The solar industry continued to dominate investor news this week as major equity deals grabbed headlines. The biggest of these, announced today, was the outright purchase of Gamesa Solar, a leading European solar company focusing ont the development of photovoltaic power plants. The Spanish company was sold by it’s parent company Gamesa Corporacion Tecnologica, S.A. (GCTAF.PK) for EUR 261 million to equity firm First Reserve Coporation.
The other big solar story of the week was the super-sized IPO of Chinese solar company Topraysolar (002218.SZ) on the Shenzhen Stock Exchange. Topraysolar was the first Chinese solar company to list its shares domestically and prices increased almost fivefold in the first day of trading, closing at 51.62 yuan–up 378% from the IPO price of 10.79 yuan.
Smaller, but significant deals included a $20 million investment in Hoku Scientific (NasdaqGM:HOKU) by one of its customers, Suntech Power Holdings Co. (NYSE:STP). Suntech acquired a majority of the 3 million shares being sold by Hoku to raise funds needed to finance a new polysilicon plant in Idaho.
Meca Solar, a Spanish specialist in solar tracking systems, acquired an undisclosed minority stake in Chinese ET Solar. ET solar produces solar wafer, modules and tracking systems. Meca Solar will provide expertise to the tracking systems division.
BTU International, Inc. (Nasdaq: BTUI) also announced the formation of a new Alternative Energy Group whose mission is to double the company’s solar business in a year.
In Other Segments
Start-up LED maker Albeo Technologies, secured a first round of financing to the tune of $1.5 million, and the NYMEX Green Exchange announced details of its first slate of futures and options contracts.
Ceramic Fuel Cells Ltd. announced a purchase order from The Netherlands utility, Nuon for 50,000 micro-combined heat and power units, which can be integrated with residential boilers to produce electricity in the home. The technology has disruptive potential for the power industry.
Quarterly Reports
The following companies reported strong quarterly and yearly returns…
- Ormat Technologies, Inc. (NYSE: ORA)–geothermal
- Ersol Solar Energy AG
- LDK Solar Co., Ltd. (NYSE: LDK)
- Vestas–wind turbine manufacturer
These companies didn’t fare so well in the previous quarter…
- Maxwell Technologies, Inc. (Nasdaq: MXWL)–energy storage devices
- Trex Company, Inc. (NYSE: TWP)– the manufacturer and distributor of composite decking, railing, fencing and trim also announced that it cut 30 recycling jobs to reduce costs
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