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UN Global Compact-Based Investment Fund Launched

The new Guile European Engagement Fund is the first fund dedicated to the UN Global Compact and its mission of advancing ten universal principles for responsible business in the areas of human rights, labour, environment and anti-corruption. Launched by the Guile Foundation, in association with the United Nations Global Compact and De Pury Pictet Turrettini & Co., the fund’s goal is to help portfolio companies – all of which are Global Compact signatories – achieve real impact on their corporate responsibility strategies, while at the same time adding shareholder value. “What makes the Guile European Engagement Fund a truly innovative investment product is the fact that it is the first investment fund so far whose selection criteria rest on mainstream financial analysis while being at the same time associated with clear ethical principles and constructive shareholder engagement,” said Charles Burrus, Founder and President of the Guile Foundation. “This fund is an important instrument in advancing the Global Compact’s principles in the financial world and in engaging companies on critical issues that are material to their operations,” said Georg Kell, Executive Director of the UN Global Compact. To promote CSR-related activities, the Guile Foundation will engage companies in the fund’s portfolio, […]

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UN Global Compact-Based Investment Fund Launched

The new Guile European Engagement Fund is the first fund dedicated to the UN Global Compact and its mission of advancing ten universal principles for responsible business in the areas of human rights, labour, environment and anti-corruption. Launched by the Guile Foundation, in association with the United Nations Global Compact and De Pury Pictet Turrettini & Co., the fund’s goal is to help portfolio companies – all of which are Global Compact signatories – achieve real impact on their corporate responsibility strategies, while at the same time adding shareholder value. “What makes the Guile European Engagement Fund a truly innovative investment product is the fact that it is the first investment fund so far whose selection criteria rest on mainstream financial analysis while being at the same time associated with clear ethical principles and constructive shareholder engagement,” said Charles Burrus, Founder and President of the Guile Foundation. “This fund is an important instrument in advancing the Global Compact’s principles in the financial world and in engaging companies on critical issues that are material to their operations,” said Georg Kell, Executive Director of the UN Global Compact. To promote CSR-related activities, the Guile Foundation will engage companies in the fund’s portfolio, […]

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First Solar Raises $400 Million

First Solar Inc. (Nasdaq: FSLR), a thin-film solar manufacturer, raised $400 million in its IPO Friday, with an increased initial public offering priced above the forecasted range. The 20 million share offering, representing almost 29% of the company’s shares, sold for $20 per share, compared with the expected range of $17-$19. The offering was increased from an initial 17.5 million shares. Shares surged 23.7% on the opening day, closing at $24.74. The company an initial market capitalization of almost $1.39 billion. First Solar plans to use the proceeds for possible acquisitions, general corporate purposes, working capital and research and development. First Solar’s thin film technology features automated production to manufacture solar modules that are among the lowest cost in the world. Its manufacturing process can turn a sheet of glass into a complete solar module. The shortage of poly-silicon materials opened a huge window of opportunity for thin-film companies like First Solar that use very little of the material. First Solar’s revenue grew from $3.2 million in 2003 to $48.1 million in 2005 and from $34.5 million in the first nine months of 2005 to $82.3 million in the first nine months of 2006.

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Suntech Power 3Q Profit Nearly Triples

Suntech Power Third-Quarter Earnings Nearly Triple on Strong Sales of Photovoltaic Cells and Modules Suntech Power Holdings Co. (NYSE: STP), China-based photovoltaic manufacture, saw its third-quarter earnings nearly triple on strong sales of PV cells and modules. Net income tripled to $28.7 million (19 cents per share) from $7.7 million (7 cents per share) in Q3 2005. Results were in line analyst estimates. Adjusted earnings rose to $32.8 million (21 cents per share). Revenue almost tripled to $163 million from $56.6 million last year, but fell short of the Wall Street estimate of $168 million. The company’s Japanese subsidiary, MSK Corp., accounted for 9 percent of sales. Suntech forecasts Q4 revenues of $166-$170 million. The projection excludes MSK, which is expected to deliver sales of $60 million to $64 million.

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