This week’s main news has seen Suntech Power in the spotlight a few times. Firstly with the Board demoting the man who helped build the company into one of China’s largest solar power makers and then with huge payments due to bondholders today that they look unlikely to be able to afford. In other news we have seen REC increase its market share around the world as more and more large solar projects are using their Peak Series Modules. Our Government has also announced changes to coal seam gas laws in order to protect our water supplies.
Chairman of Suntech, Dr Shi Zhengrong, was demoted by the Board for the second time this week. Dr Shi has not taken the news well, releasing a press release calling the move ‘invalid’ and ‘unlawful.’ He has said that he will “take all the steps necessary to protect the company from being harmed by unlawful actions such as the above.” After building the company up to a great status, Shi was once one of China’s richest men. Click here to read the full article.
Statistics for the month of February show that coal supplied record lows of grid power demand at less the 75% – it’s highest on record in 2008 was 84.1%. Renewable energies such as wind, solar and hydro power also surpassed records with a high of 12.5%. Even with record heatwaves around the country, power peaks have not been as high as forecast with overall demand also dropping. Roughly a quarter of the drop is said to be as a result of solar uptake. Environmental laws will also be changed to include federal assessment and approval for coal seam gas (CSG) and large coal mining developments in a bid to protect water resources. Click here to read the full article.
Suntech Power again found its name in the spotlight with debts of $541 million due to bondholders today, Friday 15th March 2013. Around 60% of the bondholders signed forbearance agreements stating they would hold off any action due to non-payment for a further 2 months – to the 15th May 2013. Many of the remaining 40% say they were not contacted about the agreement and are therefore expecting payment on schedule. Rumours have floated the word ‘bankruptcy’ around the company. Suntech are also closing their Arizona based factory, sacrificing local jobs after harsh import tariffs and oversupply have taken their toll. Click here to read the full article.
The REC Group seem to be moving from strength to strength around the world with Germany building a large power plant enough to supply around 70% of the town’s power demand and Romania starting construction on an 8 MW solar park. The REC Peak Series Modules are becoming more and more popular with their superior quality shining through. Click here to read the full article.
Happy Friday everyone! We will keep you updated with any more news on these and other stories as and when it comes to light. Have a good weekend!