LOS ANGELES, April 7 (Reuters) - Chinese solar wafer maker LDK Solar Co Ltd on Monday said it was informed by the U.S. Securities and Exchange Commission's staff that it would not recommend action against the company.
LDK last October revealed it was being questioned by the SEC over its inventory accounting after its former financial controller had alleged that it overstated its polysilicon inventories by 250 tons.
The former executive's allegations also spawned several shareholder lawsuits.
On Monday, LDK said in an SEC filing that the Commission's staff had informed the company on March 24 that it would not recommend any enforcement action related to the review.
The news came three months after LDK said an internal probe of the company's accounting by its audit committee found no material errors.
LDK said in the filing that based on the SEC staff's findings, "it is not probable that an unfavorable outcome will occur upon the ultimate resolution of the pending litigation for this matter."
Tuesday, April 8, 2008
Monday, April 7, 2008
LDK Solar says signs 3 new wafer and polysilicon supply deals
XINYU CITY, Apr. 4, 2008 (Thomson Financial delivered by Newstex) -- LDK Solar Co. Ltd. (NYSE:LDK) a manufacturer of multicrystalline solar wafers, announced on Friday that it has signed a 6-year wafer supply agreement with Greece's Silcio S.A. staring in 2008.
China-based LDK said the agreement includes 50 MW of silicon wafer with a fixed amount of deposit and an additional sales agreement was signed with Arise Corporation of Canada, which is a 4-year 'take or pay' contract for 33 MW silicon wafers to be delivered from 2008 through 2011.
The company said it also secured an additional critical polysilicon sourcing agreement for 1,450 MT with shipments scheduled for the first half of 2008 through 2011.
On Thursday, Moser Baer India Ltd. said its unit signed a 10-year contract with LDK for the supply of silicon wafers for producing photovoltaic cells.
China-based LDK said the agreement includes 50 MW of silicon wafer with a fixed amount of deposit and an additional sales agreement was signed with Arise Corporation of Canada, which is a 4-year 'take or pay' contract for 33 MW silicon wafers to be delivered from 2008 through 2011.
The company said it also secured an additional critical polysilicon sourcing agreement for 1,450 MT with shipments scheduled for the first half of 2008 through 2011.
On Thursday, Moser Baer India Ltd. said its unit signed a 10-year contract with LDK for the supply of silicon wafers for producing photovoltaic cells.
ET Solar Group Announces Closing of a US$19 Million Series A Redeemable, Convertible Preferred Share Placement
NANJING, China, April 4, 2008 /Xinhua-PRNewswire/ -- ET Solar Group Corp. ("ET Solar"), a Nanjing-based integrated manufacturer of photovoltaic products including ingot, wafer, module, and state-of-the-art dual-axis tracking systems with manufacturing facilities located in Taizhou, China, announced today the completion of a US$19 million private equity placement transaction.
The Series A redeemable convertible preferred share placement was led by Tsing Capital / China Environment Fund, a highly experienced institutional investor dedicated to cleantech investment in China, and joined by another prominent institutional investor.
Commenting on the news, Xinghua Wang, chairman of ET Solar, said, "As a vertically integrated solar company that focuses on downstream part of the value chain, ET Solar is well positioned to capture the exponential growth of the solar industry and represents a very attractive investment opportunity to the investors."
Fischer Chen, CFO of ET Solar, added "The clear differentiation in our business model and product portfolio, strong procurement and sales backlog, robust earnings visibility and new product commercialization roadmap ensured a successful completion of a sizeable fund raising in a challenging capital market environment."
About ET Solar
ET Solar is an integrated solar component manufacturer. Headquartered in Nanjing, China, ET Solar has two manufacturing facilities in Taizhou, China. The Company's diversified products range from mono crystalline ingot, mono and multi crystalline silicon wafer, module, dual-axis tracker systems and BIVP products. ET Solar has been implementing sales through a combination of extensive direct sales and global distribution. Marketing and after-sales services throughout the United States, Germany, Italy and Spain ensure our products are readily accessible in world's major solar markets. With a genuine effort to supply our customers with tailor-made modules for specific customer requirements, ET Solar provides pro-active solutions for everyone's solar energy needs.
About Tsing Capital / China Environment Fund
Managed by Tsing Capital, China Environment Fund is the first and most prominent VC fund in China that is fully dedicated to cleantech investment. With three funds (CEF I 2002, CEF II 2004, and CEF III) under management, Tsing Capital and China Environment Fund strive to pioneer the advent of clean investment with combined environmental benefits and financial returns.
The Series A redeemable convertible preferred share placement was led by Tsing Capital / China Environment Fund, a highly experienced institutional investor dedicated to cleantech investment in China, and joined by another prominent institutional investor.
Commenting on the news, Xinghua Wang, chairman of ET Solar, said, "As a vertically integrated solar company that focuses on downstream part of the value chain, ET Solar is well positioned to capture the exponential growth of the solar industry and represents a very attractive investment opportunity to the investors."
Fischer Chen, CFO of ET Solar, added "The clear differentiation in our business model and product portfolio, strong procurement and sales backlog, robust earnings visibility and new product commercialization roadmap ensured a successful completion of a sizeable fund raising in a challenging capital market environment."
About ET Solar
ET Solar is an integrated solar component manufacturer. Headquartered in Nanjing, China, ET Solar has two manufacturing facilities in Taizhou, China. The Company's diversified products range from mono crystalline ingot, mono and multi crystalline silicon wafer, module, dual-axis tracker systems and BIVP products. ET Solar has been implementing sales through a combination of extensive direct sales and global distribution. Marketing and after-sales services throughout the United States, Germany, Italy and Spain ensure our products are readily accessible in world's major solar markets. With a genuine effort to supply our customers with tailor-made modules for specific customer requirements, ET Solar provides pro-active solutions for everyone's solar energy needs.
About Tsing Capital / China Environment Fund
Managed by Tsing Capital, China Environment Fund is the first and most prominent VC fund in China that is fully dedicated to cleantech investment. With three funds (CEF I 2002, CEF II 2004, and CEF III) under management, Tsing Capital and China Environment Fund strive to pioneer the advent of clean investment with combined environmental benefits and financial returns.
Friday, April 4, 2008
Yingli Green Energy Enters Korean Market
BAODING, China, Apr 03, 2008 (BUSINESS WIRE) -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it has signed sales contracts with two Korean companies: Korea Electric Power Industrial Development Corporation ("KEPID") , a renewable energy company, and Kaycom Corporation ("Kaycom"), a distributor of electronic components and PV devices.
Under the terms of the contracts, Yingli Green Energy will deliver 1.3 MW of PV modules to KEPID by the end of April 2008 and 2.0 MW of PV modules to Kaycom by the end of May 2008. The PV modules to be provided by the Company under these contracts will be installed in KEPID's planned 1.8MW project in Naju, Jeon la nam-Do, Korea and Kaycom's Daelim Hae - Nam Project in Haenam-Gun, Jeon la nam-Do, Korea.
"Following successful achievements in Spain and Germany, I am pleased to announce these contracts with KEPID and Kaycom, which mark our first step in Korea's growing solar market," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Korea is expected to play an increasingly important role in the development of the alternative energy industry, especially due to its favorable feed-in-tariff policy. We believe that cooperating with KEPID and Kaycom will help us strengthen our global strategic development by establishing a presence in the Korean market."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. Through the Company's principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis. With 200 MW of total annual production capacity in each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of the limited numbers of large-scale PV companies in the world to have adopted vertical integration as its business model. Yingli Green Energy currently plans to gradually expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 400 MW by the end of 2008 and to 600 MW by the end of 2009. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, Italy, China and the United States. For more information, please visit www.yinglisolar.com.
Under the terms of the contracts, Yingli Green Energy will deliver 1.3 MW of PV modules to KEPID by the end of April 2008 and 2.0 MW of PV modules to Kaycom by the end of May 2008. The PV modules to be provided by the Company under these contracts will be installed in KEPID's planned 1.8MW project in Naju, Jeon la nam-Do, Korea and Kaycom's Daelim Hae - Nam Project in Haenam-Gun, Jeon la nam-Do, Korea.
"Following successful achievements in Spain and Germany, I am pleased to announce these contracts with KEPID and Kaycom, which mark our first step in Korea's growing solar market," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Korea is expected to play an increasingly important role in the development of the alternative energy industry, especially due to its favorable feed-in-tariff policy. We believe that cooperating with KEPID and Kaycom will help us strengthen our global strategic development by establishing a presence in the Korean market."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. Through the Company's principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis. With 200 MW of total annual production capacity in each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of the limited numbers of large-scale PV companies in the world to have adopted vertical integration as its business model. Yingli Green Energy currently plans to gradually expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 400 MW by the end of 2008 and to 600 MW by the end of 2009. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, Italy, China and the United States. For more information, please visit www.yinglisolar.com.
Solar Thin Films, Inc. Acquires Equity Interest in CG Solar of China
April 03, 2008: 03:47 PM EST
Solar Thin Films, Inc. (OTCBB: SLTN) today announced that it has acquired a 15% equity interest in China-based CG Solar (previously Weihai BlueStar Photovoltaic Co. Ltd.) in exchange for $1,500,000. As noted in Solar Thin Film's 8-K filing on 2/25/08, the acquisition was completed through two separate transactions.
On January 31, 2007, Solar Thin Films, Inc. (the "Company") entered into an Assignment and Assumption Agreement of Joint Venture Contract with Renewable Energy Solutions, Inc. ("RESI"), pursuant to which the Company agreed to transfer the sum of $500,000 on behalf of RESI to CG Solar in exchange for a 5% equity interest in CG Solar.
On January 31, 2007, the Company entered into an Agreement for the Plan and Sale of Equity Interest with Terra Solar, pursuant to which the Company agreed to transfer the sum of $1,000,000 to Terra Solar in exchange for the acquisition of a 10% equity interest in CG Solar.
The completion of both transactions has received all requisite approvals, including approval by the board of directors of China Solar Energy Holdings Limited, the parent company of Terra Solar.
The transactions, and acquisition of 15% of CG Solar, are consistent with the Company's strategy to take an equity interest, and purchase or marketing rights, in the operations of "turnkey" module manufacturing customers. Earlier the Company announced that it had entered into a marketing agreement with CG Solar providing certain rights to market their modules in North America and Europe.
About Solar Thin Films
Solar Thin Films (www.solarthinfilms.com) develops, manufactures and markets a complete line of manufacturing equipment for the production of "thin-film" amorphous silicon and CIGS photovoltaic ("PV") modules, together with a wholly owned subsidiary based in Budapest, Hungary. Personnel associated with the company have been responsible for the setup of 14 thin-film photovoltaic factories worldwide. The Company sells equipment and turnkey systems to customers including EPV Solar (Hamilton, NJ, USA) and CG Solar (Weihai, China). Management believes that its line of cost-effective thin-film photovoltaic manufacturing equipment positions the Company to take advantage of the rapidly growing demand for solar modules and an expected market shift towards "thin film" PV modules as part of a cost effective, "clean technology" energy solution.
About CG Solar
CG Solar (previously Weihai BlueStar Photovoltaic Co. Ltd.) is an amorphous silicon module manufacturing company based in Weihai, China. The company produces both standard amorphous silicon modules and building integrated modules for sale in China and for export internationally. The company's shareholders include Blue Star Glass Company -- a Chinese glass manufacturer, China Xingyes -- a Chinese curtain wall company, and Solar Thin Films.
Solar Thin Films, Inc. (OTCBB: SLTN) today announced that it has acquired a 15% equity interest in China-based CG Solar (previously Weihai BlueStar Photovoltaic Co. Ltd.) in exchange for $1,500,000. As noted in Solar Thin Film's 8-K filing on 2/25/08, the acquisition was completed through two separate transactions.
On January 31, 2007, Solar Thin Films, Inc. (the "Company") entered into an Assignment and Assumption Agreement of Joint Venture Contract with Renewable Energy Solutions, Inc. ("RESI"), pursuant to which the Company agreed to transfer the sum of $500,000 on behalf of RESI to CG Solar in exchange for a 5% equity interest in CG Solar.
On January 31, 2007, the Company entered into an Agreement for the Plan and Sale of Equity Interest with Terra Solar, pursuant to which the Company agreed to transfer the sum of $1,000,000 to Terra Solar in exchange for the acquisition of a 10% equity interest in CG Solar.
The completion of both transactions has received all requisite approvals, including approval by the board of directors of China Solar Energy Holdings Limited, the parent company of Terra Solar.
The transactions, and acquisition of 15% of CG Solar, are consistent with the Company's strategy to take an equity interest, and purchase or marketing rights, in the operations of "turnkey" module manufacturing customers. Earlier the Company announced that it had entered into a marketing agreement with CG Solar providing certain rights to market their modules in North America and Europe.
About Solar Thin Films
Solar Thin Films (www.solarthinfilms.com) develops, manufactures and markets a complete line of manufacturing equipment for the production of "thin-film" amorphous silicon and CIGS photovoltaic ("PV") modules, together with a wholly owned subsidiary based in Budapest, Hungary. Personnel associated with the company have been responsible for the setup of 14 thin-film photovoltaic factories worldwide. The Company sells equipment and turnkey systems to customers including EPV Solar (Hamilton, NJ, USA) and CG Solar (Weihai, China). Management believes that its line of cost-effective thin-film photovoltaic manufacturing equipment positions the Company to take advantage of the rapidly growing demand for solar modules and an expected market shift towards "thin film" PV modules as part of a cost effective, "clean technology" energy solution.
About CG Solar
CG Solar (previously Weihai BlueStar Photovoltaic Co. Ltd.) is an amorphous silicon module manufacturing company based in Weihai, China. The company produces both standard amorphous silicon modules and building integrated modules for sale in China and for export internationally. The company's shareholders include Blue Star Glass Company -- a Chinese glass manufacturer, China Xingyes -- a Chinese curtain wall company, and Solar Thin Films.
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