Manufacturing

Bloomberg has reported that SolarWorld AG has had its lenders agree to relax terms on €375 million (US$475 million) of loans, in the face of “challenging market conditions.”

On the back of Abound’s bankruptcy announcement, the U.S. House Committee on Oversight and Government Reform has held a hearing, during which former executives testified. While the process has been branded an “Obama bashing” exercise by some, it was reported that the aggressive price cutting from Chinese manufacturers played a pivotal role in Abound’s demise.

In the highly politicized debate surrounding renewable energy in the U.S., the closure of concentrating photovoltaic (CPV) manufacturer Amonix’s Nevada fab has cause much debate among lawmakers.

Sunways AG has announced it will end two long term photovoltaic wafer contracts with Deutsche Solar GmbH early, following agreement by both parties. The decision has been attributed to the current market conditions.

REC looks to be in a good position following its new credit and issuance of new shares. Despite this, impairment charges related to the company’s fixed assets at its manufacturing facility in Singapore have significantly impacted its second quarter (Q2) financial results.

The insolvent Sovello AG has said that 475 of its employees will be let go. Meanwhile, negotiations are underway with “seriously” interested Asian investors. However, it is not clear if they will be concluded before August 1.

According to media reports, U.S.-based concentrated photovoltaic (CPV) company, Amonix has closed its manufacturing plant down in North Las Vegas. The company was said to have been subsidized by more than US$20 million in federal tax credits and grants.

Infigen has begun work on a one MW photovoltaic and energy storage plant in Australia’s New South Wales. A first for both the company and the country, the demonstration project aims to pave the way for future utility-scale projects.

Due to improved demand, photovoltaic module price declines are expected to ease slightly in the second half (2H) of 2012. Meanwhile, global installations are forecast to reach 30.2 GW this year. Overcapacity is still a dominant theme, however.

Following a meeting of Q.Cells’ creditors, the insolvent photovoltaic company has been given the go ahead to continue on with its operations. The insolvency administrator’s position has further been confirmed. Restructuring options are now being considered.