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Suntech Announces US$300M Convertible Senior Notes Offering

Suntech Power Holdings Co., Ltd. (NYSE: STP) announced that it intends to offer an aggregate of US$300 million convertible senior notes due 2012, in a private offering to qualified institutional buyers. In some circumstances, the notes will be convertible into,at Suntech’s election, cash, American depositary shares (“ADSs”) representing Suntech’s ordinary shares or a combination of cash and ADSs. The interest rate, conversion price and other terms of the notes will be determined at the time of pricing of the offering. Suntech currently expects to use the net proceeds from the offering of the notes for the following purposes: approximately US$100 million to expand its manufacturing lines for the production of PV cells and modules and thin film modules and to enhance its research and development efforts; approximately US$50 million to purchase or prepay for raw materials; US$100 million to repay its one year, US$100 million-equivalent bridge loan it obtained in connection with its acquisition of MSK Corporation; and up to US$50 million for other general corporate purposes.

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Allianz Global Investors Launches Global EcoTrends Fund

Allianz Global Investors, the asset management arm of Allianz SE (NYSE: AZ), has launched the Allianz RCM Global Eco Trends Fund which invests in companies with exposure to “Eco-Sectors” including the EcoEnergy, Pollution Control and Clean Water sectors. “Protecting the environment is likely to be a major focus in the 21st century and many companies stand to benefit – both those that provide solutions to environmental problems and those that utilize those solutions,” said Bozena Jankowska, lead portfolio manager of the Allianz RCM Global EcoTrends Fund. The Fund offers access to three environment-related sectors: EcoEnergy – e.g., alternative energy and energy efficiency Pollution Control – e.g., environmental quality, waste management and recycling Clean Water – e.g., water treatment and supply RCM Capital Management LLC (RCM SF), also a subsidiary of Allianz SE, has been retained to manage the Fund’s assets, and RCM SF has in turn retained its affiliate, Allianz Global Investors Advisory GmbH (AGIA), to conduct the day to day portfolio management for the Fund. “In our opinion, the environment appears to be having a significant impact on businesses and financial markets, and population growth and industrialization are likely to put a strain on limited resources such as fossil […]

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ECO2 Plastics Closes $10M in Financing

ECO2 Plastics (formerly ITEC Environmental Group, ITEC.OB), announced it has closed a convertible debenture financing round of $10 million. ECO2 Plastics is now fully capitalized, having raised $13 million, $3 million of which was announced previously. The Financing included an investment by Roaring Fork Capital SBIC, L.P., and investments by a number of high net worth investors. The Financing will be used to ramp up the first recycling plant in Northern California to full-scale operation and begin development on a second plant in Southern California. ECO2 Plastics is pursuing a strategy of owning and operating plastic recycling plants worldwide. The Company’s proprietary technology positions ECO2 Plastics as the lowest cost, highest quality producer of recycled plastic flake in the industry. “With its unique technology, strong management team, compelling business model, and commitment to revolutionizing recycling, ECO2 Plastics is an outstanding addition to Roaring Fork’s portfolio of investments,” said Eugene McColley, co-founder and Managing Partner, Roaring Fork Capital Management. ECO2’s typical recycling plant can produce 9,000 lbs. of clean plastic flake per hour. A similarly sized water-based plant consumes up to 4,500 gallons of water per hour, twenty-four hours a day, seven days a week, then disposes the water, chemical contaminants, […]

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Hoku Scientific & Solar-Fabrik Increase Silicon Supply Agreement

Hoku Materials, a division of Hoku Scientific, Inc. (NasdaqGM:HOKU) established to manufacture and sell polysilicon for the solar market, and Solar-Fabrik AG (XETRA:SFXG.DE), a vertically integrated solar power company, announced they have increased the total amount of their planned contract to approximately $175 million, and have extended their deadline to finalize a polysilicon supply agreement. On December 5, 2006, the parties announced that they had signed a non-binding Memorandum of Understanding (“MOU”) whereby Hoku would supply polysilicon to Solar-Fabrik over a fixed number of years at pre-determined pricing on a non-cancelable order. The MOU provided that sales of polysilicon were expected to generate between $120 and $140 million in revenue for Hoku over a several-year period commencing in approximately two years. The parties intended to conclude a definitive agreement within 60 days after signing the MOU. Based on continuing discussions and negotiations, the parties have decided to increase the total amount of the contract to approximately $175 million, and have provided for additional time to complete the definitive agreement. The parties intend to sign a definitive agreement within the next few weeks. “In light of the positive progress that Hoku has made over the past few months with its polysilicon […]

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U.S. Senators Snowe, Kerry Reintroduce Climate Bill

U.S. Senators Olympia J. Snowe (R-Maine) and John Kerry (D-Mass) have reintroduced bipartisan legislation to reduce the emissions of the greenhouse gases that cause global warming. The “Global Warming Reduction Act” sets greenhouse gas emissions targets and include incentives to buy efficient products that reduce greenhouse gas emissions for American homes, businesses and roads. Snowe and Kerry also announced that they would hold a hearing on the role of small business in slowing climate change in the next few weeks, in their capacity as the Chair and Ranking Member of the Committee on Small Business and Entrepreneurship. GLOBAL WARMING REDUCTION ACT HIGHLIGHTS: ” Requires that the U.S. freeze emissions in 2010 and then calls for a gradual reduction each year to 65 percent below 2000 emissions levels by 2050. The bill achieves these targets through a flexible, economy-wide cap-and-trade program for greenhouse gas emissions. ” Provides immediate incentives to reduce emissions, producing direct results in the near-term. ” Requires that passenger vehicles reduce their global warming pollution. ” Includes measures to advance technology and reduce emissions through clean, renewable energy and energy efficiency in the transportation, industrial and residential sectors. ” Requires the US to derive 20% of its electricity […]

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