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SunPower Agrees to Buy PowerLight

SunPower Corporation (Nasdaq: SPWR), a leading solar cell and panel manufacturer, has signed a definitive agreement to acquire PowerLight Corp., a privately owned solar systems provider based in Berkeley, Calif. PowerLight is a leading global provider of large-scale solar power systems, having designed and deployed hundreds of large-scale solar systems with a total capacity of more than 100 megawatts over the past ten years. The PowerLight acquisition is expected to be immediately accretive to SunPower’s non-GAAP earnings. SunPower will pay $265 million upfront plus a retention carve-out of $67.5 million vesting over 2 to 4 years. The aggregate consideration consists of approximately $130 million in cash and $202.5 million in stock and is expected to result in a tax-free merger for PowerLight’s shareholders. The acquisition is expected to accelerate SunPower’s revenue growth. SunPower intends to maintain its long-term financial model non-GAAP gross margin objective of 30%. In North America, PowerLight is the market-leading installer of large, multi-hundred-kilowatt commercial rooftop and ground-mounted solar power plants in California, New Jersey, Nevada, and Hawaii. The company recently began providing complete residential solar system solutions to more than a dozen leading production homebuilders in California. In Germany, Spain, Portugal, Italy, and Korea, PowerLight designs, […]

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Western Wind Launch Billion-Dollar Countersuit

Western Wind Energy (WND.V) announced it will launch a series of countersuits against Pacific Hydro Ltd. of Australia seeking compensation and damages in excess of $1 billion. Western Wind reports: Several days ago, Pacific Hydro commenced litigation against Western Wind, and threatened to seize, encumber, obstruct and convert major assets of Western Wind Energy. Without shareholder and other applicable approvals, such acts by an insider, related party and control person are serious contraventions of the Securities Act in Canada and the United States. Pacific Hydro has sole voting control of all matters of Western Wind Energy and as of September 25, 2006, has exercised such voting control to the objections of management. Pacific Hydro did not publicly announce its intentions to seize, convert, obstruct and/or encumber Western Wind Energy’s assets prior to Pacific Hydro issuing its own news release announcing its intention to sell securities of Western Wind Energy. Pacific Hydro had acquired by January 27, 2006, 6 million common shares of Western Wind Energy and 6 million share purchase warrants. Pacific Hydro owns approximately 25.2% of the issued capital of Western Wind Energy Corporation. As Western Wind Energy is a reporting issuer in both the United States and in […]

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Germany: SOLON, Sunways Report Financial Results

Solar manufacturers, Sunways AG and SOLON AG, reported rapidly rising sales in their latest financial reports. Solar module manufacturer, SOLON saw revenues rise by 81% to EUR 218.0 million in the first nine months. Earnings per share were EUR 1.04, reflecting a 58% increase compared to 2005. In the first nine months, the total output of standard modules and SOLON Movers was 60 megawatts (38 MW in previous year). The company expect to reach 84 MW by the end of 2006. The company says administrative delays in Spain and Italy have postponed some projects. If they are completed by year-end, Group revenue for 2006 will increase by 50-75% from 2005, with a corresponding improvement in net income. For 2007, the company anticipates 25% growth in production and sales. — Sunways recored a 90% rise in sales for the first nine months of 2006, to Euro 113 million compared to Euro 60.1 million in 2005. Sales in the solar cell division increased 167% to Euro 51.6 million, and the solar systems and projects business segments generated 52% sales growth to Euro 62.3 million. Management expects double digit sales growth for 2006 to about Euro 150 million.

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Survey: Green Penetrating Corporate Mainstream

A study, “Green Perspective from Corporate America,” commissioned by Siemens Building Technologies and Siemens USA, finds that the majority of large U.S. corporations are embracing “Green” practices as part of the foundation of their core business practices, and view it as an important component of profitable future growth. The study indicates a “Green tipping point” in corporate America will be reached in early 2009, but could occur as soon as 2007. The majority of respondents said their companies will be aligned with “Green” industry practices within the next 3 years. 30% believe their company will emerge green market leader. Almost 60% agreed that Green operating and building practices lower costs. 40% consider green operating and building practices are of high importance to their organization. Participants were asked to rate their organization in five stages of Green development, Stage 5 being “The company approaches business as a holistic, restorative way” decreasing to Stage 1 representing “Green is not part of the company mission.”

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Rand Study Says Renewable Energy Could Supply 25 Energy in U.S.

Renewable resources could produce 25 percent of the electricity and motor vehicle fuels used in the United States by 2025 at little or no additional cost if fossil fuel prices remain high enough and the cost of producing renewable energy continues falling in accord with historical trends, according to a RAND Corporation study. Renewable sources currently provide about 6 percent of all the energy used in the United States. The study was conducted by the Environment, Energy, and Economic Development program of RAND, a nonprofit research organization. RAND found that meeting the 25 percent renewable energy target for electricity and motor fuels together would not increase total national energy spending if renewable energy production costs decline by at least 20 percent between now and 2025 (which is consistent with recent experience), unless long-term oil prices fall significantly below the range currently projected by the Energy Information Administration. “When talking about the impact of increasing use of renewable energy sources in our energy future, it’s important to be clear about the assumptions being made about future energy prices and technological developments, not just for renewables but also for competing fossil energy sources,” said Michael Toman, director of RAND’s Environment, Energy, and […]

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Denver International Airport Admitted to Performance Track

Denver International Airport is the first airport in the U.S. to be admitted into the Environmental Protection Agency’s Performance Track, a voluntary program that recognizes facilities that consistently exceed regulatory requirements and excel in protecting human health and the environment. “Denver International Airport is not only one of the busiest aviation facilities in the world, it is one of the greenest,” said EPA Assistant Regional Administrator Steve Tuber. “With a state-of-the-art Environmental Management System that covers everything from alternative-fuel vehicles to deicing fluid recycling, the airport is living up to its reputation as an industry leader and a community asset.” To qualify for Performance Track, facilities must adopt and implement an Environmental Management System (EMS); demonstrate specific past environmental achievements; record sustained compliance with environmental requirements, and commit to continued environmental improvement, public outreach, and performance reporting. DIA’s EMS includes comprehensive solid and hazardous waste reduction and recycling, air emissions management, and stormwater management programs. As an example, the airport reduced hazardous waste generation by over 75% percent from 2003 to 2005, by eliminating oil-based paints and thinners. For the 2005-2006 deicing season, DIA recycled more than 370,000 gallons of aircraft deicing fluid at its onsite glycol recycling facility. Performance […]

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