Posts by :
- Deployed solar energy systems totaling more than 4.6 megawatts (MW), up 23% versus Q1 2012.Selected by a leading production homebuilder and began installations to deploy solar in a number of its new communities in California, with the potential to expand to other states. Real Goods Solar is managing the design, engineering, installation, and service of these residential solar systems.
- Expanded solar service options through Sunrun to homeowners in the key solar markets of California, Colorado, Massachusetts, and New York.
- Began an aggressive ramp up in the New York residential market to benefit from the favorable solar economics in the state and to further leverage the company’s strong Northeast presence.
- Launched Shop.RealGoods.com, offering cost-savings solutions for homeowners and businesses looking to ‘go green.’ The new online store offers the latest in solar power and environmentally-friendly solutions for both home and business.
- Engaged by the City of El Cerrito, California to design and install 336 kilowatts of solar power on several rooftops and solar carport structures at the city’s community center, public safety building, recycling center and fire station.
- Completed more than 7 megawatts (MW) of residential and commercial projects in Q4 resulting in over 26 MW of total installations for the full year, leading to a major company milestone of more than 100MW in total completed projects.
- Improved working capital management, which primarily drove the increase in cash at quarter-end to $10.4 million from $3.8 million at the end of the previous quarter.
- Secured more than 5MW in solar power projects across Arizona and California in key education, municipal, and commercial market segments, including the Crane school district in Arizona to provide 1.7MW of solar on five school sites. In total, secured more than 6MW of new commercial projects in Q4. Advanced relationship with a northeast grocery chain to install more than 2.6MW of solar, with approximately 800 kilowatts installed in Q4.
- Implemented organizational changes that substantially enhanced productivity and reduced operating expenses quarter over quarter, setting the stage for improved results in 2013.
Real Goods Solar Reports First Quarter Financial 2013 Results
May 11th, 2013
Louisville, Colorado, May, 2013
Real Goods Solar, Inc. (NASDAQ: RSOL), a nationwide leader of turnkey solar energy solutions for residential, commercial, and utility customers, reported results for the first quarter ended March 31, 2013.
Q1 2013 Highlights
Q1 2013 Financial Results
Total revenue for the first quarter of 2013 decreased 8% to $16.8 million, as compared to $18.3 million in the same quarter last year.
The revenue decline reflects lower prices paid by customers as a result of general market conditions and pricing pressures within the solar installation market. The decrease in the average selling price of solar energy systems more than offset the increase in the company’s deployed solar energy systems versus the same year-ago quarter.
Gross profit was $4.6 million or 27.4% of net revenue in the first quarter of 2013, compared to $6.4 million or 35.2% of net revenue in the same quarter last year. The gross margin decrease primarily reflects the impact of lower pricing related to residential and commercial projects.
Operating expenses were $8.0 million for the first quarter of 2013 compared to $9.4 million for the same quarter last year. The decrease in operating expenses is primarily attributable to reduction in payroll and other personnel costs associated with improved productivity and more efficient back-office functions as well as other cost saving initiatives.
Loss from operations was $3.4 million in the first quarter of 2013 versus to $3.0 million in the first quarter of 2012.
Net loss for the first quarter of 2013 was $3.8 million or $(0.14) per share, compared to net loss of $1.9 million or (0.07) per share in the same quarter last year. The increase in the net loss reflects the impact of lower selling prices and an increase in interest expense.
In addition, the first quarter of 2012 included an income tax benefit of $1.2 million, whereas no such benefit was recorded in the first quarter of 2013.
Cash was $3.5 million at March 31, 2013. On March 27, 2013, the company obtained an extension of its $6.5 million revolving line of credit with Silicon Valley Bank through September 30, 2013. The company also extended the maturity dates of the $6.85 million of related party debt to April and May of 2014.2
Management Commentary
“During the first quarter, we continued to focus on driving growth in deployments, reducing cost, and improving overall productivity,” said Real Goods Solar CEO Kam Mofid. “Our total solar power systems deployed increased 23% to 4.6 megawatts while we also significantly reduced operating expenses from prior quarter, reflecting a more efficient operational structure and a much more disciplined approach towards managing all facets of the business. Operating expense reductions involved decreasing personnel costs along with enhancing productivity through more efficient business processes and greater project level control over working capital deployed and labor utilized.
“We see continued growth in our solar power deployments, supported by the strong operational progress during the quarter which also included a new partnership with Sunrun, a new e-commerce business unit and online store, Shop.RealGoods.com, and continued strengthening of our commercial pipeline with projects like the City of El Cerrito. We also announced an important expansion of our homebuilder program with a leading national production homebuilder to bring solar to all the homes in a number of their new communities, first in California and then potentially to other states. We believe the progress and momentum we established in the first quarter, which has continued to build in the second quarter, has set the stage for strong performance improvements in 2013.
“In fact, we announced after the end of the quarter that we strengthened our presence in key solar states, particularly in California with the Stockton Unified School District project to deploy solar power systems at 18 schools and facilities in 2013 and 2014. We also further expanded our educational customer base with the recently announced Church Farm School’s solar installation, helping this educational institution reduce its operating costs and environmental impact.
“These latest installations reflect how the combination of state and federal incentives, attractive solar financing options and declining system costs are making it easier and increasingly more beneficial for businesses and homeowners to embrace solar energy. With these tailwinds and improved internal performance and capabilities, we will continue to strengthen our position as a leading downstream solar solutions provider. We also plan to leverage our now more efficient and scalable infrastructure to penetrate key markets and expand our western and northeastern footprints.”
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 1-888-507-2561.
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 3 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.
Saving Energy and Money with Solar PV Power Systems
May 11th, 2013
Riverside, California, May 8, 2013.
Western Municipal Water District’s newly commissioned 916-kilowatt SunPower (NASDAQ: SPWR) solar power system is soaking up the sun, delivering an expected savings of up to $4.6 million over the next two decades. The system, located at Western’s Operations facility off of El Sobrante in Riverside, Calif. is also helping maintain Western’s commitment to supporting deployment of renewable energy technologies.
“Hosting solar power systems is an easy, affordable choice for Western,” said Western’s General Manager John Rossi.
With an estimated $110,000 per year in savings on electricity from the new system, this investment will help hold down our rates for the services we provide to our customers.
Western contracted with SunPower to install the SunPower T0 Tracker® system at its Operations facility. The solar system follows the sun’s movement during the day, increasing sunlight capture over conventional fixed-tilt systems.
This system marks the second time SunPower has provided energy services to Western. In 2009, SunPower partnered with Western to deliver a 1-megawatt solar power system at the Western Riverside County Wastewater Treatment Plant, a Western administrated and operated joint powers authority facility.
“We are very pleased to partner with Western Municipal Water District for a second time to help address its energy needs with a reliable, cost-effective, long-term solar solution,” said Howard Wenger, SunPower president, regions.
Water agencies are uniquely suited for solar power systems, as they often have significant energy demand and underutilized, sun-exposed land. SunPower has worked with almost 30 water agencies across California to help them meet their financial goals while supporting renewable energy development.
Western financed the system through a power purchase agreement with SunPower. Under terms of the agreement, Wells Fargo owns the system that SunPower designed, built, and will operate and maintain. Western is buying the electricity at rates that are competitive with retail electricity, minimizing the effect of rising electricity costs with no capital investment. Western will not retain the renewable energy credits associated with the system.
According to information provided by the U.S. Environmental Protection Agency, Western’s new system is expected to avoid 944 tons of carbon dioxide emissions each year – which is equivalent to removing 3,560 cars from California’s roads over the first 20 years of the system’s operation.
A celebration to dedicate the new system has been planned for June 12, 9 a.m., at the project site, 16451 El Sobrante Road, Riverside.
About Western Municipal Water District
Western Municipal Water District provides water supply, wastewater disposal and water resource management to the public in a safe, reliable, environmentally sensitive and financially responsible manner.
About SunPower
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company’s quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia, Africa and Asia. For more information, visit www.sunpowercorp.com.
SOURCE SunPower Corp.
Groups Call for Moratorium on Powder River Coal to New U.S. Interior Secretary Sally Jewell
May 7th, 2013
Source: Greenpeace press release.
Federal coal program overseen by Interior undermining President Obama’s climate commitment
Washington DC – The leaders of 21 organizations welcomed Secretary of the Interior Sally Jewell to her first day on the job with a letter calling for “an immediate moratorium on new coal leasing in the Powder River Basin and a comprehensive review of the federal coal leasing program.”
The letter emphasizes the huge quantities of carbon pollution unlocked by federal coal leasing in the Powder River Basin of northeastern Wyoming and southeastern Montana, and how that is undermining President Obama’s climate commitment and record;
Between 2011-2012, BLM leased over 2.1 billion tons of coal in the Powder River Basin, unlocking nearly 3.5 billion metric tons of CO2 that will be released when this coal is burned. In comparison, EPA’s newest passenger vehicle emissions standards will reduce an estimated 2 billion tons of carbon dioxide over the lifetime of cars made from 2017-2025.
The letter also points to growing controversy over the federal coal leasing program in the Powder River Basin. The Government Accountability Office and the Department of Interior’s Inspector General are investigating the federal coal leasing program because of concerns that it has amounted to a major taxpayer subsidy to coal mining companies. Those concerns have intensified as coal mining companies hope to export increased quantities of federally owned coal, which is supposed to be managed “in the best interests of the nation.”
Groups signing the letter include national environmental, health, and consumer rights organizations, along with community organizations concerned about coal export proposals in Oregon and Washington and the impacts of strip mining coal in Wyoming and Montana.
Contacts: Joe Smyth, Greenpeace Communications, 831-566-5647, joe.smyth@greenpeace.org
The text of the letter is below, and available at http://www.greenpeace.org/usa/Global/usa/planet3/PDFs/Coal/SecJewell.pdf
350.org – Center for Biological Diversity – Clean Energy Action – Climate Solutions – Coloradans for Fair Rates and Clean Energy – CREDO – Earthjustice – Environment America – Friends of the Earth – Greenpeace – Missourians Organizing for Reform and Empowerment – North Sound Baykeeper – Northern Plains Resource Council – Powder River Basin Resource Council – Physicians for Social Responsibility – Public Citizen – RE Sources for Sustainable Communities – Sierra Club – Washington Environmental Council – Western Organization of Resource Councils – WildEarth Guardians
15 April, 2013
The Honorable Sally Jewell
Secretary of the Interior
18th and C Streets, NW
Washington, DC 20240
Dear Secretary Jewell,
Congratulations on your confirmation as Secretary of the Interior.
As you are aware, you inherit this Agency at an important crossroads. The urgency of climate change and a recent surge in proposals to lease and export federally-owned Powder River Basin coal have created unprecedented challenges for the Department of Interior. As Secretary, you now have the responsibility to bring the federal coal leasing program in line with President Obama’s call to “respond to the threat of climate change, knowing that the failure to do so would betray our children and future generations,” and to ensure taxpayers are not unfairly subsidizing the coal industry’s export ambitions.1
We urge you to put an immediate moratorium on new coal leasing in the Powder River Basin and to conduct a comprehensive review of the federal coal leasing program. The Department of Interior must ensure that coal companies do not cheat U.S. taxpayers, existing mines do not endanger our air, water and wildlife and are properly reclaimed, and the greenhouse gas emissions from federal coal leases do not conflict with the Administration’s stated commitment to reduce the country’s contribution to climate change.
The urgency of climate change requires bold action
Recent extreme weather events remind us that climate change is not just a problem for future generations, it is a problem now, and the Administration must act swiftly to control the greenhouse gas emissions that are threatening lives and livelihoods. Hurricane Sandy devastated the Eastern shore, causing more than $70 billion in damage and leaving families without power, water, and essential services, while much of the country continues to experience the worst drought in a generation, covering more than three-quarters of the U.S. at its peak.
Coal remains the largest single source of climate pollution in the United States. Coal mined in the Powder River Basin alone (80 percent of which is federal coal) is the source of 13 percent of US greenhouse gas emissions. 2 As the steward of one of the world’s largest coal reserves, Department of Interior can no longer ignore the enormous climate impact of new and existing coal leases.
We are encouraged by President Obama’s commitment to address climate change in his inaugural and State of the Union addresses. The federal coal leasing program, however, undermines efforts by citizens, businesses, and the Administration to reduce carbon pollution. Between 2011 and 2012, BLM leased over 2.1 billion tons of coal in the Powder River Basin, unlocking nearly 3.5 billion metric tons of CO2 that will be released when this coal is burned.3 In comparison, EPA’s newest passenger vehicle emissions standards will reduce an estimated 2 billion tons of carbon dioxide over the lifetime of cars made from 2017-2025.4
Absent a moratorium and reform, Interior is poised to approve 3.5 billion tons of new coal mining, which would be an unprecedented expansion of federal coal extraction.5 DOI cannot facilitate these massive extraction projects without undermining President Obama’s commitment to address climate change.
As domestic coal demand shrinks, coal producers eye foreign markets
In 2012, domestic coal use dropped 12%. Once the source of nearly half of US electricity, coal supplied only 37% of U.S. electricity last year.6 And this trend is expected to continue.
More megawatts of new wind energy were added to the grid in 2012 than any other energy source.7 In January of 2013, 100% of new electricity generation infrastructure was from renewable sources.8 New EPA health standards and competition from other sources of energy are making aging coal-fired power plants uneconomic.
As coal becomes more expensive to mine and burn, coal companies are proposing to dramatically increase leasing and export of taxpayer-owned Power River Basin coal to foreign markets. Companies such as Peabody, Arch, Cloud Peak, and Ambre are attempting to export more than 140 million tons of Powder River Basin coal through the Pacific Northwest annually, while others seek to expand coal export capacity in the Gulf and on the East Coast.
Despite the reality of shifting coal markets, BLM still operates under the assumption that new coal leases will serve domestic demand. On June 26, 2012, BLM leased the 721 million ton North Porcupine tract in Wyoming to Peabody Energy for the artificially low price of $1.11 per ton, under the justification of providing “a reliable, continuous supply of stable and affordable energy for consumers throughout the country.”9
Coal companies, however, are increasingly transparent about their desire to sell public coal overseas for a price five to seven times higher than the domestic delivered price. On a March 6 webcast, Cloud Peak CEO Colin Marshall said, “It’s fair to say, domestically, there isn’t any growth in the Powder River Basin that I can see.” In January, Arch Coal CEO John Eaves told the CoalTrans USA conference, “I think port capacity on the West Coast is important, because over time we think more Western coals will be going into Asian markets.” 10
Not surprisingly, these new developments have cast doubt on whether Department of Interior and Bureau of Land Management are managing this resource in the best interests of the nation.
As you know, DOI is facing three government investigations over its coal leasing and royalty programs. 11 A 2012 report from the Institute of Energy Economics and Financial Analysis revealed that BLM’s inaccurate assessment of the “fair market value” of coal has cheated taxpayers out of almost $30 billion over the last thirty years, 12 a massive subsidy to the coal industry. After the release of this report, the Government Accountability Office launched an investigation at the request of Representative Markey. Following a Reuters investigation and the requests of Senators Wyden and Murkowski, former Secretary Salazar created a task force to investigate whether coal companies are cheating royalty payments by selling coal to in-house affiliates before selling it to foreign markets. 13 The Department of Interior’s Inspector General is investigating both fair market value and royalty valuation.
New and existing mining projects threaten local communities
Coal mining activities have contributed to local air quality violations and overall degradation of air quality in the region. Coal mining has also led to complete dewatering of local aquifers and significant changes in hydrogeology. Additionally, less than 4% of the 160,000 acres that have been impacted by coal mining in Wyoming and Montana have been released from reclamation bonds. This has tied up land in defiance of BLM’s mandate to manage public lands for a combination of uses, taking into account the long-term needs of future generations for renewable and nonrenewable resources. Increased mining because of new leases will only exacerbate these impacts.
Landowners living near coal mines and communities along rail lines have historically shouldered the brunt of the costs to public health and the environment. New proposals to increase coal exports through the Pacific Northwest are facing deep opposition from communities concerned about an increase in coal dust and diesel pollution, as well as impacts to local waterways, wildlife, and outdoor recreation.
With so much at stake, we urge you to suspend auctions of taxpayer-owned coal, and establish a moratorium on new coal leasing in the Powder River Basin. A comprehensive review of the federal coal leasing program is needed to ensure that the public has a clear answer to how the federal coal leasing program will be reformed to serve the public interest.
Sincerely,
[CEOs of groups signed on to the letter]
Cc: Neil Kornze, Director, Bureau of Land Management
Nancy Sutley, Council on Environmental Quality
Acting Administrator Bob Perciasepe
Representative Ed Markey
Senator Ron Wyden
Senator Barbara Boxer
Governor Jay Inslee
Governor John Kitzhaber
Endnotes to letter:
1. Quote is from President Obama’s second inaugural address.
2. http://www.wildearthguardians.org/support_docs/report_powder_river_11-23-09.pdf
3. http://www.blm.gov/pgdata/etc/medialib/blm/wy/programs/energy/coal/comp_lease-1990.Par.9731.File.dat/successful_sales_08_07_12.pdf
4. http://www.epa.gov/otaq/climate/regs-light-duty.htm#new1
5. This calculation includes the North and West Hilight leases, West Jacobs Ranch lease, Maysdorf II lease, and Hay Creek II lease.
6. http://www.eia.gov/electricity/monthly/epm_table_grapher.cfm?t=epmt_1_1
7. http://www.awea.org/learnabout/publications/reports/upload/AWEA-Fourth-Quarter-Wind-Energy-Industry-Market-Report_Executive-Summary-4.pdf
8. http://www.eenews.net/assets/2013/02/25/document_pm_01.pdf
9. http://www.blm.gov/pgdata/etc/medialib/blm/wy/information/NEPA/hpdo/Wright-Coal/s-porcupine.Par.96234.File.dat/S-PorcROD.pdf
10. http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Coal/6102632?sf156441=1
11. http://democrats.naturalresources.house.gov/sites/democrats.naturalresources.house.gov/files/documents/2012-04-24_GAO_Coal_Exports.pdf
12. http://ieefa.org/study-almost30-billion-in-revenues-lost-to-ta
13. http://www.energy.senate.gov/public/index.cfm/files/serve?File_id=94316913-27c1-4152-a272-7cabff2010c8
Trina Solar’s Head of EU Public Affairs Elected to the Board of EPIA
May 6th, 2013
BRUSSELS and CHANGZHOU, China.
Trina Solar Limited (TSL), (“Trina Solar” or “the Company”), a global leader in photovoltaic (PV) modules, solutions and services, today announced the election of its Head of EU Public Affairs onto the Board of the European Photovoltaic Industry Association.
The European Photovoltaic Industry Association (further referred to as EPIA) held its Annual General Meeting and the election of new board members in Brussels in March 2013. Jodie Roussell, Head of Public Affairs Europe at Trina Solar, successfully put forward her candidacy and was elected Vice-President of the Board. EPIA is a powerful voice in the European PV industry with about 180 members across the entire value chain. Since the founding of the association in 1985, Ms. Roussell is not only the first female board member but the first female candidate for election.
The mission of the association is to represent its members to European policymakers, develop targeted business intelligence and communicate the benefits of PV to key stakeholders. Different working groups are coordinated by the association and are of strategic importance in providing industry insight and allowing members to shape the association’s actions and strategy which can have a wide-reaching effect on the industry as a whole. The Board of Directors assembles every second month to discuss the progress of the working groups as well as the market and industry overall.
Trina Solar has been a member of EPIA since 2006 and with Ms. Roussell’s election to the Board looks forward to collaboratively working to shape the association’s strategy and programs for a resilient PV industry in Europe.
About Trina Solar Limited
Trina Solar Limited (NYSE:TSL) is a global leader in photovoltaic modules, solutions and services. Founded in 1997 as a PV system integrator, Trina Solar today drives smart energy together with installers, distributors, utilities and developers worldwide. The company’s industry-shaping position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s ability to raise additional capital to finance the Company’s activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company’s ability to operate as a public company; the period of time for which the Company’s current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company’s operating results and financial condition; the Company’s ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
First Solar Acquires 66 Mwatt North Star Project from Northlight Power
April 13th, 2013
FIRST SOLAR ACQUIRES 60 MWAC NORTH STAR PROJECT FROM NORTHLIGHT POWER
TEMPE, Arizona
First Solar, Inc. (Nasdaq: FSLR) and NorthLight Power, LLC this week announced that First Solar has acquired the 60 megawattAC (MW) North Star solar project that NorthLight has developed in Fresno County, Calif. NorthLight is a joint venture of Renewable Energy Corporation ASA and Summit Power Group, LLC. Terms of the transaction were not disclosed.
The photovoltaic (PV) solar plant is expected to start construction in 2014 and be completed in 2015, providing up to 410 construction jobs. When fully operational, it will produce enough clean, renewable energy to power over 21,000 average California homes while displacing approximately 33,000 metric tons of water consumption and 39,000 metric tons of CO2 per year—the equivalent of taking about 7,500 cars off the road each year.
The North Star project is located near the city of Mendota and has a 20-year power purchase agreement with Pacific Gas and Electric Company.
“We’re excited to be acquiring and constructing our first utility-scale photovoltaic power project in Fresno County,” said James F. Cook, First Solar Director of Project Development. “North Star will provide much-needed construction employment in a hard-hit economy, while helping the state satisfy its renewable energy requirements.”
“Summit Power Group is pleased to be working with First Solar on this project,” said Dana Zentz, Vice President of Commercial Development for Summit and Managing Director of NorthLight Power. “We have received and been thankful for tremendous support from the local community, and look forward to continuing success with other solar projects that are in our current development portfolio within NorthLight Power.”
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
About Renewable Energy Corporation ASA
REC is a leading global provider of solar electricity solutions. With nearly two decades of expertise, REC offers sustainable, high-performing products, services and investment opportunities for the solar and electronics industries. Together with its partners, REC creates value by providing solutions that better meet the world’s growing electricity needs. Our 2,300 employees worldwide generated revenues of more than NOK 7 billion in 2012, approximately $1.31 billion or USD 1.3 billion. To see more of what REC can offer, visit www.recgroup.com.
About Summit Power Group
Seattle-based Summit Power Group, LLC excels in the innovative development of electric power projects. Led by experienced professionals with an extensive knowledge of the energy industry in the United States and abroad, Summit has a remarkable track record of developing large, low-carbon energy projects, with over 7,000 megawatts of electric power plants that it has developed for its clients in operation, and over 2,000 MW in development or under construction. Total Summit-led projects in service or under contract, including O & M agreements, represent over 7 billion dollars of investment. For more information about Summit Power Group, please visit: www.summitpower.com
For First Solar Investors
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company’s business involving the company’s products, their development and distribution, economic and competitive factors and the company’s key strategic relationships and other risks detailed in the company’s filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
William Shatner Teams Up With Greenpeace to Protect the “Grand Canyons of the Sea”
April 13th, 2013
To watch the video, CLICK HERE.
April, 2013 Washington D.C. – This month, Greenpeace launched a new video featuring the voice of William Shatner calling for the North Pacific Marine Fisheries Council to protect the Bering Sea canyons from industrial fishing.
The “Save Kipper” public service announcement features a happy menagerie of domesticated animals–a fish named Kipper, a dog named Sparky, a bird named Boozer, and a cat named Fluffy–all of which have their homes shockingly destroyed by methods ranging from fire to a power saw.
“We wouldn’t let this happen to Kipper, Sparky, Boozer, or Fluffy,” Mr. Shatner says in the video, “In the ocean, it’s worse.”
“In the ocean, especially in the Bering Sea,habitat destruction by industrial fishing fleets is even more shockingly ruinous than a flaming cat tree or demolished dog house,” Jackie Dragon, Greenpeace USA senior oceans campaigner said. “There’s no rebuilding the ancient habitat that is being destroyed.”
“Alaska’s Bering Sea is home to one of the most remarkable places in the world, an area so rich with life scientists call it ‘the Green Belt.’ Here, the ‘Grand Canyons of the Sea’ support an extraordinary ecosystem that includes fish, crab, skates, endangered sea lions, orcas, and humpback whales, but it all starts with the fragile corals and sponges on the sea floor.”
“Tragically, this amazing ecosystem is under serious threat from industrial fishing fleets that carve up the corals and sponges with their trawl nets. Bottom-tending fishing gear–especially trawl nets–destroys fragile corals and sponges that provide essential habitat, including spawning and nursery areas for fish, crab, and other marine species.”
Despite repeated requests from conservationists to protect this canyon habitat from fishing impacts, the governing body responsible for the Grand Canyons of the Sea, the North Pacific Fishery Management Council, has so far taken no action to curb fishing here or conserve this vital Green Belt ecosystem. The council has blamed its past inaction on a lack of scientific evidence, so Greenpeace has twice gone to the canyons with state of the art submarines equipped with high definition video cameras to bring back the science the council has asked for.
The council is expected to decide how it will proceed in a vote this June.
“This will be the year the council decides either to consider the science and create a pathway to protect the canyons, or to ignore the science and continue the destruction,” Dragon said.
For further information, visit beringseacanyons.org
GreenPeace Media release – April 3, 2013
Envision Solar Completes Second Solar Tree® Array Installation for NREL
April 13th, 2013
San Diego, California April, 2013
Envision Solar International (EVSI), a leading sustainable infrastructure product designer and developer, is pleased to announce the successful installation of a second Solar Tree® array for the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) at their Vehicle Testing and Integration Facility (VTIF).
Envision Solar completed the installation of the Solar Tree® array for NREL four and a half days after the components arrived at the site on a single truck. The Drag and Drop™ capability Envision Solar offers meant limited disruption at the site and the ability to use the product right away, which was very appealing to NREL.
“I’m proud that we have been chosen again by NREL. They are delighted the Solar Tree deployment went so quickly and without any typical construction problems,” stated Desmond Wheatley, Chief Executive Officer, Envision Solar.
Our drag and drop infrastructure is comprised of engineered modules which enable us to deliver beautiful and complex structures, made simple and risk free for our customers. That’s how we minimize installation time and impact to their property.
“The addition of this Made in America 18kW solar canopy incorporating EnvisionTrak™ and EV Charging supports NREL’s R&D mission to integrate electric vehicles and grid systems for enhanced value,” stated Tony Markel, Senior Engineer, NREL. System benefits of the new tree were maximized by integrating the most efficient SunPower E20 solar panels and a compact transformerless bi-polar inverter from Ideal Power Converters.
The Solar Tree® structure is designed to withstand 120mph winds and six feet of snow simultaneously; it is the most robust Solar Tree® structure Envision Solar has designed to date.
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com , designs, manufactures and deploys unique, proprietary and architecturally creative 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.” Envision Solar is listed on the OTC Bulletin Board under the symbol [EVSI]. For more information on Envision Solar, visit www.envisionsolar.com or call (866) 746-0514.
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.
Georgetown University Goes Solar with SolarCity
April 12th, 2013
Georgetown University is going solar with SolarCity on a project that is expected to cut the school’s energy bills by tens of thousands of dollars and reduce more than 600,000 pounds of carbon pollution over its lifetime. The student-spearheaded initiative, Solar Street, installed 75 solar panels across rooftops of six university-owned historic townhouses on the scenic campus in the nation’s capital. The project was unveiled today in an on-campus ribbon cutting ceremony.
“Georgetown is pleased to be leading the first university solar electricity project of its scale on a historic residential block in Washington, DC,” said Robin Morey, vice president for planning and facilities management at the university.
This project serves as a strong symbol of Georgetown’s commitment to sustainable buildings, and it demonstrates Georgetown’s local leadership as a partner in the Mayor’s College and University Sustainability Pledge by helping to advance the District’s goal to increase solar energy capacity.
SolarCity expects the project to offset an average of approximately 40 percent of the electricity used in each townhouse, and provide up to $43,000 in savings to the student body government over the 20-year life of the power purchase agreement (PPA). These savings represent the difference between the cost of the solar power and the higher cost that the University would otherwise pay to their electricity provider for electricity in those residences.
“We’re excited to be helping a great university like Georgetown go solar and save money,” said SolarCity’s Mid-Atlantic Regional Vice President Leon Keshishian. “As a Georgetown alum, I’m proud to be helping the school make smart energy decisions.”
The project represents Georgetown’s first university-student partnership on a solar energy project. Students pay for the solar power produced by the arrays, while the University has provided the funding to bring the homes up to solar readiness by installing new, higher-amperage electrical panels. Additionally, the University has contributed in-kind professional staff time for activities such as a preliminary feasibility analysis, soliciting and reviewing the vendor bids, and providing legal, financial, and architectural review.
The portion of the townhouse residents’ total housing costs that are allotted toward utilities in a given year will not change from prior years, because students’ electricity usage levels are not expected to change. The main change is a new housing billing structure that was implemented this fall under which townhouse students pay a flat fee for housing each semester, similar to students in Georgetown’s other on-campus housing.
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 Engineered Foundation for Solar Tree Solar PV Parking Structure
April 9th, 2013
New Engineered Foundation for Solar Tree® Structures Facilitates Fast & Easy Installation of Envision Solar’s Drag & Drop Infrastructure™ Product Line
SAN DIEGO, April, 2013
Envision Solar International, Inc, a leading sustainable infrastructure product designer and developer, today announced that the company has successfully completed the engineering, manufacturing and installation of its engineered, pre-fabricated foundations for Solar Tree® Arrays. The first such foundations have received planning department approval and successfully deployed for a Solar Tree® structure deployment in California. A significant improvement from prior methods, this new pre-fabricated foundation is part of Envision Solar’s Drag & Drop Infrastructure™ product line that offers much faster, more efficient deployment of the Solar Tree® structures. The foundations were deployed in a few hours rather than several days using a method that creates far less risk and requires far fewer inspections and other time consuming and costly steps than the traditional methods formerly employed.
Envision Solar’s President and CEO, Desmond Wheatley, stated,
This is a major improvement to our product and a significant further step in our evolution towards product deployment and away from construction projects. This highly scalable approach enables us to deliver increased quality for less money and in much less time. Very importantly, we have worked out how to deploy these iconic structures with minimal impact to our customer’s locations. This will have a huge impact on our ability to execute on the very large volume of deployments we anticipate in the coming months and years. Great news for our customers and shareholders alike.
The Solar Tree® structure’s foundation was the last component of the product that still required significant amounts of work in the field. Now an engineered solution will be delivered as part of Envision Solar’s Solar Tree on a Truck™. Foundations that used to take several days of fieldwork will now be delivered and installed in less than two hours resulting in dramatically reduced costs and impact to the customer location. Envision Solar’s product deployments will be exposed to significantly reduced risks associated with field labor, weather and site-specific conditions which are expensive and can result in cost overruns.
For more information about Envision Solar, visit www.envisionsolar.com.
Contact: Lindsay Adams
Envision Solar International, Inc.
858-799-4583
gosolar@envisionsolar.com
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® 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, California 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.” Envision Solar is listed on the OTC Bulletin Board under the symbol [OTCBB: EVSI]. For more information on the company, contact 1-866-746-0514.
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.
Completion of Molten Salt Solar Reciever Sets Milestone in Nevada Solar Thermal Power Project
April 6th, 2013
SolarReserve’s U.S. developed technology represents leading solar thermal technology worldwide integrated energy storage provides reliable and zero-emissions electricity, day or night
SANTA MONICA, California. April, 2013
SolarReserve, a U.S. developer of large-scale solar power projects, today announced completion of the assembly of the molten salt receiver panels that sits on top of the 540 foot solar power tower for its 110 megawatt (MW) Crescent Dunes Solar Energy Plant located near Tonopah, Nev. Utilizing the most advanced solar thermal technology worldwide, the Crescent Dunes Plant will be the nation’s first commercial-scale solar power tower facility with energy storage and the largest power plant of its kind in the world.
“With more than 450 construction workers currently on site, the project is on course to bring American innovation to fruition,” said Kevin Smith, CEO of SolarReserve.
The energy storage capability of this technology solves the problem of intermittency typical of other renewable energy sources. Additionally,because of it high efficiency, this technology can generate almost twice as much energy as a comparably sized solar facility, including facilities powered by photovoltaic panels or by a direct steam tower.
The project will utilize technology developed in the U.S. by SolarReserve and its technology partners to capture and store the sun’s energy in order to deliver a firm electricity supply to Nevada, day or night, without the need to burn fossil fuels. The molten salt “receiver” is actually comprised of panels formed by hundreds of special alloy tubes which will be flowing with molten salt for energy absorption and storage.
Once complete, the project will be capable of storing 10 hours of full load electricity production, enough to power 75,000 homes at peak electric demand periods, even after dark.
The project closed financing and initiated construction in September of 2011 and is scheduled to complete construction and start plant commissioning at the end of 2013, including first electricity production by the end of the year. The Crescent Dunes project has secured a 25-year power purchase agreement with NV Energy to sell 100 percent of the electricity output of the facility to serve homes across Nevada. The flagship project is jointly owned by SolarReserve, ACS Cobra Group, a worldwide leader in the engineering and construction of power plants and thermal solar facilities, and Santander Group, a global financial services and banking leader. ACS Cobra’s Nevada-based affiliate, Cobra Thermosolar Plants Inc., is the general contractor for the project and is utilizing Nevada and regional subcontractors to perform the work.
Construction is expected to peak at more than 600 jobs on site during the 30-month construction period and is estimated to create more than 4,300 direct, indirect and induced jobs at companies throughout the U.S. that provide engineering, equipment supply and manufacturing, transportation and other value-added services. To date, orders for the project have been placed for equipment and services in more than 21 states. Once operational, the project will expend more than $10 million per year in salaries and operating costs, and is forecasted to generate $73 million in total tax revenues through the first 20 years of operation - contributing to workers’ paychecks, service businesses, local school systems and police and fire departments.
About SolarReserve
SolarReserve, LLC – headquartered in Santa Monica, California – is a developer of large-scale solar energy projects with activities worldwide. SolarReserve has commercialized the world’s leading solar thermal energy storage technology utilizing molten salt in a power tower configuration. SolarReserve’s team of power project professionals have assembled an extensive 5,000 MW worldwide development portfolio of large-scale solar projects featuring its advanced solar thermal technology (also referred to as concentrated solar power or CSP) as well as projects utilizing photovoltaic technology.
SolarReserve’s U.S. developed technology is the most advanced solar energy storage technology in the industry. SolarReserve’s molten salt power tower design has the capability to deliver clean, reliable electricity at any time, day and night. With designs that can provide from 7 hours to 24 hours of full power energy storage, SolarReserve’s power plants capture and store the sun’s thermal energy and can operate ‘on demand’ just like a conventional coal, natural gas or nuclear power plant. However, SolarReserve’s technology does not release the harmful emissions associated with burning fossil fuels or other hazardous wastes associated with conventional power plant technology, nor does it expose utilities and rate payers to volatile fossil fuel prices over its more than 25 year project life. Providing firm and predictable electricity generated from the sun, an unlimited fuel, SolarReserve’s technology also provides grid stability and a solution to intermittent electricity generation, a problem from which most other renewable technologiessuffer.In addition to its market leading solar thermal technology, SolarReserve also designs and develops largescale photovoltaic power facilities. In November of 2012, the company closed financing and started construction on two 75 megawatt photovoltaic projects located in South Africa. The projects will jointly cost approximately $586 million, making these two of the largest project finance transactions ever completed in South Africa and among the largest renewable energy projects in Africa.
For more information about SolarReserve: www.SolarReseve.com
Innovative Research Helps California Achieve Clean Energy Goals
April 6th, 2013SACRAMENTO
The California Energy Commission has released a report summarizing advances in clean energy research funded through the Public Interest Energy Research (PIER) program.
The 2012 PIER Annual Report highlights projects designed to improve the reliability of the state’s electricity supply, boost energy efficiency of building and appliances, and increase renewable sources of power. These efforts lower energy costs for consumers, while helping the state meet essential energy and environmental goals.
“This report details new research achievements and pioneering energy technologies that save Californians energy and money,” said Energy Commission Chair Robert B. Weisenmiller.
The Energy Commission’s investment in public energy research has helped transform the state’s energy landscape, providing clear and quantifiable results that allow policymakers and innovators to plan for a clean and secure energy future.
In 2012, $28 million was invested in 30 research projects. Matching funds from private and federal sources accounted for an additional $19.6 million, including American Reinvestment and Recovery Act funds. An estimated 5,360 Californians gained innovative skills and experience working on PIER-funded electricity projects.
The just-released report highlights energy efficiency research and demonstration projects that reduce the amount of energy used by buildings and appliances, and lower consumer energy costs. Between 1999 and 2008, PIER invested $27.6 million in 17 efficiency projects that led to building and appliance code changes that will save Californians an estimated $10 billion in energy costs by 2025. The report also includes estimates of the ratepayer savings from PIER’s advancements in data center cooling, demand response, and building energy measurement technologies, which are expected to be in the millions of dollars each year by 2020.
To help support California’s goal of generating 33 percent of its power needs with renewable resources by 2020, PIER funded clean energy research in wind, solar and geothermal technologies. Research addressing the variability of solar energy generation, an area of prime importance in increasing California’s level of solar energy, demonstrated forecasting technologies that predict solar plant production for as much as two days ahead. The California Independent System Operator will use research advancements in solar forecasting in its planning process for solar PV generation.
PIER also funded research into the state’s energy infrastructure leading to improved safety and system reliability for all Californians. For example, demonstrations of advanced batteries continue to show the potential of grid-level energy storage, test the use of these technologies to manage intermittent energy from sources such as solar power, and help improve grid reliability. In addition, research successes with synchrophasors led to their widespread adoption by electrical grid operators. Synchrophasors provide highly accurate measurements that can warn of possible disruptions on the electric grid. By 2020, synchrophasors will save Californians an estimated $210 million-$360 million annually by improving system reliability and reducing the risk of costly power outages.
The 2012 Public Interest Energy Research Annual Report can be found online at:
http://www.energy.ca.gov/publications/displayOneReport.php?pubNum=CEC-500-2013-013-CMF
Activists Plant Cherry Trees in Fukushima Anniversary Memorial at Nuclear Plant
April 1st, 2013
Memorials protest Duke Energy’s plan to build new nuclear reactors in NC, SC, FL
Raleigh, NC.
Greenpeace activists planted cherry trees outside of Duke Energy’s nuclear power plant near Raleigh in a memorial to the Fukushima nuclear meltdown that happened two years ago. Activists also created cherry tree memorials at the sites of planned nuclear reactors Duke hopes to build in South Carolina and Florida.
The activists planted the cherry trees outside the front gate of the Shearon Harris nuclear power plant in New Hill, NC, about 20 miles from Raleigh, where Duke is attempting to build a new reactor. They held a placard reading “Duke: Remember Fukushima. End Nuclear Power.”
“The nuclear disaster at Fukushima two years ago reminded the world there’s no such thing as a safe nuclear power plant. While other countries have responded by investing in cheaper, safer wind and solar energy, Duke Energy insists on going down the dangerous path of nuclear power. Duke should remember Fukushima by canceling its plans to build new nuclear reactors,” Greenpeace Nuclear Power Analyst Jim Riccio said.
Monday, March 11 will mark the second anniversary of the day that the Japanese earthquake and tsunami were exacerbated by the manmade triple meltdown at the Fukushima Daiichi nuclear plant. Tens of thousands of people in Japan still cannot safely return to their homes as a result of the disaster.
Greenpeace also released a report today outlining Duke’s risky nuclear plans, including dangerous parallels to Fukushima, which is available here: http://www.greenpeace.org/usa/en/media-center/news-releases/Two-Years-after-Fukushima-Duke-Energy-still-making-risky-nuclear-bets/
Unlike many other companies and countries that have deserted nuclear ambitions since Fukushima, Duke is plowing forward with its three proposed projects, which are located at the Harris plant; in Gaffney, SC about 50 miles from Charlotte; and in Levy County, Florida.
Costs for the three proposed new reactors are soaring over their budgets, with the latest projections ranging from two to six times higher than original projections at all the locations. (1)
Laws in all three states allow Duke to charge its ratepayers for nuclear construction costs before the reactors are ever completed. Consumers throughout Duke’s service territory are revolting against having to pay in advance for over-budget, risky nuclear plants. A bipartisan group of Florida state senators – including former nuclear supporters – is now decrying the law there and calling for its repeal. (2)
“The most offensive part of Duke’s nuclear gamble is that it expects consumers to write a blank check for plants that will put them at greater risk of a Fukushima-like disaster,” Riccio said.
Risks that echo Fukushima plague Duke’s existing fleet of nuclear power plants: Duke recently retired the Crystal River nuclear plant near Tampa, FL due to a cracked containment dome. (3) The two reactors at Duke’s Brunswick plant near Wilmington, NC have the same General Electric design that melted down in Japan. And Duke’s Oconee nuclear plant in South Carolina is vulnerable to a meltdown if a dam looming over the plant fails. According to calculations from the Nuclear Regulatory Commission, the risk to Duke’s Oconee reactors from a dam failure is far higher than the odds were of an earthquake-induced tsunami causing a meltdown at the Fukushima plant. (4)
Real Goods Solar Reports Fourth Quarter and Full Year 2012 Results
April 1st, 2013Louisville, CO, April 1, 2013
Real Goods Solar, Inc. (NASDAQ: RSOL), a nationwide leader of turnkey solar energy solutions for residential, commercial, and utility customers, reported results for the fourth quarter and full year ended December 31, 2012.
Q4 2012 Highlights
Q4 2012 Financial Results as Compared to the Same Year-Ago Quarter
Net revenue for the fourth quarter of 2012 decreased 33% to $26.8 million from $40.3 million in the same period last year. The decline in revenue is attributable in part to the direct supplying to customers by financing companies of certain components used in residential installation. Sourcing of such components in conjunction with the associated financing allowed residential customers to take advantage of certain expiring tax benefits, and are referred to as “safe harbor” installations. While the company recognized lower revenue from safe harbor installations, the company’s gross margin dollars were similar to non-safe harbor installations. In addition, results in the fourth quarter of 2011 benefited from the one-time impact of the impending expiration of certain tax incentives at year end. These tax incentives resulted in the acceleration of construction of some projects from 2012 into 2011.
Gross profit decreased by $4.1 million to $5.5 million, or 20.7% of net revenue, for the fourth quarter of 2012 from $9.6 million, or 23.9% of net revenue, in the same period last year. The gross margin decrease primarily reflects the impact of lower pricing related to commercial projects in 2012.
Operating expenses were approximately $8.9 million for the fourth quarter of 2012 compared to $9.5 million for the same period last year. The decrease in operating expenses reflects generally lower compensation expenses and improved productivity as a result of process improvements and consolidation of support operations at the company’s corporate headquarters in Colorado.
Operating loss for the fourth quarter of 2012 was $3.3 million compared to operating income of $0.2 million for the same quarter last year.
Net loss for the fourth quarter of 2012 was $3.8 million, or $(0.14) per share, compared to net income of $0.1 million, or $0.00 per share, for the same quarter last year. The net loss primarily reflects the impact of lower pricing related to commercial projects, as well as an increase in interest expense in the fourth quarter of 2012 compared to the same year-ago quarter.
Cash was $10.4 million at December 31, 2012. On March 27, 2013, the company obtained an extension of its $6.5 million revolving line of credit with Silicon Valley Bank through September 30, 2013. In addition, the company extended the maturity date of the $6.85 million of related party debt, to April and May 2014.2
Fiscal Year 2012 Financial Results
Net revenue for 2012 decreased 15% to $92.9 million from $109.3 million for 2011. The decline in revenue is primarily attributable to the aforementioned safe harbor activity. While the company recognizes lower revenue from safe harbor installations, gross margin dollars were similar to non-safe harbor installations.
Gross profit decreased by $4.8 million to $23 million, or 24.8% of net revenue, for 2012 compared to $27.9 million, or 25.5% of net revenue for 2011. The gross margin decrease primarily reflects the impact of lower pricing related to commercial projects in 2012.
Operating expenses were approximately $38.7 million for 2012 compared to $27.7 million for 2011. The increase in operating expenses reflects costs associated with the integration of and reorganizations related to the Alteris acquisition and centralizing of various support functions at the company’s headquarters in Colorado.
Net loss for 2012 was $47.2 million, or $(1.77) per share, compared to a loss of $1.9 million, or $(0.08) per share, in 2011. The increase in the loss reflects the operating factors indicated above. In addition, the company recorded goodwill and other asset impairments of $22 million and a $9.3 million increase in the provision for income taxes, which reflects the establishment of a valuation allowance for net deferred tax assets.
Management Commentary
“It is clear that 2012 was a challenging year for the company,” said Real Goods Solar CEO Kam Mofid. “In the first half of 2012, we struggled to meet our financial objectives due to challenges with the Alteris integration, while also managing a number of key organizational and process changes. However, by the end of the second half, we overcame these challenges and achieved major improvements in Q4 that set the stage for a strong 2013.
“I am proud of what our employees have achieved, as well as the passion and dedication everyone has demonstrated in driving this turnaround. In the fourth quarter, we not only reduced SG&A significantly, but improved the topline, achieved major wins in the commercial sector, and ended the quarter in a much stronger cash position than the prior quarter. We also developed and began to deploy a well-defined and clear roadmap toward sustainable and profitable growth both in residential and commercial markets.
“The implementation of our strategic roadmap gained further momentum in 2013, as we partnered with a leading homebuilder to deploy solar in several new California communities and with an eye to expand to other solar-friendly states. We also bolstered our residential financing offerings through a new partnership with SunRun, a leading residential solar financing company. And more recently, we formed a new e-commerce business unit and launched our new online store, Shop.RealGoods.com, offering the latest in solar power and environmentally friendly solutions for both home and business.
“As a leading downstream solar solutions provider, we will continue to leverage our now more efficient and scalable infrastructure to penetrate key markets and expand our western and northeastern footprints. We will take advantage of the decreasing costs of PV systems in contrast to the generally increasing cost of utility bills, which together work to expand our addressable market by making the environmental benefits of solar more economically compelling.
“We also recently welcomed Tony DiPaolo as our new CFO, and we believe his strong track record of improving results and supporting organizations through periods of change and rapid growth will help us continue to strengthen Real Goods Solar and build shareholder value.”
DiPaolo commented: “I am excited to join the Real Goods Solar team, especially at this pivotal stage in its growth and development. The solar sector has been one of the fastest growing industries in the country and in many ways the journey to bring solar to the mainstream has only just begun. As one of the oldest and a pioneering firm in the solar energy, Real Goods Solar has a powerful history and legacy to build upon and make solar an increasing part of our nation’s total energy mix.”
Conference Call and Webcast
Real Goods Solar will hold a conference call to discuss its fourth quarter 2012 financial results on Tuesday, April 2, 2013 at 11:00 a.m. Eastern time. Management will host the presentation, followed by a question and answer period.
Date: Tuesday, April 2, 2013
Time: 11:00 a.m. Eastern time (9:00 a.m. Mountain time)
Dial-In Number: 1-877-941-4774
International: 1-480-629-9760
Conference ID#: 4611138
Webcast: http://public.viavid.com/index.php?id=10406
RSS
FeedBurner Newslette
Twitter
Facebook
LinkedIn
