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Democrats Push for Incentives

Democrats in the House are pushing for tax incentives for renewable energy to be included in the pending Congressional energy bill, even though the funding source they suggest is almost certain to draw a presidential veto. To pay for incentives that would spur production of renewable energy from solar, wind, geothermal and other clean sources, Democrats are proposing to repeal about $21 billion in tax subsidies for oil and gas companies. A letter sent to Democrats Tuesday by House leadership said negotiators are working to include the incentive measures passed last summer by the House in the new energy bill, which is expected to reach a vote in the House and Senate later this week. According to Reuters, the letter says the bill “strengthens and extends existing renewable energy tax credits, including solar, wind, biomass, geothermal, hydro, landfill gas and trash combustion, while creating new incentives for the use and production of renewable energy.” After reaching an agreement late last week to set vehicle fuel efficiency standards at 35 miles per gallon by 2020, it was unclear whether or not tax incentives for renewables would make the final bill. Reportedly, the new bill would provide a 30% tax investment credit […]

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Bali, Day 2: 'First Date'

After an opening day full of ceremony and good will, representatives at the U.N. climate change conference in Bali, Indonesia began the difficult work yesterday of negotiating a successor agreement to the Kyoto Protocol, which will conclude in 2012. The first step taken was to create a “special group” to evaluate plans for two years worth of negotiations aimed at drawing the United States and developing nations like China and India into the any future treaties aimed at combating global climate change. Australia’s new Prime Minister Kevin Rudd signed papers for his country to join Kyoto earlier in the week, leaving the U.S. as the only industrialized nation outside the agreement. China and India, as developing nations, do not participate in the emissions cuts mandated by Kyoto, but with their rapidly expanding economies and skyrocketing emissions, their participation is key to reducing the buildup of greenhouse gases in atmosphere. The issue surrounding China and India was the first to cause bickering at the 190-nation meeting, causing Yvo do Boer, head of the UN Climate Change Secretariat for the conference, to play peacemaker. Canada and Japan were criticized for demanding too much of the developing nations, which claim that lifting their […]

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Good Energies to Increase Ownership in Solarfun

Energy investment company Good Energies will soon raise its ownership in Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF) from 6.3% to 34.7%. Through a deal announced today, Good Energies will purchase 66,745,638 ordinary shares of the photovoltaic manufacturer and 281,011 American Depository Shares (ADS) from current shareholders, including 50% of the shares held by the Company’s Chairman and CEO, Yonghua Lu. Yonghua Lu will retain a 16.1% stake in Solarfun. The investment expands the relationship between Solarfun and Good Energies that began when Good Energies first invested in the Company in 2006. Upon completion, the investment will. In connection with the investment, the Company’s Board of Directors will appoint an additional representative of Good Energies as well as a new independent Director to the Board. Dr. Sven Hansen, the Chief Investment Officer of Good Energies, will continue to serve on the Solarfun Board of Directors, a position he has held since August of 2006. “We view Solarfun as one of the best manufacturing platforms for PV products in Asia and we believe there are tremendous opportunities for growth,” said Richard Kauffman, Chief Executive Officer of Good Energies. “We are pleased that Mr. Yonghua Lu and the largest shareholders of Solarfun […]

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First Solar Acquires Turner Renewable Energy

First Solar, Inc. (NasdaqGM:FSLR) announced that it has acquired Turner Renewable Energy, LLC for approximately $34.3 million. The company, paid for in a combination of First Solar common stock and cash. will operate as a wholly owned subsidiary of First Solar, Inc. under the name First Solar Electric, LLC. Turner Renewable Energy, LLC has operated under the name DT Solar, a Turner Renewable Energy Company, since January 2007 when entrepreneur and philanthropist Ted Turner invested in the company. DT Solar has designed and deployed commercial solar projects for utilities and Fortune 500 companies in the U.S. since 2004. The acquisition brings to First Solar a team of people experienced in the development of independent power projects, marketing of energy, and operation of commercial power plants in the United States. About First Solar First Solar, Inc. manufactures solar modules with an advanced thin film semiconductor process. By enabling clean renewable electricity at affordable prices, First Solar provides an economic alternative to peak conventional electricity and the related fossil fuel dependence, greenhouse gas emissions and peak time grid constraints. Website: http://www.firstsolar.com.     

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Canadian Solar Plans $75M Private Offer

Canadian Solar Inc. (Nasdaq: CSIQ) plans to make a private offer of approximately $75 million of its convertible senior notes due 2017, according to a release by the company. Canadian solar says it intends to grant the initial purchaser of the notes an option to purchase up to an additional $11.25 million in aggregate principal amount of the notes to cover overallotments. The company says it will use the net proceeds for working capital, general corporate purposes and potential future acquisitions. The interest rate, conversion rate, offering price and other terms and timing of the offering have not been finalized and will be determined by negotiations between Canadian Solar and the initial purchaser of the notes. The notes will be convertible into common shares of Canadian Solar at an initial conversion rate of 50.6073 common shares per US$1,000 principal amount of notes, subject to adjustment under certain circumstances, which is equivalent to an initial conversion price of approximately $19.76 per share. The notes will accrue interest at an annual rate of 6.0%. The notes will mature on December 15, 2017.

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China Nuvo Solar Acquires Pilot Facility in China

China Nuvo Solar Energy, Inc. (OTCBB: CNUV) is contracting Pioneer Materials, Inc. to build, equip, operate and manage a facility in Chengdu, Sichuan, China. The facility will develop prototypes of solar products and equipment using photovoltaic technology licensed by China Nuvo. The technology is patented under the title: “Photovoltaic cell with integral light transmitting waveguide in a ceramic sleeve”. China Nuvo will pay PMI monthly for one year with six-month renewal periods to provide the facilities as well as technical, engineering, development, testing and manufacturing employees, and support staff. In addition, PMI is eligible to receive up to 4,000,000 shares of China Nuvo’s common stock upon completion of milestone accomplishments outlined in the agreement. 500,000 shares of which were issued upon signing of the contract. About Pioneer Materials, Inc. Founded in 1998, PMI is a supplier of advanced materials for thin-film photovoltaics processing and is building innovative products for the optical recording marketplace. Headquartered in Torrance, California, the company has manufacturing operations in China and Taiwan. About China Nuvo Solar Technology China Nuvo Solar Energy, Inc. is a development stage company that has acquired a license for exclusive worldwide rights to a unique solar cell technology and is developing a […]

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