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Suntech Raises $500M in Debt

Chinese solar cell manufacturer Suntech Power Holdings Co. Ltd. (NYSE: STP) has raised $500 million in a public debt offering – senior notes are due in 2012. The notes will pay 0.25% interest per year and will be convertible into cash, the company’s U.S.-traded shares or a combination of cash and stock. Suntech said the stock conversion would take place at a price of about $48.76 per share. Suntech raised its offering this month to $425 million, up from $300 million, due to strong demand. Initial buyers exercised an option to buy an additional $75 million in notes. The company plans to use $150 million of the proceeds to expand its solar cell manufacturing capacity, for raw materials and to pay back a $100 million loan.

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Novozymes Creates Online Monitoring System for Biofuels Plants

Novozymes North America and Groton Biosystems are collaborating to develop an automated, near real-time online monitoring system for commercial fuel ethanol plants. The technology would enable plants to monitor sugars, ethanol and organic acids in multiple fermentation tanks using Groton Biosystems’ proprietary process for sampling high-solids, high-viscosity fluids in biofuel production applications. “This agreement between Novozymes and Groton Biosystems will provide commercial fuel ethanol plants with a state-of-the-art automated system solution that will dramatically improve efficiency in sample analysis,” said Groton CEO Bill Dinardo. “The ability to continuously sample and analyze the fermentation process will increase the efficiency and productivity of the fuel ethanol process.” “By utilizing these advanced process monitoring capabilities,” noted Novozymes Marketing Manager Jack Rogers, “our customers will be able to more fully exploit the performance of our enzymes to achieve improved throughput and yield.”

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Nearly 31 Million Certified Organic Hectares Worldwide

The International Federation of Organic Agriculture Movements (IFOAM), the Research Institute for Organic Agriculture (FiBL) and the Foundation for Ecology and Farming (SOL) will present the latest statistics about organic agriculture worldwide at BioFach 2007, based on the study, “The World of Organic Agriculture: Statistics and Emerging Trends 2007.” Nearly 31 million hectares around the world are currently certified according to organic standards. Australia continues to account for the largest certified organic surface area, with 11.8 million hectares, followed by Argentina (3.1 million hectares), China (2.3 million hectares) and the USA (1.6 million hectares). Germany is in the seventh position worldwide. The most significant portion of global organic surface area is in Oceania (39%), followed by Europe (23%) and Latin America (19%). In terms of the certified organic agriculture as a proportion of all arable agricultural surface area, the Alpine countries, such as Austria with more than 14%, top the statistics. Dr. Helga Willer und Minou Yussefi, who have headed the study for the last eight years, emphasize that the growth exhibited in the USA (more than 400,000 hectares) and certain European countries (more than 110,000 hectares in Italy and 85,000 hectares in Poland) has been most noteworthy. In addition […]

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Future Valentines Could Get Cleaner Gold, Diamonds

A group of leading U.S. jewelry retailers have signed the Golden Rules of the “No Dirty Gold” campaign, and De Beers reported progress on sustainability issues such as conflict diamonds and black economic empowerment. The movie, Blood Diamond (http://blooddiamondmovie.warnerbros.com) helped raise concerns about how these minerals are mined. This week, the No Dirty Gold campaign coordinated by Oxfam America and Earthworks announced a major breakthrough that makes jewelry made with “cleaner” (more socially and environmentally responsible) gold available. Of the top ten US jewelry retailers, seven–including Wal-Mart and QVC–have signed onto the Golden Rules criteria for more socially and environmentally responsible mining. However, highly visible retailer Target remains a laggard in declining to sign on. Also this week, diamond company De Beers released its Report to Stakeholders, covering for the first time its sustainability practices on issues such as conflict diamonds, HIV/AIDS, human rights, indigenous peoples, and climate change. The report follows the new Global Reporting Initiative G3 Sustainability Reporting Guidelines, as well as summarizes progress with respect to both the UN Global Compact and the UN Millennium Development Goals. De Beers also announced an agreement with the South Africa Department of Minerals and Energy to spin off its Namaqualand […]

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GE Unit Invests in U.S.-based Wind Portfolio

GE Energy Financial Services, a unit of General Electric (NYSE: GE), has committed to invest in a 410-megawatt wind farm portfolio across the U.S., among its single largest wind investments. It also announced it would take a stake of up to 22% in French wind farm developer in exchange for Theolia (TEO.PA) acquisition of GE’s European wind farms (165 megawatts). The unit will invest approximately $270 million for 70% of the Class A equity, with a subsidiary of Wachovia Corp. (NYSE: WB), providing the balance, in six wind farms in California, Illinois, New Mexico and Pennsylvania, until now owned by affiliates of global investment and advisory firm Babcock & Brown (ASX: BNB). Affiliates of Babcock & Brown will be the manager and will remain as Class B equity co-investors in the portfolio. Additional financial details were not disclosed. All the wind farms have either been completed or will be completed by the end of April, except Allegheny Ridge II, expected to be finished by December. “This transaction continues the expansion of the geographic footprint and technology mix of our wind holdings,” said Kevin Walsh, Managing Director and leader of renewable energy at GE Energy Financial Services. “In addition, the portfolio […]

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