively, in the third quarter of 2012 and 46.5%, 26.9% and 26.6%, respectively, in the fourth quarter of 2011.
Gross profit in the fourth quarter of 2012 was $14.9 million, compared to $7.3 million in the third quarter of 2012 and $41.4 million in the fourth quarter of 2011. The sequential quarterly increase in gross profit was primarily due to higher shipment volume and a continued reduction in manufacturing costs. The year-over-year decline in gross profit was primarily due to a lower average selling price partially offset by lower manufacturing costs. Cost of revenue in the fourth quarter of 2012 includes a $6.8 million depreciation charge for underutilized assets, representing 2.3% of revenue. Gross margin in the fourth quarter of 2012 was 5.0%, compared to 2.2% in the third quarter of 2012 and 8.7% in the fourth quarter of 2011.
Total operating expenses were $106.4 million in the fourth quarter of 2012, compared to $41.8 million in the third quarter of 2012 and $62.9 million in the fourth quarter of 2011.
Selling expenses were $25.0 million in the fourth quarter of 2012, up 16.8% from $21.4 million in the third quarter of 2012 and up 18.4% from $21.1 million in the fourth quarter of 2011. The sequential increase in selling expenses was primarily due to higher shipment volume as well as an increase in headcount required to expand the Company’s project development team targeting opportunities in Japan, China, the U.S. and Canada. The year-over-year increase in selling expenses was due to increases in transportation unit costs, as well as increases in sales and project development headcount and related salary expenses.
General and administrative expenses were $78.3 million in the fourth quarter of 2012, compared to $17.0 million in the third quarter of 2012 and $36.8 million in the fourth quarter of 2011. During the fourth quarter of 2012, the Company made an allowance for doubtful accounts totaling $31.2 million, including $18.6 million relating to one customer in China with liquidity issues. In addition, the Company also made a non-cash provision totaling $30.0 million for an arbitration decision made against the Company by the China International Economic and Trade Arbitration Commission in favor of LDK Solar Co., Ltd. (NYSE: LDK). The Company disputes the merits of the arbitration award and continues to evaluate its legal options. The sequential and year-over-year increase in general and administrative expenses was primarily due to the provision for the arbitration decision and increase in the bad debt allowance for doubtful accounts. Excluding the impact of the non-cash provision for the arbitration decision and the bad debt allowance for doubtful accounts, non-GAAP adjusted general and administrative expenses would have been $17.0 million in the fourth quarter of 2012.
Research and development expenses were $3.1 million in the fourth quarter of 2012, down 7.5% from $3.4 million in the third quarter of 2012 and down 37.6% from $5.0 million in the fourth quarter of 2011. The year-over-year decline in research and development expenses was due to the successful completion of several key research and development projects at the end of 2011.
Operating margin was negative 31.0% in the fourth quarter of 2012, compared to negative 10.6% in the third quarter of 2012 and negative 4.5% in the fourth quarter of 2011. The sequential and year-over-year decline in operating margin was primarily due to the provision for the arbitration decision and the increase in the bad debt allowance noted above. Excluding the above mentioned non-cash provision for the arbitration decision and the bad debt allowance, non-GAAP operating margin would have been negative 10.2% in the fourth quarter of 2012.
Interest expense in the fourth quarter of 2012 was $9.9 million, compared to $15.2 million in the third quarter of 2012 and $11.7 million in the fourth quarter of 2011. The sequential and year-over-year decline in interest expense was primarily due to a shift in the type of borrowings, with a higher portion relating to the construction of projects, as well as slightly lower bank borrowings in the fourth quarter of 2012. As the Company accelerates the build out of its solar power project pipeline in Ontario, Canada, a greater proportion of its short-term borrowings are being used to finance the construction effort and the resulting interest expense is capitalized under project assets and then expensed through cost of revenues when their sale is recognized. Interest income in the fourth quarter of 2012 was $3.7 million, compared to $3.6 million in the third quarter of 2012 and $1.8 million in the fourth quarter of 2011.
The Company recorded a gain on change in fair value of derivatives of $2.3 million in the fourth quarter of 2012, compared to a loss of $5.3 million in the third quarter of 2012 and a gain of $2.4 million in the fourth quarter of 2011. Net foreign exchange loss in the fourth quarter of 2012 was $10.8 million compared to a net foreign exchange gain of $7.0 million in the third quarter of 2012 and a net foreign exchange loss of $14.1 million in the fourth quarter of 2011.
Income tax benefit in the fourth quarter of 2012 was $3.3 million, compared to income tax benefit of $1.8 million in the third quarter of 2012 and income tax expense of $16.3 million in the fourth quarter of 2011.
Net loss attributable to Canadian Solar in the fourth quarter of 2012 was $105.0 million, or $2.43 per share, compared to net loss of $43.7 million, or $1.01 per share, in the third quarter 2012,and net loss of $59.9 million, or $1.39 per share, in the fourth quarter of 2011. Excluding the impact of the non-cash provision for the arbitration decision and the bad debt allowance, on an adjusted non-GAAP basis, net loss attributable to Canadian Solar in the fourth quarter of 2012 would have been $43.7 million, or $1.01 per share.
Financial Condition
As of December 31, 2012, the Company had a cash, cash equivalents and restricted cash balance of $564.3 million, compared to $690.8 million as of September 30, 2012. Operating cash flow was approximately negative $36.3 million in the fourth quarter of 2012, compared to negative $57.6 million in the third quarter of 2012. Excluding the impact of the cash outflows for the Company’s previously disclosed acquisition of solar power projects in Ontario, Canada, adjusted operating cash flow, a non-GAAP measure, was negative $13.0 million in the fourth quarter of 2012 compared to positive $11.0 million in the third quarter of 2012.
Accounts receivable balance, net of allowance for doubtful accounts, at the end of the fourth quarter of 2012 was $254.9 million compared to $257.8 million at the end of the third quarter of 2012. Accounts receivable turnover was 92 days in the fourth quarter of 2012 compared to 79 days in the third quarter of 2012.
Inventories at the end of the fourth quarter of 2012 were $274.5 million, compared to $317.8 million at the end of the third quarter of 2012. Inventory turnover was 106 days in the fourth quarter of 2012 compared to 102 days in the third quarter of 2012.
Accounts and notes payable at the end of the fourth quarter of 2012 were $461.6 million, compared to $462.8 million at the end of the third quarter of 2012. Accounts payable turnover in the fourth quarter of 2012 was 150 days compared to 128 days in the third quarter of 2012.
Short-term borrowings at the end of the fourth quarter of 2012 totaled $858.9 million, compared to $890.6 million at the end of the third quarter of 2012. Long-term debt at the end of the fourth quarter 2012 was $214.6 million, compared to $224.2 million at the end of the third quarter of 2012.
As of December 31, 2012, the Company had $301.6 million in total stockholders’ equity, compared to $402.6 million as of September 30, 2012.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: “2012 was a difficult year for the entire solar industry. Despite the headwinds, we maintained our practice of balancing the desire to expand with the need for prudent business management and cost control. As a result, Canadian Solar has fared better than most of our competitors. We have further increased our market share, and rapidly established our total solutions business with investments in the mid- and downstream segments. We have, at the same time, achieved one of the lowest production costs among our peers, and we also achieved a more evenly balanced geographic distribution. We are especially proud of our success in the Japanese market where our shipments tripled during the year. Moving forward, we are uniquely positioned as we do not have to carry the baggage of underperforming polysilicon manufacturing assets and the liability of large long-term supply contracts that some of our competitors have. Our light manufacturing strategy combined with targeted investments in our downstream total solution business puts us in a good competitive position to emerge from the current industry cycle as a stronger leader.”
Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar commented: “Our fourth quarter 2012 financial results do not fully reflect our progress given the non-cash charges that negatively impacted our results. From an ongoing operations standpoint, we are encouraged with our results. Sequentially, our solar module shipments were up, our gross margin more than doubled despite underutilization charges, our inventories were reduced by $43.3 million and our short-term borrowings were reduced by $31.6 million. We are focusing on profitability over growth and on markets where we can generate the best returns. In addition, we are starting to see signs of price stabilization across the value chain, which is reflected in our better than expected gross margin in the fourth quarter. We are encouraged by the rapid expansion of our total solutions business. Finally, we are pleased that the groundwork that we have laid over the past several years has paid off with our proven ability to finance the purchase of projects and their construction before sale.”
Utility Scale Project Pipeline Update
As previously announced, the Company acquired 16 utility-scale solar projects from SkyPower Limited in June of 2012. During the fourth quarter of 2012, the Company entered into an agreement with SunEdison Power Canada Inc. (“SunEdison”), a subsidiary of MEMC Electronic Materials, Inc., to acquire four solar power projects for an aggregate transaction price of approximately C$37.0 million (US$38.0 million). These acquisitions augment the 9 green-field projects which the Company had previously been awarded, and expand Canadian Solar’s utility-scale pipeline in Ontario, Canada to 29 projects, totaling approximately 400MW DC. Of these projects, 2 have been completed and are now in the testing phase before completing the sale to an investor, 7 are expected to be completed in 2013, 18 in 2014 and 2 in 2015. The Company expects to recognize revenue using the percent of completion method for all projects, except the 9 sold to TransCanada. As a result, of the 18 projects expected to be completed in 2014, 15 will start construction and contribute to revenue in 2013. The Company estimates that the resale value of its Ontario project pipeline, once built into grid-connected solar power plants and sold to investors, will exceed C$1.50 billion (US$1.47 billion).
In addition to its own projects, the Company is currently in the process of building three solar power plants totaling 29MWdc as Engineering, Procurement and Construction (EPC) contractor on behalf of Penn Energy Renewables Ltd. The Company expects to complete these projects in the second half of 2013.
In the U.S. market, Canadian Solar has expanded its utility-scale project pipeline to approximately 255MW DC. In fiscal year 2013, the Company expects to complete construction of solar power plants totaling 100MW DC in the U.S.
Business Outlook
The Company’s business outlook is based on management’s current views with respect to operating and market conditions, its current order book, and the challenging industry environment, which continues to result in customer demand uncertainty. Management’s views and estimates are subject to change without notice.
For the first quarter of 2013, the Company expects photovoltaic module shipments to be in the range of approximately 290MW to 310MW, with gross margin expected to be between 8.0% and 10.0%.
For the full year 2013, the Company expects photovoltaic module shipments to be in the range of approximately 1.6GW to 1.8GW, including modules used in our total solutions business.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: “Clearly, our strategic decision to focus on the downstream total solution business several years ago has proven to be the right one. This is highlighted by our success at building scale in this business in low risk countries such as Canada, Japan and the U.S. Our total solutions business capability and project pipeline, supported by our low cost manufacturing capability, position us well for the next phase of growth in the solar power industry. Our focus for 2013 is on returning to profitability on a full year basis.”
Recent Developments
On February 27, 2013, the Company announced an 85 kW sales agreement with Zara Solar, a Tanzanian company specialized in solar PV importing, retail and installations. Including this new order, Canadian Solar will have supplied more than 350 kW of its solar modules to Zara Solar for off-grid PV projects in Tanzania.
On February 25, 2013, the Company announced that it has invested in and partnered with Strata Solar on a suite of utility-scale solar power projects located in North Carolina. The projects, developed jointly, will total approximately 85MW divided amongst 15 unique solar installations.
On January 31, 2013 the Company announced that Credit Suisse will provide up to $40 million, one year tenor loan. The loan will be used to finance Canadian Solar’s previously announced acquisition of 4 solar projects in Ontario, Canada.
On January 22, 2013 the Company announced the launch of its next generation ResidentialAC system. Canadian Solar’s ResidentialAC system combines the Company’s highly efficient 250W PV module with a state of the art next generation Micro Inverter to provide solar system installers, investors and homeowners with a breakthrough solution that delivers high quality and cost-effective performance. Canadian Solar’s ResidentialAC system was designed from the ground up and is anticipated to address all of the critical limitations of current, first generation AC micro inverters in the market.
On January 14, 2013, the Company announced that its subsidiary, Canadian Solar Solutions Inc., signed a 10 MW AC Module Supply Agreement with Algonquin Power Co. (“APCo”), to provide Canadian Solar modules for a utility-scale solar power project in Cornwall, Ontario. Construction is scheduled to begin in the second quarter of 2013, with the project expected to be fully operational by the fourth quarter of 2013.
On January 8, 2013, the Company announced that its 148 MW solar park PV project in southern Brandenburg, Germany was named the 2012 winner of the Solar Project of the Year Award by POWER-GEN International.
On December 28, 2012, Canadian Solar and SunEdison announced a purchase and sale transaction wherein Canadian Solar’s direct subsidiary, Canadian Solar Solutions Inc., has acquired a majority interest in two utility-scale solar power projects in Ontario with a total capacity of approximately 24 MW DC. Subject to certain contractual conditions, Canadian Solar has the ability to complete the purchase of two additional utility-scale solar power projects in Ontario with a total capacity of approximately 22.5 MW DC, and an option to purchase another solar project at a later date from SunEdison.
On December 13, 2012, the Company announced the appointment of Mr. Guangchun Zhang as Chief Operating Officer. Reporting directly to Canadian Solar’s Chairman and Chief Executive Officer, Dr. Shawn Qu, Mr. Zhang will oversee all aspects of the Company’s production operations, including manufacturing, quality control, research and development, as well as environmental and safety management.
On December 3, 2012, the Company announced that it signed a financing agreement pursuant to which Deutsche Bank has agreed to provide C$139 million (US$139 million) in non-recourse, short-term construction financing to Canadian Solar for the construction of solar power projects in Ontario, Canada. The loans are expected to be repaid with the proceeds of the sale of the respective financed projects.
Conference Call Details
The Company will hold a conference call on Monday, March 11, 2013 at 8:00 a.m. U.S. Eastern Time (8:00 p.m., March 11, 2013 in Hong Kong) to discuss the Company’s financial results.
The dial-in phone number for the live conference call is +1-617-786-2962 or +1-800-901-5213, with passcode 36230385. A live webcast will also be available on Canadian Solar’s website at www.canadiansolar.com.
A replay of the call will be available approximately two hours after the conclusion of the live call through 10:00 a.m. on March 18, 2013, U.S. Eastern Standard Time (10:00 p.m., March 18, 2013 in Hong Kong) by telephone at +1-617-801-6888, with passcode 53358770. A webcast replay will also be available at www.canadiansolar.com.
About Canadian Solar Inc. (NASDAQ: CSIQ)
Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world’s largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, please visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements:
Certain statements in this press release including but not limited to statements regarding our expected future shipment volumes, gross margins, supply cost, manufacturing capacities, future market share, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the “Business Outlook” section, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “believes,” “expects,” “anticipates,” “intends,” “estimates,” the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding the previously disclosed SEC investigation as well as general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 27, 2012. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
Canadian Solar Inc.
Unaudited Condensed Consolidated Statement of Operations
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated)
Three Months Ended
Twelve Months Ended
Item
December 31,
September 30,
December 31,
December 31,
December 31,
2012
2012
2011
2012
2011
Net revenues
294,839
325,965
474,060
1,294,829
1,898,922
Cost of revenues
279,969
318,696
432,675
1,204,468
1,716,640
Gross profit
14,870
7,269
41,385
90,361
182,282
Selling expenses
24,965
21,372
21,094
91,053
69,341
General and administrative expenses
78,260
17,015
36,794
128,826
86,269
Research and development expenses
3,128
3,380
5,012
12,998
19,839
Total operating expenses
106,353
41,767
62,900
232,877
175,449
Income (loss) from operations
(91,483)
(34,498)
(21,515)
(142,516)
6,833
Interest expenses
(9,894)
(15,232)
(11,737)
(53,305)
(43,844)
Interest income
3,661
3,552
1,763
13,360
8,447
Gain (loss) on change in foreign currency derivatives
2,267
(5,328)
2,407
(4,369)
(5,751)
Foreign exchange gain (loss)
(10,799)
7,041
(14,097)
(10,708)
(40,007)
Investment loss
(1,082)
-
-
(1,082)
-
Loss before incomes taxes
(107,330)
(44,465)
(43,179)
(198,620)
(74,322)
Income tax benefit (expenses)
3,291
1,796
(16,269)
5,433
(16,540)
Equity in loss of unconsolidated investees
(826)
(684)
(134)
(1,969)
(41)
Net loss
(104,865)
(43,353)
(59,582)
(195,156)
(90,903)
Less: net income (loss) attributable to non-controlling interest
120
315
306
313
(99)
Net loss attributable to Canadian Solar Inc.
(104,985)
(43,668)
(59,888)
(195,469)
(90,804)
Loss per share-basic
($2.43)
($1.01)
($1.39)
($4.53)
($2.11)
Shares used in computation-basic
43,236,769
43,209,194
43,155,767
43,190,778
43,076,489
Loss per share-diluted
($2.43)
($1.01)
($1.39)
($4.53)
($2.11)
Shares used in computation-diluted
43,236,769
43,209,194
43,155,767
43,190,778
43,076,489
Canadian Solar Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income
(In Thousands of US Dollars)
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2012
2012
2011
2012
2011
Net loss
(104,865)
(43,353)
(59,582)
(195,156)
(90,903)
Other comprehensive income, net of tax:
Foreign currency translation adjustments
2,584
2,785
7,690
5,240
17,094
Comprehensive loss
(102,281)
(40,568)
(51,892)
(189,916)
(73,809)
Less: comprehensive income attributable to non-controlling interest
168
485
382
720
387
Comprehensive loss attributable to Canadian Solar Inc.
(102,449)
(41,053)
(52,274)
(190,636)
(74,196)
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheet
(In Thousands of US Dollars)
December 31, 2012
December 31, 2011
Assets
Current assets
Cash and cash equivalents
141,968
343,995
Restricted cash
422,357
178,270
Accounts receivable trade, net
254,906
292,176
Accounts receivable, unbilled
5,230
51,371
Amount due from related parties
9,977
19,836
Inventories
274,456
296,568
Value added tax recoverable
14,483
16,974
Advances to suppliers, net
28,998
11,309
Foreign currency derivative assets
1,351
2,727
Project assets-current
180,437
37,133
Prepaid expenses and other current assets
108,041
45,219
Total current assets
1,442,204
1,295,578
Property, plant and equipment, net
469,643
510,069
Deferred tax assets
39,082
23,227
Prepaid land use right
18,629
13,805
Investments in affiliates
26,728
11,008
Intangible assets, net
4,328
8,516
Goodwill
-
2,265
Project assets-non-current
218,710
-
Other non-current assets
39,989
15,341
TOTAL ASSETS
2,259,313
1,879,809
Current liabilities:
Short-term borrowings
858,927
743,687
Accounts and notes payable
461,631
305,998
Amounts due to related parties
5,037
3,008
Other payables
104,783
84,676
Advances from customers
18,659
65,216
Foreign currency derivative liabilities
365
-
Other current liabilities
90,848
33,862
Total current liabilities
1,540,250
1,236,447
Accrued warranty costs
58,334
47,021
Convertible notes
-
950
Long-term borrowings
214,563
88,249
Liability for uncertain tax positions
14,804
12,301
Deferred tax liabilities-non-current
56,152
-
Loss contingency accruals
28,461
27,863
Total liabilities
1,912,564
1,412,831
Mezzanine equity
45,166
-
Common shares
502,562
502,403
Additional paid-in capital
(38,296)
(53,331)
Accumulated deficit
(224,162)
(28,693)
Accumulated other comprehensive income
50,795
45,555
Total Canadian Solar Inc. shareholders’ equity
290,899
465,934
Non-controlling interest
10,684
1,044
Total equity
301,583
466,978
TOTAL LIABILITIES, MEZZANINE EQUTIY AND SHAREHOLDERS’ EQUITY
2,259,313
1,879,809
About Non-GAAP Financial Measures
To supplement its financial disclosures presented in accordance with GAAP, Canadian Solar uses non-GAAP measures which are adjusted from the most directly comparable GAAP results for certain items, as described below. The Company presents the non-GAAP adjusted operating cash flow because it believes it is important for the readers of the press release to know what the Company’s adjusted operating cash flow was before the impact of the acquisition of solar power projects (two solar power projects from SunEdson in Q4 2012 and16 projects in Ontario from former SkyPower Limited in Q2 2012). In addition, the Company presents non-GAAP adjusted net loss and adjusted diluted loss per share so that readers of the press release can better understand the underlying operating performance of the business before the impact of the provision for the arbitration decision and the bad debt allowance for doubtful accounts in the fourth quarter of 2012. The non-GAAP adjusted operating cash flow and adjusted net loss are not a measure of financial performance under U.S. GAAP, and should not be considered in isolation or as an alternative to operating cash flows and other measures determined in accordance with GAAP.
Reconciliation of GAAP measures to Non-GAAP measures
Statement of Cash Flows Data:
(In Thousands of US Dollars)
Three Months Ended
Twelve Months Ended
December 31, 2012
September 30, 2012
December 31, 2011
December 31, 2012
December 31, 2011
GAAP operating cash inflow (outflow)
(36,330)
(57,589)
48,937
(147,730)
60,124
Subtract consideration paid for acquisition
23,331
68,553
-
162,276
-
Non-GAAP adjusted operating cash inflow (outflow)
(12,999)
10,964
48,937
14,546
60,124
Statement of Operations Data:
(In Thousands of US Dollars)
Three Months Ended
Twelve Months Ended
December 31, 2012
September 30, 2012
December 31, 2011
December 31, 2012
December 31, 2011
GAAP net loss attributable to Canadian Solar Inc.
(104,985)
(43,668)
(59,888)
(195,469)
(90,804)
Non-GAAP loss adjustment items:
Bad debt allowances
31,239
569
18,537
34,191
18,537
Loss accruals for an arbitration in favor of LDK
30,054
-
-
30,054
-
Non-GAAP net loss attributable to Canadian Solar Inc.
(43,692)
(43,099)
(41,351)
(131,224)
(72,267)
GAAP loss per share-diluted
(2.43)
(1.01)
(1.39)
(4.53)
(2.11)
Non-GAAP loss per share-diluted
(1.01)
(1.00)
(0.96)
(3.04)
(1.68)
SOURCE Canadian Solar Inc.
Large Scale 2.4 Mwatt Solar PV Installed on Former Mushroom Factory in Bavaria
February 7th, 2013
More than 10.000 PV modules installed on a roof surface of 17.000 sqm
Creglingen.
In the spring of 2012, WINAICO Deutschland GmbH was selected to be the module supplier of a large‐scale project in the rural district Abenberg, Bavaria.
On a former mushroom factory near Wassermungenau, one of the biggest roof‐mounted PV systems in Germany came into operation. In total, 10.260 WINAICO WSP‐235P6 modules were installed by the KlarModul Gruppe from Forchtenberg‐Metzdorf.
Before the installation began, the whole roof had to be renovated by KlarModul Gruppe, removing asbestos and replacing it with trapezoidal sheet. The work was undertaken in April 2012 and concluded in June 2012 with final connection to the grid in December 2012 after network expansion was undertaken.
Energiegenossenschaft KlarModul eG is now the system owner.
“We believe this project to be one of the top three roof mounted arrays in Bavaria; and one of the 20 largest PV roof‐mounted systems in Germany”, said Andreas Grüb, Project and Operations Manager of KlarModul. “We have been a WINAICO customer for a long time and had no hesitation in deciding to use WINAICO modules for this project. We have always been impressed with the quality of manufacturing as well as the modules performance”, continued Andreas Grüb.
The elevated modules cover a roof area of about 17.000 sqm, almost the size of two and a half football pitches, and produce more than two million kilowatt hours; approximately one tenth of the demand of the whole community Abenberg.
The investment of 4.6 million euros, including roof renovation, has been financed by Energiegenossenschaft KlarModul eG from Öhringen. WINAICO – Manufacturer and system supplier
Hanwha SolarOne Hong Kong Limited Issues Three-year US$100 Million Floating Rate Notes
February 4th, 2013SHANGHAI, China.
Hanwha SolarOne Co., Ltd. (“SolarOne” or the “Company”) (Nasdaq: HSOL), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic (“PV”) cells and modules in China, recently announced that its wholly-owned subsidiary, Hanwha SolarOne Hong Kong Limited, has entered into a subscription agreement with Samsung Securities (Asia) Ltd. and Kookmin Bank Hong Kong Ltd. to issue three-year US$100 million floating rate notes (the “Notes”) outside the United States.
The notes will be guaranteed by Hanwha Chemical Corporation (the holding company of the company’s largest shareholder). The notes will mature on January 15, 2016 with payment of principle to be made at maturity. The interest rate floats with the three-month LIBOR. The proceeds from the issuance will be used for general working capital purposes.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, “we are pleased to continue to have access to necessary capital to grow our business and manage our way through the current industry downturn. We believe our strong presence in the market, along with the backing of our parent, allows us to source capital both in mainland China and offshore. This new facility, combined with the recent US$475 million credit agreement with the Bank of Beijing to fund project development, gives us a solid foundation in required financial resources as we enter the year 2013.”
About Hanwha SolarOne
Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is one of the top 10 photovoltaic manufacturers in the world, providing cost-competitive, high quality modules. It is the flagship company of Hanwha Solar, the solar business network of Hanwha Group, a Fortune 500 company. Hanwha SolarOne serves the utility, commercial, government and residential markets in a growing network of third-party distributors, OEM manufacturers and system integrators. The Company maintains a strong presence worldwide, with employees located throughout Europe, North America and Asia, and embraces environmental responsibility and sustainability, with an active role in the voluntary photovoltaic recycling program. For more information, please visit: http://www.hanwha-solarone.com.
HSOL-G
The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States or to U.S. persons unless an exemption from the registration requirements of the Securities Act is available. This announcement does not constitute an offer of any securities for sale.
SOURCE Hanwha SolarOne Co., Ltd.
Today’s Residential Solar PV Systems. Meeting the Needs and Challenges.
February 4th, 2013TORONTO and GUELPH, Ontario.
Canadian Solar Inc. (NASDAQ: CSIQ) (the “Company”, or “Canadian Solar”), one of the world’s largest solar power companies, recently announced the launch of its next generation ResidentialAC system.
The Challenges of Today’s Residential Solar PV Systems
Until now, PV system installers had to make use of first generation micro inverter technology. Canadian Solar’s ResidentialAC system combines the Company’s highly efficient 250W PV module with a state of the art next generation Micro Inverter to provide solar system installers, investors and homeowners with a breakthrough solution that delivers high quality and cost-effective performance. Canadian Solar’s ResidentialAC system was designed from the ground up and is anticipated to address ALL of the critical limitations of current, first generation AC micro inverters in the market.
Canadian Solar’s ResidentialAC system breakthroughs include:
a) 25-year long Micro-Inverter reliability to match Canadian Solar’s module warranty by eliminating the key life limiting components in the current first generation of AC micro inverters
b) Power generation in high temperature environments above 65oC
c) Compatibility and ability to work with higher power class modules up to 300Wp, up from current 215Wp limitation
d) Reliable and consistent data communication
The end result is a new generation ResidentialAC system that meets the needs and challenges of today’s residential solar PV systems and confidently meets the standard 25-year system performance warranty requirement. Installers, homeowners and investors will benefit from fewer repairs, safety advantages of not working on high voltage DC electricity, and faster installations with lower labor and material costs. Homeowners and investors will also benefit from faster ROI due to the ability to use higher power class modules in addition to more flexible roof layouts that can accommodate portrait and landscape module orientations that optimize roof space usage.
“We are excited to launch a solution that provides our customers with the smartest residential AC module solution in the market and reinforces our leadership as a cutting-edge innovator in the solar industry. This new architecture represents a breakthrough from existing AC solutions and a significant improvement from all first generation products, offering our customers measurable value.” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
Canadian Solar’s ResidentialAC system also includes monitoring software, allowing customers module-level tracking of solar panel performance to optimize the system’s solar energy production.
BASF and SolarCity Team Up to Provide Solar Electricity for Net-Zero Energy Homes
January 25th, 2013SAN MATEO, CA & FLORHAM PARK, NJ, January, 2013 – BASF Corporation and SolarCity, a leading provider of clean energy, this week announced that they have entered into an agreement to offer solar electricity from SolarCity as part of BASF’s BEYOND.High Performance SM home program.
The BEYOND.
High Performance program offered by the Center for Building Excellence at BASF provides consulting, plan reviews and training that enable homebuilders to construct sustainable houses affordably. SolarCity offers clean solar energy at rates lower than utility rates, which allows BASF homebuilder clients and homeowners to save money while achieving net-zero energy usage.
Under the agreement, SolarCity is the preferred partner to provide affordable solar electricity systems to homebuilders that construct houses under BASF’s BEYOND.High Performance program.
“Partnering with SolarCity is another example of how BASF is providing the right tools and concepts for homebuilders to construct sustainable houses affordably,” said Rick Davenport, Director of Sustainable Construction for BASF in North America.
“As part of the BEYOND High Performance program, SolarCity can support homebuilders who are committed to building net-zero energy homes. Those homes will offer homeowners substantial energy savings and the convenience of a modern home that runs on a clean, renewable source of energy,” said Walter Cuculic, National Manager of Builder Programs, SolarCity.
SolarCity is a leading provider of solar energy in the U.S. and signs a new customer every five minutes. The SolarCity Homebuilder Partner Program was launched two years ago to incorporate solar in new residential construction and dramatically lower a homeowner’s energy costs by allowing them to generate their own clean power. SolarCity’s installations for new homebuilder construction grew by more than 350 percent from 2011 to 2012.
With more than 600 technologies in 75 construction product categories, BASF offers the broadest portfolio of products used on construction sites — or integrated into other products to improve system performance. BASF’s research and development (R&D) and field teams are constantly upgrading the contribution of these products to help lower energy consumption, increase building life expectancy and offer a faster construction process.
BASF’s holistic systems approach uses applied building science principles and innovative chemistry to create smart solutions to today’s challenges. This enables building materials to work together efficiently, so built environments are healthier, safer, and more resilient, have less impact on the planet and are more affordable to build and operate.
For more information about this partnership, or to learn more about BASF’s commitment to sustainable construction, visit www.construction.basf.us/showhome.
Beyond.High PerformanceSM is a service mark of BASF Corporation.
BASF – The Chemical Company
BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has more than 16,000 employees in North America, and had sales of $20 billion in 2011. For more information about BASF’s North American operations, visit www.basf.us.
BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success, social responsibility and environmental protection. Through science and innovation we enable our customers in almost all industries to meet the current and future needs of society. Our products and system solutions contribute to conserving resources, ensuring healthy food and nutrition and helping to improve the quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF posted sales of about €73.5 billion in 2011 and had more than 111,000 employees as of the end of the year. Further information on BASF is available on the Internet at www.basf.com.
About SolarCity
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
Canadian Solar and Algonquin Power Partner on 10 MW AC Utility-Scale Solar Power Project in Ontario
January 20th, 2013GUELPH, Ontario, Canada, January, 2013.
Canadian Solar Inc. (NASDAQ: CSIQ) (the “Company”, or “Canadian Solar”), one of the world’s largest solar power companies, today announced that its subsidiary, Canadian Solar Solutions Inc., has signed a 10 MW AC Module Supply Agreement with Algonquin Power Co. (“APCo”), to provide Canadian Solar modules for a utility-scale solar power project in Cornwall, Ontario.
Construction is scheduled to begin in the second quarter of 2013, with the project expected to be fully operational by the fourth quarter of 2013.
“Algonquin Power is known for building sustainable, long-term renewable energy projects. We are proud that they chose to build their latest project with Canadian Solar modules,” said Shawn Qu, CEO of Canadian Solar.
Importantly, this further demonstrates Canadian Solar’s strength and commitment to the Ontario solar market, as we continue to expand our own large and growing project pipeline.
“Algonquin Power relies on trusted partners to help support our expanding pipeline of renewable energy development projects,” said Mike Snow, President of APCo.
We chose Canadian Solar as the module provider for this project because the Company has a track record of high quality and reliability with modules backed by a powerful warranty. We are pleased to be working together and demonstrating a commitment to sustainable alternative energy solutions.
The utility-scale solar plant is expected to include approximately 42,000 Canadian Solar CS6X high performance modules, which have been awarded key international certifications attesting to the rigors of their formal quality control inspections and testing.
Canadian Solar modules are covered by a 10-year warranty on materials and workmanship, along with a 25-year linear power output performance guarantee. In addition, the terms of Canadian Solar’s product and performance warranty are backed by a third-party insurance policy that is underwritten by investment grade insurance companies, ensuring a safe investment for developers, investors, and project owners.
About Canadian Solar Inc.
Canadian Solar Inc. is one of the world’s largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe, Australia, Africa and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, visit www.canadiansolar.com.
About Algonquin Power Co.
Algonquin Power Co. generates and sells electrical energy through a diverse portfolio of renewable power generation and clean thermal power generation facilities across North America. Algonquin Power Co. delivers continuing growth through the development of greenfield power generation projects, accretive acquisitions of electrical energy generation facilities as well as development of expansion opportunities within the existing portfolio of hydroelectric, wind, and thermal generating facilities. Visit Algonquin Power Co at www.algonquinpowercompany.com
Safe Harbor Statement
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “believes,” “expects,” “anticipates,” “intends,” “estimates,” the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding the previously disclosed SEC investigation regarding the Company; general business and economic conditions; the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in the Canadian markets; changes in customer order patterns; capacity utilization; pricing pressure and declines in average selling prices; delays in utility-scale project approval processes; delays in utility-scale project construction; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 27, 2012. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
SOURCE Canadian Solar Inc.
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