GE invests $24 million in 151 MW PV project in India

U.S. conglomerate General Electric (GE) has made its first investment in India's burgeoning solar market with $24 million for a 151 MW PV installation. 

The investment is part of the group's GE Energy Financial Services new partnership with India's Welspun Renewables Energy Pvt. Ltd. (WREPL) aimed atg expanding solar energy generation in the country.

WREPL, one of India's leading clean energy generating companies, put the solar farm -- located in the state of Madhya Pradesh’s Neemuch District, into operation in August 2013, almost eight months ahead of schedule. The farm powers 624,000 homes and mitigates an estimated 216,372 tons of carbon emissions annually.

The Neemuch project, part of WREPL's 308 MW operational solar portfolio, is located on an 800-acre site in Neemuch, which sits on a 500-meter-high barren land ridge in Madhya Pradesh. The site receives among the highest levels of irradiation in India.

Power from the project is sold to the Madhya Pradesh state utility, helping the country meet its target of 20 percent energy generation from renewable sources by 2020.

Vineet Mittal, WREPL vice chairman, said, "The combination of our renewable project development expertise and GE's financial strength and risk management will help achieve the ambitious goals set by the government to expand the use of renewable energy in India."

Raghuveer Kurada, business leader for India and South East Asia at GE Energy Financial Services, added, "With its geography, strong economic growth and commitment from the highest levels of government, India has gained incredible potential for the development of solar power. Our investment in Welspun Renewables' solar project helps to realize that potential. WREPL's history of developing benchmark projects ahead of schedule and with high generation power output helps us expand globally across the energy spectrum and meet the world's energy needs."

With this transaction, GE Energy Financial Services has exceeded $10 billion in cumulative renewable energy investment commitments worldwide, including $1.8 billion in solar power commitments in seven countries.

GE Energy Financial Services it would continue to invest more than $1 billion annually in wind, solar and other renewable energy projects, its fastest-growing energy sector and one that boosts sales of GE's energy technology.

Since its formation in 2006, GE Energy Financial Services has invested in 17 GW of mostly wind and solar projects. Of the more than $10 billion in cumulative renewable energy equity and debt investment commitments, $8 billion are in more than 12 GW of wind farms and $1.7 billion in 1 GW of solar power installations, with the balance in other renewables. Geographically diversified, the projects span 16 countries and 28 states, helping 18 states meet their renewable portfolio standards.

"Our rapid growth in renewable energy investments benefits not only GE's customers and shareholders but society at large," said David Nason, GE Energy Financial Services president and CEO. "These benefits will increase as we execute on a robust pipeline of prospective new investments that provide excellent risk–adjusted returns, serve as a catalyst for the growth of GE's industrial energy business, and provide customer value."

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BIPV sector to reach 1.15 GW by 2019, says report

Key product advances in the building integrated photovoltaics (BIPV) sector will help the industry reach 1.15 GW of installed global capacity by 2019, according to a recent report from Transparency Market Research.

The analysts' Building Integrated Photovoltaics (BIPV) Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019 report found that in 2012, 343.1 MW of BIPV capacity was added worldwide, and forecasts a compound annual growth rate (CAGR) of 18.7% until 2019.

The BIPV sector has been driven in recent years by key product segments, chiefly rooftop, curtain wall and BIPV window installations. In 2012, rooftop BIPV applications accounted for 67% of the market, with the use of curtain wall technologies growing rapidly thanks to BIPV’s emergence in the commercial sector. In fact, Transparency Market Research expect curtain wall to be the sector's fastest-growing product segment between now and 2019.

Improvements in transparent, insulated and colored BIPV window products over the next few years will also help this segment grow, buoyed by advances in organic photovoltaics (OPV). Equally, C-Si technology received substantial demand in 2012, accounting for more than 60% of the market share, while the thin film segment is forecast to enjoy a CAGR of 19.1% by 2019, say the analysts.

In terms of geographical spread, Europe is the market leader for BIPV, accounting for 41% of annual installations in 2012, ahead of North America on 27%. The analysts believe that ever- more stringent environmental regulations in Europe’s building sector have helped boost the industry, which was driven in 2012 by the commercial sector – 67% of all BIPV installations that year were for commercial end-users.

Projected growth for the BIPV sector in the potentially lucrative Asia Pacific market is expected to be anchored in the commercial sector, with residential and industrial installations likely to remain niche, bit-part players in BIPV for a few years yet. In terms of market share, BIPV is dominated by a handful of companies. Transparency Market Research found that First Solar, Ascent Solar Technologies Inc, Pythagoras Solar Ltd, Sapa Solar and Centrosolar AG accounted for 40% of the market in 2012.

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Demand from Japan, Europe buoy REC's first-quarter results

Demand from Japan, Europe buoy REC's first-quarter results

Citing strong module demand in Europe and Japan as it seeks to carve out a larger share of the high-end market, REC Solar on Friday posted an after-tax profit of US$11 million, up nearly 2% from the fourth quarter of 2013, while revenue fell almost 4% to $175.4 million.

"We are experiencing good demand in our main markets in Europe and Japan," said REC CEO Oyvind Hasaas. "Together with our partners, we are continuously working to improve our product offering and improve our market presence. Our expansion of 300 MW module capacity through two new module lines will facilitate introduction of new technologies and broaden our product offering to our client base. This is an important step for us to strengthen our position in the ‘high end’ market segment."

Of the group’s revenue, module sales accounted for nearly $170 million, with the rest generated from its system business.

The module division’s first-quarter earnings before interest, tax, depreciation and amortization (EBITDA) was $5.2 million lower than in the fourth quarter of last year, due primarily to an increase in costs as well as to lower sales volumes. The cost increase resulted in part from a fire at the company’s cell building in Singapore last month, which resulted in a temporary closedown of two (out of eight) cell lines for six weeks. New equipment and a furnace upgrade also contributed to the higher costs.

Module production dropped 5.3% from the fourth quarter of 2013 to 216 MW. The company has approved an increase in module capacity to 1.3 GW by the second half of 2015.

Looking forward, REC cited reports that PV demand this year would reach between 46 and 49 GW, up from about 39 GW in 2013. China and Japan are expected to represent 49% of the solar panel market, Europe 21% and the Americas 19% while the rest of the world will make up an estimated 11% of the solar market in 2014. The company added that demand growth in Europe would likely be primarily related to the roof top segment while demand in Japan was expected to increase substantially in the next few years with most of the growth coming from the commercial market segment.

While the EU Commission recently reduced the minimum import price for crystalline solar modules offered by Chinese module suppliers from €0.56 cents to €0.53 cents per watt, REC said it assumes the revised price is more aligned with current solar industry price levels for large EU projects. “REC is expected to continue to receive a price premium for solar panels vs. the industry," it added.

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Solon ends production in Berlin and opens new office

It is the end of an era: Solon officially ended production of its solar modules in Berlin Adlershof on Wednesday this week.

“We have been winding down production for the past two weeks," said a company spokeswoman in reply to questions from pv magazine. The photovoltaic manufacturers announced back in March they would be closing their Berlin location at the end of April due to a lack of profitability.

In future, the company's main office will be with the parent company Microsol in the Emirate of Fujairah, UAE.

Solon was founded in Berlin in 1997 and, in the course of insolvency in 2012, bought up by the Arab-Indian group, Mircosol International LL FZE. A large module production facility was subsequently set up in Fujairah using German know-how. Solon modules will continue to be manufactured there in the future.

A majority of the 150 Berlin employees are now out of a job. This was confirmed to the news agency dpa by IG Metall. The blame rests not only with the company, but is also political. Redundancy package negotiations had been progressing reasonably well and Solon had acted properly as an employer, said an IG Metall spokesman. Solon, however, does not want to completely give up on Berlin as a location.

"A new office with 25 employees will open in the Neukölln district of Berlin," the company spokeswoman continued. Employees would continue to attend mainly to the handling of the production and sales of solar modules. The new office is directly affiliated to the Italian Solon SpA, which mainly takes care of sales in Europe, as evidenced by a letter to customers. Meanwhile, Solon solar modules will continue to be produced on its Greifswald site - but only in small quantities.

Translated by Kevin Campbell

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Global polysilicon market on course for 15% increase

Global sales of polysilicon will rise by more than 15% in 2014 to top $6 billion worldwide as surging demand from China and Japan fuels the market, say researchers from Bloomberg New Energy Finance (BNEF).

If realized, the forecast would see the market eclipse previous highs of three years ago, when a price war in 2011 created the biggest ever boom in polysilicon production. Since a global downturn in 2012, prices of polysilicon are on the rise again, with industry leaders GCL-Poly of China, and Germany's Wacker Chemie AG each expanding their production capabilities in anticipation of heightened demand.

"We are seeing a massive recovery in the entire solar industry, also in polysilicon," said IHS solar analyst, Stefan de Haan. "2013 was the year of the turnaround, and the situation will further improve in 2014." The analyst believes that utilization rates at polysilicon factories will be at their highest for two years after a period of enforced idle capacity caused by the global market depression.

According to BNEF, the market's rebound is being driven by demand in China and Japan. Of the estimated 44 GW of PV capacity set to be installed around the world this year, close to half will come from these two Asian countries, say the analysts.

"Japan has a fantastic subsidy that is fuelling a domestic boom, and there is significant demand and government support for new projects in China," said BNEF lead solar analyst Jenny Chase, alluding to Japan's generous FIT scheme that, despite a recent regression, is still one of the most attractive incentive schemes in the world. "The entire polysilicon industry will benefit from these booms."

Price corrections
The average price for polysilicon plunged by some 42% in 2012 and struggled all the way through 2013, increasing only from November. This year, the price could climb as high as $25 a kilogram, after hitting $21.75 a kilogram in late April. This would represent a 10% increase, said de Haan, who also predicts that revenue for suppliers will rise by 33% to $5 billion.

In the wake of China's introduction of tough import tariffs on South Korean and U.S.-made polysilicon in January, European suppliers could reap the benefits. Currently, more than half of the polysilicon used by Chinese solar companies comes from overseas. Although European companies are subject to duties of between 14.3% and 42%, these handicaps pale into comparison when put against U.S. companies, which must endure a 57% anti-dumping charge. OCI Co., the largest South Korean polysilicon producer, remains rather happy with its 2.4% tariff, and should see its revenues increase dramatically in 2014.

Markets have responded positively to the renewed profitability in polysilicon, with China’s GCL-Poly enjoying a share price increase of 48% on the Hong Kong Stock Exchange (SEHK) in the past 12 months. For Germany’s Wacker, share price has also risen by 43%, while OCI has enjoyed a 28% increase.

And as confidence returns, the demand surge is cascading down the value chain. BNEF has revealed that the number of Chinese companies producing polysilicon now stands at 15 – which is more than double last year. However, there is still some way to go until the market is able to match the peak levels of 2010, when more than 100 companies manufactured the material.

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UK PV sector on edge over possible policy changes

The United Kingdom’s solar and renewable energy sectors have blasted government plans to cut subsidies for solar farms.

According to local press reports, the government is expected to review the country’s support schemes for large-scale installations in the next few weeks.

PV farm operators in the U.K. are paid from fees levied on household energy bills. According to The Guardian newspaper, the owners of the approximately 200 solar farms across the country receive thousands of pounds under the subsidy program. That may soon change, however.

The U.K.’s Solar Trade Association expressed concern about a possible review of the Renewable Obligation (RO) and said it was expecting to soon meet with Secretary of State Ed Davey about the matter.

"The STA is seeking to get clarity for members from officials. Hundreds of millions of pounds is currently invested in projects not due to be built until next year and the STA is very concerned to safeguard investment as well as the health of the U.K. industry."

The trade organization added that support levels for ground-mounted solar already dropped 70% in the first two years of the feed-in tariff. “RO support levels for ground-mounted solar were equal to offshore wind two years ago, or 2 Renewable Obligation Certificates (ROC), but have since dropped a further 30% since to the current 1.4 ROC.

"We are disappointed to read that DECC [Department of Energy and Climate Change] is launching another review on the solar industry," said STA CEO Paul Barwell. "Investor confidence and market stability is absolutely essential in order to deliver sustained cost reductions for consumers and a healthy solar industry for U.K. plc. We are obviously on tenterhooks to see what changes DECC is proposing to make."

Barwell added that the industry has been concerned about what appears to be a coming shift in support towards mid-scale rooftops when the U.K. policy framework is inadequate for these scales.

"We have been pressing for reforms to the user-friendly feed-in tariffs for nearly a year to address this, something that must now happen urgently. We hope DECC will announce a major increase in the amount of mid/large solar roofs that can be delivered under FITs. Any changes to the RO for roof-mounted solar would undermine this objective because it is delivering very little rooftop deployment."

Barwell also warned that a hasty push for cheap solar would come at the cost of achieving quality in the solar farm industry, which he stressed was essential to retain public support.

Likewise responding with alarm at the news was Nina Skorupska, chief exec of the U.K.’s Renewable Energy Association (REA). She said a new report by the organization "shows that where policies are clear and stable, our industry can attract investment, create jobs and increase U.K. green energy. We’ve seen this in renewable electricity and we’re beginning to see it in renewable heat too.

"We also emphasize though that drastic changes to policy – to which solar power is no stranger – can lead to job losses and damage investor confidence across the renewables industry. We urge DECC to tread very carefully if it does indeed plan to review the support mechanisms for large scale solar. This sector is creating jobs and bringing down costs rapidly."

The Guardian reported that, according to sources, the "overall level of support for solar will stay the same," which may mean that subsidies for ground-mounted installations will indeed decline while funding for rooftop arrays will rise. A consultation on the matter is expected in the coming weeks.

Speaking to newspaper, Nick Boyle, CEO of Lightsource Renewable Energy, one of the U.K.'s largest PV developers, warned that "constant tariff cuts and government pressure act to undermine the work we do to provide clean, secure energy and put into serious question the very momentum we have worked so hard to build."

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Chinese suppliers solidify module dominance, finds IHS

Research from IHS' PV Integrated Market Tracker – Q1 2014 report has revealed that the world's leading solar module suppliers extended their dominance of the market in 2013, with Chinese companies once again leading the pack.

Of the world's top ten solar PV module suppliers last year, seven had their headquarters or bulk of their manufacturing operations in China, with Yingli Green Energy shipping 3.25 GW of solar modules in 2013, topping the charts. Following was Trina Solar, Canadian Solar, Sharp and Jinko Solar, according to IHS’ examination of 150 PV component manufacturers.

"The year 2013 marked the turnaround of global PV markets and the recovery of leading players in the PV industry," said IHS analyst for the solar supply chain, Jessica Jin. "Chinese and Japanese PV module suppliers benefited from the surge in demand in their markets, with China in particular accounting for more than a quarter of global installations in 2013 and becoming the leading region in the process."

Top table solidification
Growth at the sharp end of the global PV market extended by 24% last year to reach 38.7 GW in total. Yet despite China’s continuing dominance, market share of Chinese companies remained the same as in 2012, suggesting a slight loosening of their grip on the market: down slightly from 59% in 2012 to 57% last year.

Among the top 15 module suppliers, shipment share grew to 59% of the market – up from 51% in 2012 – with Japanese suppliers enjoying the most prominent rise, accounting for 17% of all global installations in 2013. Each of Japan's three largest suppliers climbed by several positions last year, led by Kyocera – which doubled its output in 2013 – and Solar Frontier, which grew by 60%.

Solar module companies from Europe accounted for 13% of the global market share last year, which is roughly the same share as 2011 and 2012, while suppliers from the U.S. experienced a slight dip in exposure to global markets, shrinking from 13% in 2011 to 9% last year.

Looking ahead for the remainder of 2014, the IHS report suggests a positive outlook for the sector, boosted by a more balanced supply/demand relationship. Global installations are expected to tilt eastwards towards Asia, with China’s major suppliers set to reinvigorate efforts to add more manufacturing capacity, seek greater collaboration with OEM partners, and invest in the acquisition and upgrade of greater facilities. According to IHS, each of JA Solar, Trina Solar and Yingli will pursue the extension of manufacturing capacity significantly in 2014.

"Although the industry is witnessing a long-term trend to more recognized PV production, the current installation boom in China and Japan is triggering capacity expansion, predominantly in China," added IHS principal analyst for solar, Stefan de Haan. "The combined market share of the Chinese module suppliers will go up again this year – a nice recovery since flattening during the years of the solar eclipse," he said.

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