Santa Clara, United States California.
Applied Materials has reported results for its first quarter of fiscal 2011 ended Jan. 30, 2011. Applied generated orders of $2.97 billion, net sales of $2.69 billion, operating income of $674 million, and net income of $506 million or $0.38 per share. Non-GAAP operating income was $659 million, and non-GAAP net income was $484 million or $0.36 per share.
"Applied's solid first quarter was driven by continued strength in semiconductor systems and record profitability in solar," said Mike Splinter, chairman and chief executive officer. "We see momentum building in our end markets and expect our company's fiscal year revenue to be more than $11 billion, exceeding our previous record by over a billion dollars. We now expect wafer fab equipment spending to be up 10 to 15 percent from approximately $31 billion in calendar 2010, with crystalline silicon solar equipment spending rising by more than 30 percent year over year."
"On a year-over-year basis, our non-GAAP earnings per share grew more than 170 percent on a 45 percent increase in net sales, demonstrating our focus on operating efficiencies and profitability improvement," said George Davis, executive vice president and chief financial officer. "With the improving market outlook, we expect to deliver record non-GAAP earnings of more than $1.50 per share in fiscal 2011."
Energy and Environmental Solutions (EES) had record orders of $668 million in the first quarter, up 22 percent from the fourth quarter of fiscal 2010. Net sales were $476 million, down 22 percent from the fourth quarter which included $230 million in thin film equipment sales. Net sales of crystalline silicon equipment set a record in the first quarter. Operating income increased to $144 million or 30 percent of net sales and included a favorable adjustment of $28 million related to a previously announced restructuring program. Excluding this adjustment, operating income would have been 24 percent of net sales.
Additional Quarterly Financial Information
Gross margin was 42.3 percent, slightly higher than 42.2 percent in the fourth quarter.
Operating cash flow was $425 million or 16 percent of net sales.
Cash dividend payments totaled $93 million.
The company used $150 million to repurchase 10.9 million shares of its common stock.
Cash, cash equivalents and investments increased to $4.10 billion at quarter end.
The effective tax rate was 25.5 percent and included a benefit related to the reinstatement of the federal R&D tax credit, which lowered the rate by 1.9 points.
Backlog increased by $292 million to $3.54 billion.
For the second quarter of fiscal 2011, Applied expects net sales to be in the range of flat to up 5 percent quarter over quarter. The company expects non-GAAP EPS to be in the range of $0.34 to $0.38, which excludes known charges related to completed acquisitions of approximately $0.01 per share.
Go Solar!!
Monday, February 28, 2011
Sunday, February 27, 2011
Technologies ..
Three key elements in a solar cell form the basis of its manufacturing technology. The first is the semiconductor, which absorbs light and converts it into electron-hole pairs. The second is the semiconductor junction, which separates the photo-generated carriers (electrons and holes), and the third is the contacts on the front and back of the cell that allow the current to flow to the external circuit. The two main categories of technology are defined by the choice of the semiconductor: either crystalline silicon in a wafer form or thin films of other materials.
Crystalline Silicon Solar Cells – Market Share 80-90%
Historically, crystalline silicon (c-Si) has been used as the light-absorbing semiconductor in most solar cells, even though it is a relatively poor absorber of light and requires a considerable thickness (several hundred microns) of material. Nevertheless, it has proved convenient because it yields stable solar cells with good efficiencies (15-17%, half to two-thirds of the theoretical maximum) and uses process technology developed from the huge knowledge base of the microelectronics industry.
Two types of crystalline silicon are used in the industry. The first is monocrystalline, produced by slicing wafers (up to 150 mm diameter and 200 microns thick) from a high-purity single crystal boule. The second is multicrystalline silicon, made by sawing a cast block of silicon first into bars and then into wafers. The main trend in crystalline silicon cell manufacture involves a move toward multicrystalline technology.
For both mono and multicrystalline Si, a semiconductor junction is formed by diffusing phosphorus into the top surface of the silicon wafer. Screen-printed contacts are applied to the front and rear of the cell, with the front contact pattern specially designed to allow maximum light exposure of the Si material with minimum electrical losses in the cell.
Some companies are trying to bypass the inefficiencies of crystal growth/casting and wafer sawing processes by using new production technologies, even though these processes have issues involving lower growth/pulling rates, poorer uniformity, and surface roughness. One method grows a ribbon of silicon, either as a plain two-dimensional strip or as an octagonal column, by pulling it from a silicon melt. Another method melts silicon powder on an inexpensive conducting substrate.
Each c-Si cell generates about 0.5 volts. Cells are usually soldered together in a series to produce a module with higher output voltage. The cells are hermetically sealed under toughened, high transmission glass to produce highly reliable, weather resistant modules that may be warranted for up to 25 years. Modules are designed to meet rigorous certification tests set by international standards agencies. Click here for more details on PV module certification.
Thin Film Solar Cells – Market Share: 10-20%
The high cost of crystalline silicon wafers has led the industry to look at less expensive materials to make solar cells. The selected materials have all been strong light absorbers. They also only need to be about 1 micron thick, so materials costs can be significantly reduced.
The most common materials used are amorphous silicon (a-Si), or the polycrystalline materials: cadmium telluride (CdTe), copper indium (gallium), and diselenide (CIS or CIGS). Each of these materials can be deposited over a large area onto substrates of about 1 meter, and hence can be used for high volume manufacturing. The thin film semiconductor layers are deposited onto either coated glass or a stainless steel sheet. A transparent conducting oxide layer forms the front electrical contact of the cell, and a metal layer forms the rear contact.
Amorphous silicon is the most developed of the complex thin film technologies. In its simplest form, the cell structure has a single sequence of p-i-n layers. Such cells suffer from significant degradation in their power output (in the range of 15-35%) when exposed to the sun. Thinner layers can be used to increase the electric field strength across the material and to provide better stability. However, the use of thinner layers reduces light absorption, and hence cell efficiency.
The industry has developed tandem and even triple layer devices that contain p-i-n cells, stacked one on top of the other. In the cell, at the base of the structure, the a-Si is sometimes alloyed with germanium to reduce its band gap and to further improve light absorption. This added complexity has a downside though; the processes are more complicated, and process yields are likely to be lower.
Thin film cells are laminated to produce a weather-resistant and environmentally-robust module. Although they are less efficient, thin films are potentially cheaper than c-Si because of their lower materials costs and larger substrate.
One interesting avenue for further development of amorphous silicon is the use of microcrystalline silicon, which seeks to combine the stable high efficiencies of c-Si technology with the simpler and cheaper large-area deposition technology of a-Si.
Emerging thin film technologies are starting to make significant progress in grid-connect markets, but crystalline technologies continue to dominate. Thin films have long held a niche position in low power (<50W) and consumer electronics applications. Thin film may offer particular design options for building integrated applications.
Developing Technologies: Concentrators
Solar cells usually operate more efficiently under concentrated light. This has led to the development of a range of approaches using mirrors or lenses to focus light onto specially designed cells. Heat sinks, or active cooling of the cells, have also been used to dissipate the large amount of generated heat. Unlike conventional flat plate PV arrays, concentrator systems require direct sunlight, and will not operate under cloudy conditions. They generally follow the sun's path through the sky during the day by use of a tracking mechanism.
Concentrators have not yet achieved widespread application in photovoltaics, but solar concentration has been widely used in solar thermal electricity generation technology. For example, generated heat has been used to power a turbine.
Batteries
Rechargeable batteries are the most effective storage mechanism available. Remaining capacity can be used up by the electrochemical conversion process of the battery. Battery storage capacity is rated in ampere hours, which is the current delivered by the battery over a set number of hours, at a normal voltage, and at a temperature of 25ºC.
Most PV systems use lead acid batteries or conventional flooded batteries. Nickel cadmium batteries are usually the best option when very high reliability is required.
Charge Controllers
A charge controller is used to prevent over- and under-charging of the battery. A charge controller is typically necessary if the peak charging rate of the solar module is more than 1.5% of the battery ampere hour capacity. The quality of the regulator is a key factor in the reliability of the overall system because it aligns the depth of discharge with the battery temperature and the rate of discharge. Blocking diodes perform the role of preventing reverse discharge of the battery through the modules at times of low to no sunlight. This prevents damage to the modules and reduces energy loss.
Monitoring current and voltage throughout the system is important for safety and overall system performance. A voltmeter will monitor the performance of the battery, while an ammeter monitors the output of the solar modules.
Go Solar
Crystalline Silicon Solar Cells – Market Share 80-90%
Historically, crystalline silicon (c-Si) has been used as the light-absorbing semiconductor in most solar cells, even though it is a relatively poor absorber of light and requires a considerable thickness (several hundred microns) of material. Nevertheless, it has proved convenient because it yields stable solar cells with good efficiencies (15-17%, half to two-thirds of the theoretical maximum) and uses process technology developed from the huge knowledge base of the microelectronics industry.
Two types of crystalline silicon are used in the industry. The first is monocrystalline, produced by slicing wafers (up to 150 mm diameter and 200 microns thick) from a high-purity single crystal boule. The second is multicrystalline silicon, made by sawing a cast block of silicon first into bars and then into wafers. The main trend in crystalline silicon cell manufacture involves a move toward multicrystalline technology.
For both mono and multicrystalline Si, a semiconductor junction is formed by diffusing phosphorus into the top surface of the silicon wafer. Screen-printed contacts are applied to the front and rear of the cell, with the front contact pattern specially designed to allow maximum light exposure of the Si material with minimum electrical losses in the cell.
Some companies are trying to bypass the inefficiencies of crystal growth/casting and wafer sawing processes by using new production technologies, even though these processes have issues involving lower growth/pulling rates, poorer uniformity, and surface roughness. One method grows a ribbon of silicon, either as a plain two-dimensional strip or as an octagonal column, by pulling it from a silicon melt. Another method melts silicon powder on an inexpensive conducting substrate.
Each c-Si cell generates about 0.5 volts. Cells are usually soldered together in a series to produce a module with higher output voltage. The cells are hermetically sealed under toughened, high transmission glass to produce highly reliable, weather resistant modules that may be warranted for up to 25 years. Modules are designed to meet rigorous certification tests set by international standards agencies. Click here for more details on PV module certification.
Thin Film Solar Cells – Market Share: 10-20%
The high cost of crystalline silicon wafers has led the industry to look at less expensive materials to make solar cells. The selected materials have all been strong light absorbers. They also only need to be about 1 micron thick, so materials costs can be significantly reduced.
The most common materials used are amorphous silicon (a-Si), or the polycrystalline materials: cadmium telluride (CdTe), copper indium (gallium), and diselenide (CIS or CIGS). Each of these materials can be deposited over a large area onto substrates of about 1 meter, and hence can be used for high volume manufacturing. The thin film semiconductor layers are deposited onto either coated glass or a stainless steel sheet. A transparent conducting oxide layer forms the front electrical contact of the cell, and a metal layer forms the rear contact.
Amorphous silicon is the most developed of the complex thin film technologies. In its simplest form, the cell structure has a single sequence of p-i-n layers. Such cells suffer from significant degradation in their power output (in the range of 15-35%) when exposed to the sun. Thinner layers can be used to increase the electric field strength across the material and to provide better stability. However, the use of thinner layers reduces light absorption, and hence cell efficiency.
The industry has developed tandem and even triple layer devices that contain p-i-n cells, stacked one on top of the other. In the cell, at the base of the structure, the a-Si is sometimes alloyed with germanium to reduce its band gap and to further improve light absorption. This added complexity has a downside though; the processes are more complicated, and process yields are likely to be lower.
Thin film cells are laminated to produce a weather-resistant and environmentally-robust module. Although they are less efficient, thin films are potentially cheaper than c-Si because of their lower materials costs and larger substrate.
One interesting avenue for further development of amorphous silicon is the use of microcrystalline silicon, which seeks to combine the stable high efficiencies of c-Si technology with the simpler and cheaper large-area deposition technology of a-Si.
Emerging thin film technologies are starting to make significant progress in grid-connect markets, but crystalline technologies continue to dominate. Thin films have long held a niche position in low power (<50W) and consumer electronics applications. Thin film may offer particular design options for building integrated applications.
Developing Technologies: Concentrators
Solar cells usually operate more efficiently under concentrated light. This has led to the development of a range of approaches using mirrors or lenses to focus light onto specially designed cells. Heat sinks, or active cooling of the cells, have also been used to dissipate the large amount of generated heat. Unlike conventional flat plate PV arrays, concentrator systems require direct sunlight, and will not operate under cloudy conditions. They generally follow the sun's path through the sky during the day by use of a tracking mechanism.
Concentrators have not yet achieved widespread application in photovoltaics, but solar concentration has been widely used in solar thermal electricity generation technology. For example, generated heat has been used to power a turbine.
Batteries
Rechargeable batteries are the most effective storage mechanism available. Remaining capacity can be used up by the electrochemical conversion process of the battery. Battery storage capacity is rated in ampere hours, which is the current delivered by the battery over a set number of hours, at a normal voltage, and at a temperature of 25ºC.
Most PV systems use lead acid batteries or conventional flooded batteries. Nickel cadmium batteries are usually the best option when very high reliability is required.
Charge Controllers
A charge controller is used to prevent over- and under-charging of the battery. A charge controller is typically necessary if the peak charging rate of the solar module is more than 1.5% of the battery ampere hour capacity. The quality of the regulator is a key factor in the reliability of the overall system because it aligns the depth of discharge with the battery temperature and the rate of discharge. Blocking diodes perform the role of preventing reverse discharge of the battery through the modules at times of low to no sunlight. This prevents damage to the modules and reduces energy loss.
Monitoring current and voltage throughout the system is important for safety and overall system performance. A voltmeter will monitor the performance of the battery, while an ammeter monitors the output of the solar modules.
Go Solar
Saturday, February 26, 2011
A guide to Solar Cell Manufacturing and Equipment trends
The solar capital equipment spending market has now grown into a sizable industry, and provides significant revenue opportunities for tool suppliers. With a variety of technologies utilized and diverse supply chains, understanding tool opportunities and trends has become increasingly challenging.
The Solarbuzz PV Equipment Quarterly report delivers unparalleled views into solar production, capacity and equipment spending. The quarterly expert analysis and detailed database covers technology trends and equipment spending, supply chain tool demand, technology roadmap adoption rates and more. This report even provides quarterly resolution on market shares for cell types and production tools.
Make short-term and long-term product planning decisions
Assess historical SAM and determine market share
Understand which production methods and technologies are gaining traction
Plan competitive strategy
Data Covered
Data and analysis on over 300 midstream PV cell and thin-film panel manufacturers and 420 midstream PV fabs
Capacity and production data on 1000+ capacity expansion phases
Historical and forecast production and utilization from 2005 – 2014
Technology trends, equipment spending and supply-chain demand
Current quarter analysis of production methods and tool supply
Process tool equipment spending and addressable market data for equipment suppliers
Key Questions Answered
Which solar technologies will emerge in this growing industry?
What geographic regions will become hubs for future solar manufacturing?
What emerging trends will impact the industry over the next quarter?
What production methods are gaining traction within the marketplace?
How are key competitors moving forward with capacity and production plants?
Go Solar today!!
The Solarbuzz PV Equipment Quarterly report delivers unparalleled views into solar production, capacity and equipment spending. The quarterly expert analysis and detailed database covers technology trends and equipment spending, supply chain tool demand, technology roadmap adoption rates and more. This report even provides quarterly resolution on market shares for cell types and production tools.
Make short-term and long-term product planning decisions
Assess historical SAM and determine market share
Understand which production methods and technologies are gaining traction
Plan competitive strategy
Data Covered
Data and analysis on over 300 midstream PV cell and thin-film panel manufacturers and 420 midstream PV fabs
Capacity and production data on 1000+ capacity expansion phases
Historical and forecast production and utilization from 2005 – 2014
Technology trends, equipment spending and supply-chain demand
Current quarter analysis of production methods and tool supply
Process tool equipment spending and addressable market data for equipment suppliers
Key Questions Answered
Which solar technologies will emerge in this growing industry?
What geographic regions will become hubs for future solar manufacturing?
What emerging trends will impact the industry over the next quarter?
What production methods are gaining traction within the marketplace?
How are key competitors moving forward with capacity and production plants?
Go Solar today!!
Friday, February 25, 2011
SunEdison Awarded Additional 31 MW of Solar Projects ...02.25.2011
Toronto,Canada Ontario
SunEdison has been awarded 31 Megawatts AC of solar photovoltaic projects by The Ontario Power Authority as part of the province's Feed-in Tariff program. This adds to the 28 MW of ground-mount and rooftop solar projects already deployed by SunEdison in Ontario.
With more than 390 solar deployments worldwide, SunEdison will leverage our global experience to finance, build, operate, monitor and maintain the additional five photovoltaic solar energy systems in Ontario. Located in communities across the province including Mississauga, Whitby, Drummond, Rideau Lakes and Ingleside, the projects will generate over 47 million kilowatt hours (kWh) of clean energy in the first year of operation and produce over 873 million kWh over 20 years. That is enough energy to power more than 76,000 average Canadian homes for one year.
"As a leading worldwide provider of solar energy services, SunEdison has the experience and capabilities required to play a pivotal role in building Canada's renewable energy industry," said Jason Gray, Canada Country Manager for SunEdison. "We believe that solar energy is a key component of the province's energy mix and that by working closely with government and business partners, we can create jobs, generate green power and ensure a sustainable renewable energy sector for Ontario."
SunEdison was awarded two (2) 10 MW projects in Rideau Lakes, one (1) 10MW project in South Stormont, one (1) 500kW project in Mississauga, and one (1) 500kW project in Whitby.
Go Solar!
SunEdison has been awarded 31 Megawatts AC of solar photovoltaic projects by The Ontario Power Authority as part of the province's Feed-in Tariff program. This adds to the 28 MW of ground-mount and rooftop solar projects already deployed by SunEdison in Ontario.
With more than 390 solar deployments worldwide, SunEdison will leverage our global experience to finance, build, operate, monitor and maintain the additional five photovoltaic solar energy systems in Ontario. Located in communities across the province including Mississauga, Whitby, Drummond, Rideau Lakes and Ingleside, the projects will generate over 47 million kilowatt hours (kWh) of clean energy in the first year of operation and produce over 873 million kWh over 20 years. That is enough energy to power more than 76,000 average Canadian homes for one year.
"As a leading worldwide provider of solar energy services, SunEdison has the experience and capabilities required to play a pivotal role in building Canada's renewable energy industry," said Jason Gray, Canada Country Manager for SunEdison. "We believe that solar energy is a key component of the province's energy mix and that by working closely with government and business partners, we can create jobs, generate green power and ensure a sustainable renewable energy sector for Ontario."
SunEdison was awarded two (2) 10 MW projects in Rideau Lakes, one (1) 10MW project in South Stormont, one (1) 500kW project in Mississauga, and one (1) 500kW project in Whitby.
Go Solar!
Thursday, February 24, 2011
PsomasFMG Signs $20M PPA with Orange County ...02.24.2011
Santa Ana,United States California.
PsomasFMG has signed a Power Purchase Agreement valued at approximately $20 million with Orange County, California. PsomasFMG will design, engineer, build, operate and maintain a solar power system that may range up to 4 MW and be installed at approximately seven sites.
The PPA will lock in stable electricity costs, and is expected to reduce the County's expenditures on energy. Over the term of the 20-year PPA, it is estimated that the County could save as much as $5.3 million from a 4 MW installation and by purchasing electricity from the system as compared to the expected costs for electricity supplied by Southern California Edison.
"Orange County's Power Purchase Agreement with PsomasFMG represents a great partnership and big step forward in the County's solar power generation efforts," said Supervisor Bill Campbell, chairman of the Orange County Board of Supervisors. "It also paves the way for the County becoming a national leader in clean renewable energy."
The solar energy project will provide green electricity to County facilities, and is expected to help stimulate the local economy by creating approximately 290 jobs. The solar power system will feature photovoltaic (PV) panels mounted atop carport structures, as well as a ground-mounted system at one of the sites. The solar power system is expected to be fully operational by fourth quarter of 2011.
"The installation of the 4 MW solar power system is another smart move for the County as we work to reduce energy costs," said James Campbell, manager, Land Development and Renewable Energy Initiatives, Orange County Public Works. "This project helps to meet the County's goal of providing an infrastructure that can be replicated by local municipalities in this market."
The Orange County project is one in a string of recent deals for PsomasFMG. The fast-growing company is currently working with multiple public entities and institutional clients on solar installations totaling 25 MW, and it will begin construction on another 10 MW during the fall of 2011. Last year— for the Antelope Valley Union High School District—the solar developer designed, engineered, financed, constructed and began to operate the largest school-based solar project to date in the United States.
"Orange County is just the latest government taking the smart step of working with us to both reduce their energy costs and their carbon footprint," said Paul Mikos, executive vice president of PsomasFMG. "With absolutely no money down from our client, we develop and build the entire project, and our clients reap the benefit of lower and more stable electricity bills."
Go for Solar!
PsomasFMG has signed a Power Purchase Agreement valued at approximately $20 million with Orange County, California. PsomasFMG will design, engineer, build, operate and maintain a solar power system that may range up to 4 MW and be installed at approximately seven sites.
The PPA will lock in stable electricity costs, and is expected to reduce the County's expenditures on energy. Over the term of the 20-year PPA, it is estimated that the County could save as much as $5.3 million from a 4 MW installation and by purchasing electricity from the system as compared to the expected costs for electricity supplied by Southern California Edison.
"Orange County's Power Purchase Agreement with PsomasFMG represents a great partnership and big step forward in the County's solar power generation efforts," said Supervisor Bill Campbell, chairman of the Orange County Board of Supervisors. "It also paves the way for the County becoming a national leader in clean renewable energy."
The solar energy project will provide green electricity to County facilities, and is expected to help stimulate the local economy by creating approximately 290 jobs. The solar power system will feature photovoltaic (PV) panels mounted atop carport structures, as well as a ground-mounted system at one of the sites. The solar power system is expected to be fully operational by fourth quarter of 2011.
"The installation of the 4 MW solar power system is another smart move for the County as we work to reduce energy costs," said James Campbell, manager, Land Development and Renewable Energy Initiatives, Orange County Public Works. "This project helps to meet the County's goal of providing an infrastructure that can be replicated by local municipalities in this market."
The Orange County project is one in a string of recent deals for PsomasFMG. The fast-growing company is currently working with multiple public entities and institutional clients on solar installations totaling 25 MW, and it will begin construction on another 10 MW during the fall of 2011. Last year— for the Antelope Valley Union High School District—the solar developer designed, engineered, financed, constructed and began to operate the largest school-based solar project to date in the United States.
"Orange County is just the latest government taking the smart step of working with us to both reduce their energy costs and their carbon footprint," said Paul Mikos, executive vice president of PsomasFMG. "With absolutely no money down from our client, we develop and build the entire project, and our clients reap the benefit of lower and more stable electricity bills."
Go for Solar!
Wednesday, February 23, 2011
SunPower Reports Fourth Quarter and 2010 Results ...February ~ 2011
San Jose, CA United States California ~ Solar in the works!
SunPower Corporation has announced financial results for its 2010 fourth quarter and fiscal year which ended January 2, 2011.
Fourth quarter GAAP revenues were $937.1M while full year revenues reached $2,219M. Gross margin for fourth quarter was 25.4% and net income $152.3M.
"SunPower's outstanding results in the fourth quarter and 2010 reflect strong execution of our strategy as we achieved annual revenue growth of 46% and materially exceeded the high end of our non-GAAP annual earnings per share guidance given at our Analyst Conference in November," said Tom Werner, SunPower CEO. "Operationally, we successfully integrated our acquisition of SunRay Renewable Ventures which significantly contributed to recognizing revenue on more than 100 megawatts (MW) of power plants in Europe in 2010. We also increased our global dealer network to 1,500 partners and are on our way to 2,000 partners this year. In addition, we commenced operations of our Fab 3 Malaysian joint venture and we are on track to produce more than a third of our solar cells at Fab 3 this year. Due to the success of our accelerated cost reduction roadmap, we are on plan to achieve our efficiency-adjusted panel cost goal of $1.08 per watt in the fourth quarter of 2011. Given our strong 2010 performance, robust downstream demand and strong visibility, we are confident in our ability to deliver on our improved 2011 plan."
Key milestones achieved by the company since the third quarter of 2010 include:
Announced agreement to sell 250 MW California Valley Solar Ranch power plant to NRG Solar
Executed industry's first publicly-rated solar project bonds, approximately euro 195 million, and sold 72 MW Montalto Solar Park
Dedicated 1,400 MW Fab 3 joint venture in Malaysia with AU Optronics
Signed three power purchase agreements with Southern California Edison totaling 711 MW
Expanded global utility and power plant pipeline to more than 5 GW in 2010
Achieved record North American Commercial backlog — 90% booked for 2011
Awarded largest school contract in the US - 11 MW dc at 51 schools
Added approximately 500 partners to global dealer network in 2010 — exited year with 1,500 partners
"Our strong operating performance in the fourth quarter, coupled with our successful financing and sale of power plants globally, resulted in ending cash of more than $900 million in 2010," said Dennis Arriola, SunPower CFO. "We enter 2011 with a strong balance sheet, ample liquidity and a continued focus on improving our cash flow from operations and working capital management. Given the strong visibility of our 2011 revenue plan and our confidence in achieving our goals, we have hedged more than 65% of our expected European business at a rate of 1 euro to $1.34 U.S. dollars. As a result of the continued growth the solar industry and in our backlog of business, we have increased our revenue and earnings per share guidance for the first quarter and for full year 2011 from the forecast we provided at our Analyst Conference in November."
Guidance is for $2.8-2.95bn in 2011 revenues, with gross margin (GAAP) in the 19-21% range. First quarter 2011 revenue guidance is $475 - $525M.
Go Green, Go Solar!
SunPower Corporation has announced financial results for its 2010 fourth quarter and fiscal year which ended January 2, 2011.
Fourth quarter GAAP revenues were $937.1M while full year revenues reached $2,219M. Gross margin for fourth quarter was 25.4% and net income $152.3M.
"SunPower's outstanding results in the fourth quarter and 2010 reflect strong execution of our strategy as we achieved annual revenue growth of 46% and materially exceeded the high end of our non-GAAP annual earnings per share guidance given at our Analyst Conference in November," said Tom Werner, SunPower CEO. "Operationally, we successfully integrated our acquisition of SunRay Renewable Ventures which significantly contributed to recognizing revenue on more than 100 megawatts (MW) of power plants in Europe in 2010. We also increased our global dealer network to 1,500 partners and are on our way to 2,000 partners this year. In addition, we commenced operations of our Fab 3 Malaysian joint venture and we are on track to produce more than a third of our solar cells at Fab 3 this year. Due to the success of our accelerated cost reduction roadmap, we are on plan to achieve our efficiency-adjusted panel cost goal of $1.08 per watt in the fourth quarter of 2011. Given our strong 2010 performance, robust downstream demand and strong visibility, we are confident in our ability to deliver on our improved 2011 plan."
Key milestones achieved by the company since the third quarter of 2010 include:
Announced agreement to sell 250 MW California Valley Solar Ranch power plant to NRG Solar
Executed industry's first publicly-rated solar project bonds, approximately euro 195 million, and sold 72 MW Montalto Solar Park
Dedicated 1,400 MW Fab 3 joint venture in Malaysia with AU Optronics
Signed three power purchase agreements with Southern California Edison totaling 711 MW
Expanded global utility and power plant pipeline to more than 5 GW in 2010
Achieved record North American Commercial backlog — 90% booked for 2011
Awarded largest school contract in the US - 11 MW dc at 51 schools
Added approximately 500 partners to global dealer network in 2010 — exited year with 1,500 partners
"Our strong operating performance in the fourth quarter, coupled with our successful financing and sale of power plants globally, resulted in ending cash of more than $900 million in 2010," said Dennis Arriola, SunPower CFO. "We enter 2011 with a strong balance sheet, ample liquidity and a continued focus on improving our cash flow from operations and working capital management. Given the strong visibility of our 2011 revenue plan and our confidence in achieving our goals, we have hedged more than 65% of our expected European business at a rate of 1 euro to $1.34 U.S. dollars. As a result of the continued growth the solar industry and in our backlog of business, we have increased our revenue and earnings per share guidance for the first quarter and for full year 2011 from the forecast we provided at our Analyst Conference in November."
Guidance is for $2.8-2.95bn in 2011 revenues, with gross margin (GAAP) in the 19-21% range. First quarter 2011 revenue guidance is $475 - $525M.
Go Green, Go Solar!
Tuesday, February 22, 2011
JA Solar Announces 4th Quarter & Full Year 2010 Results 02.23.11
China.JA Solar yesterday announced its financial results for its fourth quarter and full year ended December 31, 2010.
Fourth Quarter and Full Year 2010 Financial and Operating Highlights:
Record fourth quarter shipments of 463MW, an increase of 11% sequentially and 100% year-over-year
Full Year 2010 shipments grew to 1.46 GW, an increase of 187% over 2009
Full Year 2010 revenue of $1.78 billion, an increase of 211% from $572.5 million in 2009
Annual gross margin of 21.7%, up from 12.8% in 2009
Full year 2010 operating income of $299.6 million and operating margin of 16.8%
Full year 2010 net income of $266 million and GAAP diluted EPS of $1.61
Fourth quarter revenue of $584.3 million, operating income of $89.5 million and operating margin of 15.3%
Fourth quarter net income of $118.7 million and GAAP diluted EPS of $0.59, a sequential increase of 24.3%
Diversified global customer base in Q4: 53% international customers and 47% domestic customers
Cash balance of $346.9 million and working capital of $662.8 million
"2010 was a transformational year for our company, with annual revenues growing by 211% and shipments rising by 187% as we enhanced our position as one of the global leaders in the solar industry," said Dr. Peng Fang, CEO of JA Solar. "During the year, we firmly established JA Solar as the market leader in solar cell production and shipment. Customers worldwide responded to our clear advantages in technology, quality and cost, enabling us to build a very healthy and diversified global customer base."
"Our results in 2010 are clear proof of the success of our emphasis on developing long term partnerships with the major players in the solar industry. Today, a growing number of top tier solar companies worldwide consider JA Solar to be their strategic supply partner of choice for high-quality, low-cost PV products."
"As one of the world's largest solar cell producers, JA Solar is well-positioned to take advantage of robust industry growth in 2011. With demand for our products currently well ahead of what we can produce, we intend to quickly ramp up production capacity in 2011. In particular, we intend to increase solar cell production capacity to more than 3GW, while module capacity is expected to increase to 800MW and wafer capacity to 600MW by year-end. We also intend to continue focusing on developing innovative new technologies that can enable us to further optimize our cost structure and ensure that our high quality solar products are even more attractive to our customers."
Fourth Quarter 2010 Financial Results
Total shipments in the fourth quarter of 2010 were a record 463MW, compared with third quarter shipments of 418MW, representing sequential growth of 11%. Compared with the same period last year, shipments grew 100% from 231MW.
Revenue in the fourth quarter of 2010 was RMB 3.9 billion ($584.3 million), an increase of 6.6% compared to RMB 3.6 billion ($548.3 million) reported in the third quarter of 2010 and an increase of 137% from RMB 1.6 billion ($246.5 million) reported in the fourth quarter of 2009.
Gross profit in the fourth quarter of 2010 was RMB 740.4 million ($112.2 million), compared with RMB 816.0 million ($123.6 million) in the third quarter of 2010 and RMB 335.0 million ($50.8 million) in the fourth quarter of 2009. Gross margin was 19.2% in the fourth quarter of 2010, compared with 22.5% in the third quarter of 2010 and 20.6% in the fourth quarter of 2009.
Total operating expenses in the fourth quarter of 2010 were RMB 149.8 million ($22.7 million), compared with RMB 146.7 million ($22.2 million) in the third quarter of 2010 and RMB 88.3 million ($13.4 million) in the fourth quarter of 2009.
Operating income in the fourth quarter of 2010 was RMB 590.7 million ($89.5 million), compared with RMB 669.3 million ($101.4 million) in the third quarter of 2010 and RMB 246.7 million ($37.4 million) in the fourth quarter of 2009. Operating margin was 15.3% in the fourth quarter of 2010, compared with 18.5% in the third quarter of 2010 and 15.2% in the fourth quarter of 2009.
Earnings per diluted ADS in the fourth quarter of 2010 were RMB 3.90 ($0.59), an increase of 24% compared with RMB 3.14 ($0.48) in the third quarter of 2010 and an increase of 366% compared with RMB 0.84 ($0.13) in the fourth quarter of 2009.
Included in other income are significant transactions from activities other than normal business operations:
$34.6 million of proceeds from sales of Lehman Notes. The $100 million face-value USD 3-Month LCMNER Index-Linked Note was issued by Lehman Brothers Treasury Co. B.V. incorporated in The Netherlands and was previously written off as a result of the bankruptcy of Lehman Brothers and its affiliates. The proceeds from Lehman Notes resulted in a $0.20 gain per diluted ADS.
Non-cash gain on change in fair value of derivatives was mainly related to a convertible bond issued in May 2008. Embedded derivative was calculated using a valuation model with many input assumptions such as interest rate yield curve, foreign exchange rates, stock price, volatility, expected terms, risk-free rate and fundamental change event probabilities. This gain had a positive impact of $0.13 on basic earnings per ADS. However, due to dilution, the gain of $21.9 million was excluded from the calculation of diluted earnings per share and the share count was increased by 7.5 million shares to 172.3 million shares assuming that the convertible bonds were converted at the beginning of the quarter. The calculation reduced diluted earnings per ADS by $0.13.
The Company also recorded a net loss from discontinuing operations of $3.0 million associated with the potential sale of the 3MW solar power plant. This solar power plant was previously recorded in fixed assets. In conjunction with the potential sale, the operating results of this project have been reclassified out of continuing operations for all periods presented. The loss had an impact of $0.02 per ADS in the fourth quarter.
In the fourth quarter of 2010, the Company generated operating cash flow of RMB 169.0 million ($25.6 million) or RMB 0.98 ($0.15) per diluted ADS.
Full Year 2010 Results
Full year 2010 shipments were 1.46GW, an increase of 187%, from 509MW in full year 2009.
Total revenue for full year 2010 was RMB 11.8 billion ($1.8 billion), an increase of 211% compared with RMB 3.8 billion ($572.5 million) in full year 2009.
Total gross profit in full year 2010 was RMB 2.55 billion ($385.8 million) or 21.7%, compared with RMB 482.1 million ($73.0 million) or 12.8% in full year 2009. Operating income for full year 2010 was RMB 1.98 billion ($299.6 million), compared with RMB 93.7 million ($14.2 million) in full year 2009. In full year 2010, net income per diluted ADS was RMB 10.61 ($1.61), compared with a net loss per diluted ADS of RMB 1.20 (a loss of $0.18) in full year 2009.
For full year 2010, the Company generated an operating cash flow of RMB 1.3 billion ($193.9 million) or RMB 7.48 ($1.13) per diluted ADS.
Full Year 2011 Outlook
Based on strong customer demand for JA Solar's products and a number of new customer wins, the Company currently expects total cell and module shipments to exceed 2.2GW in 2011, representing an increase of approximately 50% compared to 2010. Module shipments are expected to be approximately 500MW to 600MW. Sales contracts signed to date for 2011 delivery amount to more than 2GW, representing approximately 90% of the Company's expected shipments for 2011.
Time to go Green!
Fourth Quarter and Full Year 2010 Financial and Operating Highlights:
Record fourth quarter shipments of 463MW, an increase of 11% sequentially and 100% year-over-year
Full Year 2010 shipments grew to 1.46 GW, an increase of 187% over 2009
Full Year 2010 revenue of $1.78 billion, an increase of 211% from $572.5 million in 2009
Annual gross margin of 21.7%, up from 12.8% in 2009
Full year 2010 operating income of $299.6 million and operating margin of 16.8%
Full year 2010 net income of $266 million and GAAP diluted EPS of $1.61
Fourth quarter revenue of $584.3 million, operating income of $89.5 million and operating margin of 15.3%
Fourth quarter net income of $118.7 million and GAAP diluted EPS of $0.59, a sequential increase of 24.3%
Diversified global customer base in Q4: 53% international customers and 47% domestic customers
Cash balance of $346.9 million and working capital of $662.8 million
"2010 was a transformational year for our company, with annual revenues growing by 211% and shipments rising by 187% as we enhanced our position as one of the global leaders in the solar industry," said Dr. Peng Fang, CEO of JA Solar. "During the year, we firmly established JA Solar as the market leader in solar cell production and shipment. Customers worldwide responded to our clear advantages in technology, quality and cost, enabling us to build a very healthy and diversified global customer base."
"Our results in 2010 are clear proof of the success of our emphasis on developing long term partnerships with the major players in the solar industry. Today, a growing number of top tier solar companies worldwide consider JA Solar to be their strategic supply partner of choice for high-quality, low-cost PV products."
"As one of the world's largest solar cell producers, JA Solar is well-positioned to take advantage of robust industry growth in 2011. With demand for our products currently well ahead of what we can produce, we intend to quickly ramp up production capacity in 2011. In particular, we intend to increase solar cell production capacity to more than 3GW, while module capacity is expected to increase to 800MW and wafer capacity to 600MW by year-end. We also intend to continue focusing on developing innovative new technologies that can enable us to further optimize our cost structure and ensure that our high quality solar products are even more attractive to our customers."
Fourth Quarter 2010 Financial Results
Total shipments in the fourth quarter of 2010 were a record 463MW, compared with third quarter shipments of 418MW, representing sequential growth of 11%. Compared with the same period last year, shipments grew 100% from 231MW.
Revenue in the fourth quarter of 2010 was RMB 3.9 billion ($584.3 million), an increase of 6.6% compared to RMB 3.6 billion ($548.3 million) reported in the third quarter of 2010 and an increase of 137% from RMB 1.6 billion ($246.5 million) reported in the fourth quarter of 2009.
Gross profit in the fourth quarter of 2010 was RMB 740.4 million ($112.2 million), compared with RMB 816.0 million ($123.6 million) in the third quarter of 2010 and RMB 335.0 million ($50.8 million) in the fourth quarter of 2009. Gross margin was 19.2% in the fourth quarter of 2010, compared with 22.5% in the third quarter of 2010 and 20.6% in the fourth quarter of 2009.
Total operating expenses in the fourth quarter of 2010 were RMB 149.8 million ($22.7 million), compared with RMB 146.7 million ($22.2 million) in the third quarter of 2010 and RMB 88.3 million ($13.4 million) in the fourth quarter of 2009.
Operating income in the fourth quarter of 2010 was RMB 590.7 million ($89.5 million), compared with RMB 669.3 million ($101.4 million) in the third quarter of 2010 and RMB 246.7 million ($37.4 million) in the fourth quarter of 2009. Operating margin was 15.3% in the fourth quarter of 2010, compared with 18.5% in the third quarter of 2010 and 15.2% in the fourth quarter of 2009.
Earnings per diluted ADS in the fourth quarter of 2010 were RMB 3.90 ($0.59), an increase of 24% compared with RMB 3.14 ($0.48) in the third quarter of 2010 and an increase of 366% compared with RMB 0.84 ($0.13) in the fourth quarter of 2009.
Included in other income are significant transactions from activities other than normal business operations:
$34.6 million of proceeds from sales of Lehman Notes. The $100 million face-value USD 3-Month LCMNER Index-Linked Note was issued by Lehman Brothers Treasury Co. B.V. incorporated in The Netherlands and was previously written off as a result of the bankruptcy of Lehman Brothers and its affiliates. The proceeds from Lehman Notes resulted in a $0.20 gain per diluted ADS.
Non-cash gain on change in fair value of derivatives was mainly related to a convertible bond issued in May 2008. Embedded derivative was calculated using a valuation model with many input assumptions such as interest rate yield curve, foreign exchange rates, stock price, volatility, expected terms, risk-free rate and fundamental change event probabilities. This gain had a positive impact of $0.13 on basic earnings per ADS. However, due to dilution, the gain of $21.9 million was excluded from the calculation of diluted earnings per share and the share count was increased by 7.5 million shares to 172.3 million shares assuming that the convertible bonds were converted at the beginning of the quarter. The calculation reduced diluted earnings per ADS by $0.13.
The Company also recorded a net loss from discontinuing operations of $3.0 million associated with the potential sale of the 3MW solar power plant. This solar power plant was previously recorded in fixed assets. In conjunction with the potential sale, the operating results of this project have been reclassified out of continuing operations for all periods presented. The loss had an impact of $0.02 per ADS in the fourth quarter.
In the fourth quarter of 2010, the Company generated operating cash flow of RMB 169.0 million ($25.6 million) or RMB 0.98 ($0.15) per diluted ADS.
Full Year 2010 Results
Full year 2010 shipments were 1.46GW, an increase of 187%, from 509MW in full year 2009.
Total revenue for full year 2010 was RMB 11.8 billion ($1.8 billion), an increase of 211% compared with RMB 3.8 billion ($572.5 million) in full year 2009.
Total gross profit in full year 2010 was RMB 2.55 billion ($385.8 million) or 21.7%, compared with RMB 482.1 million ($73.0 million) or 12.8% in full year 2009. Operating income for full year 2010 was RMB 1.98 billion ($299.6 million), compared with RMB 93.7 million ($14.2 million) in full year 2009. In full year 2010, net income per diluted ADS was RMB 10.61 ($1.61), compared with a net loss per diluted ADS of RMB 1.20 (a loss of $0.18) in full year 2009.
For full year 2010, the Company generated an operating cash flow of RMB 1.3 billion ($193.9 million) or RMB 7.48 ($1.13) per diluted ADS.
Full Year 2011 Outlook
Based on strong customer demand for JA Solar's products and a number of new customer wins, the Company currently expects total cell and module shipments to exceed 2.2GW in 2011, representing an increase of approximately 50% compared to 2010. Module shipments are expected to be approximately 500MW to 600MW. Sales contracts signed to date for 2011 delivery amount to more than 2GW, representing approximately 90% of the Company's expected shipments for 2011.
Time to go Green!
Friday, February 11, 2011
Types of Solar Energy Systems
You Have Solar Options, Always!!
Grid-Connected Systems
In grid-connected or grid-tied systems, solar energy is used during the day by the system owner. At night, the owner draws on the previously established electricity grid. An addition benefit of the grid-tied system is that the solar system does not need to be sized to meet peak loads—overages can be drawn from the grid. In many cases, surplus energy generated during the day can be exported back to the grid. Grid-connected systems must meet utility requirements. For example, inverters must not emit noise that can interfere with equipment reception. Inverters must also switch off in cases of grid failure. Finally, they must retain acceptable levels of harmonic distortion, such as voltage quality and current output waveforms.
Grid-connected systems can be applied to residential installations.
Stand-Alone Grid-Tied Systems
Stand-alone grid-connected systems are the same as grid-connected systems, except with battery storage added to allow power to be generated even if the electricity grid fails.
Stand-alone grid-tied systems can be applied to residential and business systems that require uninterrupted power.
Off-Grid Systems
Off-grid systems are not connected to the electricity grid. The output of an off-grid system is entirely dependent upon the intensity of the sun. The more intense the sun exposure, the greater the output. The electricity generated is used immediately, so the system must function on direct current and variable power output.
Off-grid systems can be used for water pumps and greenhouse ventilation systems. Specialized solar water pumps are designed for submersible use (in a borehole) or to float on open water.
Stand-Alone Off-Grid Systems
If a certain power output guarantee is required at any time of the day or night, either some kind of storage device is necessary, or the PV system should be combined with another energy supply such as propane or a diesel generator (see hybrid systems, below). Most off-grid systems use batteries to store power during periods of low to no sunlight.
Stand-alone off-grid systems can be applied to remote homes, lighting, TV, radio, and telemetry.
Stand-Alone Off-Grid Hybrid Systems
To meet the largest power requirements in an off-grid location, the PV system can be configured with a small diesel generator. This means that the PV system no longer has to be sized to cope with the worst sunlight conditions available during the year. Use of the diesel generator for back-up power is minimized during the sunniest part of the year to reduce fuel and maintenance costs.
Thoughts??
Grid-Connected Systems
In grid-connected or grid-tied systems, solar energy is used during the day by the system owner. At night, the owner draws on the previously established electricity grid. An addition benefit of the grid-tied system is that the solar system does not need to be sized to meet peak loads—overages can be drawn from the grid. In many cases, surplus energy generated during the day can be exported back to the grid. Grid-connected systems must meet utility requirements. For example, inverters must not emit noise that can interfere with equipment reception. Inverters must also switch off in cases of grid failure. Finally, they must retain acceptable levels of harmonic distortion, such as voltage quality and current output waveforms.
Grid-connected systems can be applied to residential installations.
Stand-Alone Grid-Tied Systems
Stand-alone grid-connected systems are the same as grid-connected systems, except with battery storage added to allow power to be generated even if the electricity grid fails.
Stand-alone grid-tied systems can be applied to residential and business systems that require uninterrupted power.
Off-Grid Systems
Off-grid systems are not connected to the electricity grid. The output of an off-grid system is entirely dependent upon the intensity of the sun. The more intense the sun exposure, the greater the output. The electricity generated is used immediately, so the system must function on direct current and variable power output.
Off-grid systems can be used for water pumps and greenhouse ventilation systems. Specialized solar water pumps are designed for submersible use (in a borehole) or to float on open water.
Stand-Alone Off-Grid Systems
If a certain power output guarantee is required at any time of the day or night, either some kind of storage device is necessary, or the PV system should be combined with another energy supply such as propane or a diesel generator (see hybrid systems, below). Most off-grid systems use batteries to store power during periods of low to no sunlight.
Stand-alone off-grid systems can be applied to remote homes, lighting, TV, radio, and telemetry.
Stand-Alone Off-Grid Hybrid Systems
To meet the largest power requirements in an off-grid location, the PV system can be configured with a small diesel generator. This means that the PV system no longer has to be sized to cope with the worst sunlight conditions available during the year. Use of the diesel generator for back-up power is minimized during the sunniest part of the year to reduce fuel and maintenance costs.
Thoughts??
Wednesday, February 9, 2011
Hawaiian Electric and IC Sunshine Sign 5 MW Power Purchase Agreement
02.09.2011
Honolulu, Hawaiian - USA
Hawaiian Electric Company and IC Sunshine LLC, a wholly owned subsidiary of California-based Axio Power Holdings, LLC, have reached a power purchase agreement (PPA) for IC Sunshine to sell electric power to the utility over 20 years from a five-megawatt solar farm to be located in Campbell Industrial Park on the island of Oahu.
The agreement is currently before the Hawaii Public Utilities Commission for approval. The plan is for construction of the fixed-tilt photovoltaic (PV) facility to begin in 2011 and be in service in 2012. The IC Sunshine PPA is the first for a utility-scale solar project on the island of Oahu. It is also the largest PV project agreement to date in the state of Hawaii.
“This five-megawatt project represents a first step for Axio in Hawaii,” said Tim Derrick, CEO of Axio Power. “We are glad to add IC Sunshine to our portfolio of brownfield and industrially-sited renewable energy projects in the U.S. and Canada, and we hope to work with Hawaiian Electric to add additional renewable projects to this one.”
Axio Power will develop the solar facility on a 20-acre parcel provided by Tesoro Corporation between the Tesoro refinery and a cement plant in the industrial area.
“Axio was drawn to Tesoro as a potential partner because of the company’s active engagement in meeting Hawaii’s current and future energy needs,” Derrick noted. “Axio looks for this type of win-win project, where we can bring clean, renewable energy close to load and build on otherwise marginalized lands.”
“To meet our renewable energy goal of 40 percent by 2030, we will need as much renewable, solar energy as possible, including both customer-sited roof top arrays and utility-scale solar farms like this one,” said Robbie Alm, Hawaiian Electric’s executive vice president.
“On Oahu, this project will join a waste-to-energy plant, one wind farm near completion and another on the drawing boards, other solar farms being planned and biofueling of existing power plants to create a true portfolio of renewable resources,” said Alm. “The pace is picking up but there is a lot more to be done both in energy efficiency and renewable energy to meet our goals.”
The project will use proven PV technology in a location with some of the best solar resource in the country (550 watts per square meters per day) located in the heart of the largest industrial center on Oahu.
The 20-year contract price is fixed with minor annual escalations. Pricing is competitive with other renewable resources being negotiated by the utility. The project was not subject to competitive bidding as it does not exceed the five megawatts cut off set by the PUC.
Honolulu, Hawaiian - USA
Hawaiian Electric Company and IC Sunshine LLC, a wholly owned subsidiary of California-based Axio Power Holdings, LLC, have reached a power purchase agreement (PPA) for IC Sunshine to sell electric power to the utility over 20 years from a five-megawatt solar farm to be located in Campbell Industrial Park on the island of Oahu.
The agreement is currently before the Hawaii Public Utilities Commission for approval. The plan is for construction of the fixed-tilt photovoltaic (PV) facility to begin in 2011 and be in service in 2012. The IC Sunshine PPA is the first for a utility-scale solar project on the island of Oahu. It is also the largest PV project agreement to date in the state of Hawaii.
“This five-megawatt project represents a first step for Axio in Hawaii,” said Tim Derrick, CEO of Axio Power. “We are glad to add IC Sunshine to our portfolio of brownfield and industrially-sited renewable energy projects in the U.S. and Canada, and we hope to work with Hawaiian Electric to add additional renewable projects to this one.”
Axio Power will develop the solar facility on a 20-acre parcel provided by Tesoro Corporation between the Tesoro refinery and a cement plant in the industrial area.
“Axio was drawn to Tesoro as a potential partner because of the company’s active engagement in meeting Hawaii’s current and future energy needs,” Derrick noted. “Axio looks for this type of win-win project, where we can bring clean, renewable energy close to load and build on otherwise marginalized lands.”
“To meet our renewable energy goal of 40 percent by 2030, we will need as much renewable, solar energy as possible, including both customer-sited roof top arrays and utility-scale solar farms like this one,” said Robbie Alm, Hawaiian Electric’s executive vice president.
“On Oahu, this project will join a waste-to-energy plant, one wind farm near completion and another on the drawing boards, other solar farms being planned and biofueling of existing power plants to create a true portfolio of renewable resources,” said Alm. “The pace is picking up but there is a lot more to be done both in energy efficiency and renewable energy to meet our goals.”
The project will use proven PV technology in a location with some of the best solar resource in the country (550 watts per square meters per day) located in the heart of the largest industrial center on Oahu.
The 20-year contract price is fixed with minor annual escalations. Pricing is competitive with other renewable resources being negotiated by the utility. The project was not subject to competitive bidding as it does not exceed the five megawatts cut off set by the PUC.
Thursday, February 3, 2011
MEMC Electronic Materials Reports Fourth Quarter Financial Results
Worth Reading! Solar is Growing!!
02.02.2011
St Peters,
.North America
United StatesMissourri.MEMC Electronic Materials today announced financial results for the fourth quarter and full year 2010.
GAAP net sales for the quarter were $850.1 million, an increase of 69% from $503.1 million in the third quarter of 2010 and an increase of 138% from $356.7 million in the fourth quarter of 2009. Fourth quarter GAAP net sales include $307.6 million in 2010 and $3.8 million in 2009 from the SunEdison business that was acquired in November 2009. Non-GAAP net sales for the quarter were $949.5 million and include $99.4 million of adjustments for revenue or profit deferrals required under GAAP real estate and lease accounting. All adjustments relate to the SunEdison segment.
For the full year, GAAP net sales were $2,239.2 million, an increase of 92% from $1,163.6 million in 2009. GAAP net sales include $420.5 million in 2010 and $3.8 million in 2009 from the SunEdison business. Non-GAAP net sales for full year 2010 were $2,416.0 million and include $176.8 million of adjustments for deferrals required under GAAP real estate and lease accounting.
Capital expenditures were $115.1 million in the quarter, driven by investments in 300mm wafer production, solar wafering manufacturing, and projects for productivity improvement.
Construction of solar energy systems for SunEdison projects of $101.5 million for the fourth quarter includes the construction of solar projects currently classified as owned projects and carried as fixed assets. Cash flow for projects expected to result in direct sales is reflected in working capital.
"Our fourth quarter results extended MEMC's recent trend of steady improvement, with SunEdison delivering its strongest quarter to date," said Chief Executive Officer Ahmad Chatila. "While semiconductor and solar end markets are dynamic, we are improving our execution while continuing strategic initiatives that will catalyze our growth in 2011 and beyond."
For the full year of 2011, MEMC expects non-GAAP sales in the range of $3.4 - 3.7 billion and earnings per share of $1.00 to $1.30. MEMC expects GAAP sales in the range of $2.8 - $3.1 billion and earnings per share of $0.25 to $0.55.
Solar Materials net sales for the fourth quarter were $279.9 million, an increase of 27% from the third quarter of 2010 and an increase of 93% from the fourth quarter of 2009. Both the sequential and the year-over-year increases were the result of significantly higher wafer volumes and a modest increase in pricing.
Segment operating profit was $38.1 million in the fourth quarter, compared to $17.6 million in the third quarter, and $32.4 million in the prior year quarter. Fourth quarter segment operating profit includes costs associated with the integration of and volume increases at Solaicx. Higher wafer volumes drove both the sequential and year-over-year increases in operating profit.
SunEdison GAAP net sales for the fourth quarter were $307.6 million, compared to net sales of $21.5 million in the third quarter of 2010, and $3.8 million in the prior year quarter. SunEdison non-GAAP net sales for the 2010 fourth quarter were $407.0 million. As previously announced, SunEdison completed the sale of the 70 megawatt (MW) Rovigo project to First Reserve. Consistent with our treatment of similarly structured projects, $58.0 million in revenue for Rovigo deferred in SunEdison's GAAP results was recognized as revenue in the non-GAAP results and $19.7 million in revenue was not recognized in GAAP or non-GAAP results as a result of minority ownership interest in the First Reserve joint venture.
SunEdison's fourth quarter GAAP operating loss was $8.2 million, compared to an operating loss of $7.2 million in the third quarter of 2010. GAAP operating loss in the fourth quarter was driven by the timing difference between recognition of cost and revenue under GAAP real estate accounting. SunEdison's non-GAAP operating income for the fourth quarter was $59.3 million.
SunEdison ended the year with a pipeline of 1,416MW, of which 87MW was under construction at year end. SunEdison uses the term "pipeline" to identify solar energy systems for which SunEd has a signed PPA (Power Purchase Agreement) contract or a secured grid connection site and completed permitting, or document of customer intent/LOI (Letter of Intent) identifying the terms and conditions to develop the proposed transaction. "Under construction" refers to projects within pipeline, in various stages of completion, which are not yet operational.
Makes you want to run out and start building your own Solar Panels!
Source: MEMC....
02.02.2011
St Peters,
.North America
United StatesMissourri.MEMC Electronic Materials today announced financial results for the fourth quarter and full year 2010.
GAAP net sales for the quarter were $850.1 million, an increase of 69% from $503.1 million in the third quarter of 2010 and an increase of 138% from $356.7 million in the fourth quarter of 2009. Fourth quarter GAAP net sales include $307.6 million in 2010 and $3.8 million in 2009 from the SunEdison business that was acquired in November 2009. Non-GAAP net sales for the quarter were $949.5 million and include $99.4 million of adjustments for revenue or profit deferrals required under GAAP real estate and lease accounting. All adjustments relate to the SunEdison segment.
For the full year, GAAP net sales were $2,239.2 million, an increase of 92% from $1,163.6 million in 2009. GAAP net sales include $420.5 million in 2010 and $3.8 million in 2009 from the SunEdison business. Non-GAAP net sales for full year 2010 were $2,416.0 million and include $176.8 million of adjustments for deferrals required under GAAP real estate and lease accounting.
Capital expenditures were $115.1 million in the quarter, driven by investments in 300mm wafer production, solar wafering manufacturing, and projects for productivity improvement.
Construction of solar energy systems for SunEdison projects of $101.5 million for the fourth quarter includes the construction of solar projects currently classified as owned projects and carried as fixed assets. Cash flow for projects expected to result in direct sales is reflected in working capital.
"Our fourth quarter results extended MEMC's recent trend of steady improvement, with SunEdison delivering its strongest quarter to date," said Chief Executive Officer Ahmad Chatila. "While semiconductor and solar end markets are dynamic, we are improving our execution while continuing strategic initiatives that will catalyze our growth in 2011 and beyond."
For the full year of 2011, MEMC expects non-GAAP sales in the range of $3.4 - 3.7 billion and earnings per share of $1.00 to $1.30. MEMC expects GAAP sales in the range of $2.8 - $3.1 billion and earnings per share of $0.25 to $0.55.
Solar Materials net sales for the fourth quarter were $279.9 million, an increase of 27% from the third quarter of 2010 and an increase of 93% from the fourth quarter of 2009. Both the sequential and the year-over-year increases were the result of significantly higher wafer volumes and a modest increase in pricing.
Segment operating profit was $38.1 million in the fourth quarter, compared to $17.6 million in the third quarter, and $32.4 million in the prior year quarter. Fourth quarter segment operating profit includes costs associated with the integration of and volume increases at Solaicx. Higher wafer volumes drove both the sequential and year-over-year increases in operating profit.
SunEdison GAAP net sales for the fourth quarter were $307.6 million, compared to net sales of $21.5 million in the third quarter of 2010, and $3.8 million in the prior year quarter. SunEdison non-GAAP net sales for the 2010 fourth quarter were $407.0 million. As previously announced, SunEdison completed the sale of the 70 megawatt (MW) Rovigo project to First Reserve. Consistent with our treatment of similarly structured projects, $58.0 million in revenue for Rovigo deferred in SunEdison's GAAP results was recognized as revenue in the non-GAAP results and $19.7 million in revenue was not recognized in GAAP or non-GAAP results as a result of minority ownership interest in the First Reserve joint venture.
SunEdison's fourth quarter GAAP operating loss was $8.2 million, compared to an operating loss of $7.2 million in the third quarter of 2010. GAAP operating loss in the fourth quarter was driven by the timing difference between recognition of cost and revenue under GAAP real estate accounting. SunEdison's non-GAAP operating income for the fourth quarter was $59.3 million.
SunEdison ended the year with a pipeline of 1,416MW, of which 87MW was under construction at year end. SunEdison uses the term "pipeline" to identify solar energy systems for which SunEd has a signed PPA (Power Purchase Agreement) contract or a secured grid connection site and completed permitting, or document of customer intent/LOI (Letter of Intent) identifying the terms and conditions to develop the proposed transaction. "Under construction" refers to projects within pipeline, in various stages of completion, which are not yet operational.
Makes you want to run out and start building your own Solar Panels!
Source: MEMC....
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