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German solar venture formed (Electronic News)
Renewable energy investor Good Energies www.goodenergies.com and mono crystalline ingot and wafer supplier to the solar industry NorSun www.norsuncorp.no recently established Sunfilm AG www.sunfilmsolar.com to manufacture what they say is the world's first 5.7-square-meter tandem thin film photovoltaic modules on glass substrates on a production line of equipment from capital equipment giant Applied Materials Inc. www.amat.com The newly established operating company is located in Grossröhrsdorf Saxony, Germany.
Dr. Sven Hansen, Good Energies' chief investment officer explained in a statement, "Sunfilm opens new frontiers; it goes beyond what today's industry is projecting - in size and in performance - and could change the way solar energy is viewed. We believe that solar energy is of paramount importance for our energy future. However, we need to stay focused on bringing the cost down. This venture aims at grid parity. Applied Materials' technological leadership is the key element for us in this project."

The Applied production line will contain new tandem cell technology, which is a dual-junction approach that combines an amorphous silicon top film to absorb short wavelengths of light with a microcrystalline silicon bottom layer to absorb longer wavelengths.

These tandem cells are expected to deliver significantly higher energy conversion efficiencies at a cost per watt that is comparable to that of single junction technologies. By coupling tandem technology with these ultra-large substrates, Sunfilm said it expects to substantially reduce the cost of solar panel manufacturing.

Dr. Alf Bjørseth, founder and board member of NorSun noted, "With this initiative we introduce second generation solar energy technology. Solar panels based on this tandem cell technology will provide clients with electricity at a very competitive price and have countless areas of application. This new technology will strongly support the continued growth of the solar energy market."

Sunfilm said it is currently designing the building and facilities for its first PV line with construction to begin in Q2. This project is to be supported with grants from the State of Saxony and is expected to employ approximately 180 people when the line is fully operational in 2008 or 2009.

Further, Sunfilm noted that its contract with Applied is for a fully-integrated equipment line for an ultra-large panel tandem module factory with a nominal rated capacity of 60 megawatts per year -- approximately three times the capacity of conventional thin film solar facilities.

[Copyright: Content copyright 2007, Reed Business Information, a division of Reed Elsevier, Inc. Formatting copyright 2007, Voxant, Inc.]

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Canada's largest solar farm to be built by 2010
OTTAWA, April 26 (Xinhua) -- Canada will have its largest solar farm built by 2010, with more than one million panels on the ground to generate 40 megawatts of power. The farm will be built by OptiSolar, a U.S. company based in California in the province of Ontario and is expected to contribute to the Ontario power grid by 2010, Canadian Press reported Thursday.
It will sell power to the Ontario government at a price of 42 cents a kilowatt-hour, as compared with the 11 cents a kilowatt- hour paid for wind power.

Sources say the solar farm is the largest of the 14 projects that the provincial government will announce under its standard offer program, which pays companies a premium for electricity generated by wind, solar and other forms of renewable energy.

The 14 projects will add more than 107 megawatts of power to the provincial grid.

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Solar cell goes well now for the sell
By Paul Malone
Australian scientists have discovered a way to significantly increase the efficiency of solar cells, potentially making solar power a more affordable form of renewable energy. The advance could see the price of an installed solar system for an average house fall from about $20,000 to $15,000. But the researcher who led the development, University of NSW PhD student Supriya Pillai, said she could not predict when the development would be commercially available. ''We have to look into a lot of things before this can be actually incorporated into solar cells,'' she said. ''We have to get some interest from industry to be actually incorporating this technology into pilot plant production.'' At the moment there was no Australian company showing interest. After publication of their findings they hoped interest would follow.
Another member of the team, Dr Kylie Catchpole, said most thin film solar cells were between 8 and 10 per cent efficient but the new technique could increase efficiency to between 13 and 15 per cent. ''That's an important advance,'' she said. '' If they're below 10 per cent efficiency, then you can't really afford to install them because it would take up too much of your roof area, to power your house.'' Once the technology approaches 15 per cent efficiency, it became commercially viable. An average house could have its daily power supplied by installing a solar system and panels covering 10sq m, excluding power for cooking and water heating. The breakthrough is reported in the upcoming issue of the Journal of Applied Physics.

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Massachusetts eyes solar generation of 250 MW by 2017
Continuing the state's new push for more renewable power, Massachusetts Governor Deval Patrick on Tuesday set plans in motion to boost solar energy use in the state from the current 2 MW to 250 MW by the end of 2017. The plan includes state funding for a new solar manufacturing plant built by Evergreen Solar and a manufacturer/utility alliance to increase use of solar by retail customers.
Patrick's announcement is in keeping with recent words from Paul Hibbard, the new public utilities commissioner, that the state will set a strong course toward developing renewable and energy efficiency.

Patrick intends to work toward the 250 MW goal by using funds from an already established renewable energy trust and through various policy initiatives, according to Robert Keough, spokesman for the Executive Office of Energy and Environmental Affairs. No legislative changes or revisions in the state's renewable portfolio standard are expected.

The state has arranged a $44 million financing package to be applied to a new $150 million photovoltaic manufacturing plant Evergreen Solar plans to build in Westborough. The financing package, put together by the Massachusetts Office of Business Development, includes $23 million in grants to the company and its host community, $17.5 million in low-interest loans from public and private entities, and $3 million in savings from a low-cost 30-year lease of state-owned land.

The plan also includes an alliance between Evergreen Solar and Boston-based utility, NStar, to identify prospective solar customers and help them better understand photovoltaic technology. NStar also plans to assist customers in finding reputable installers and potential sources of financing. The utility will train its customer service representatives, installers, and municipal partners on solar PV, so that installation becomes easier, quicker, and cheaper. A chief consumer complaint about solar PV is that it is difficult to find service representatives to install and repair panels.

Two other Massachusetts utilities, National Grid and Northeast Utilities, also have entered into talks with Evergreen about establishing similar partnerships.

The state also plans to create regulatory incentives for use of solar power by residential, commercial, and industrial customers.

Patrick said he hopes the push for more renewables will help establish Massachusetts as an internal base of manufacturing for the growing photovoltaic market.

"I've said all along, if Massachusetts can get clean energy technology right, the world will be our customer," Patrick said.

In a prepared statement, Patrick's office said the state hopes the NStar alliance will address transaction costs and make it much easier for potential customers to move forward with a PV purchase. The idea is to foster market growth and further drive down the cost of installation. State officials also hope that Massachusetts' commitment will help drive down the incremental costs of the PV panels. In addition, the location of manufacturing in Massachusetts will greatly reduce transportation costs to deliver PV panels to the market.

Evergreen Solar, founded in 1994, now employs 310 people in its Marlborough headquarters and manufacturing facility. It expects to double its work force with construction of the new facility.

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Cloudy Germany is booming with solar power

The Wall Street Journal Europe, 7 May 2007, By Craig Whitlock The Washington Post
When it opened here in 2004 on a reclaimed mining dump, the Geosol Group solar plant was the biggest of its kind in the world. It is so clean and green that it produces zero emissions and so easy to operate that it has only three regular workers: Plant Manager Hans-Joerg Koch and his two security guards, sheepdogs Pushkin and Adi.

The plant is part of a building boom that has made gloomy-skied Germany the unlikely global leader in solar-generated electricity. Last year, about half of the world's solar electricity was produced in the country. Of the 20 biggest photovoltaic plants, 15 are in Germany, even though it has half as many sunny days as countries such as Portugal. The reason isn't a breakthrough in the economics or technology of solar power but a law adopted in 2000. It requires the country's huge old-line utility companies to subsidize solar upstarts by buying their electricity at marked-up rates that make it easy for the newcomers to turn a profit. .

The law was part of a broader measure adopted by the German government to boost production of renewable energy sources, including wind power and biofuels. As the world's sixth-biggest producer of carbon-dioxide emissions, Germany is trying to slash its output of greenhouse gases and wants renewable sources to supply a quarter of its energy needs by 2020. Since the Geosol plant was built, it has been eclipsed in size by six other German solar plants, including the new world's largest, the Solarpark Gut Erlasee in Bavaria, which has more than double the capacity. Last month, construction began on yet another monster solar plant on an old military base in Brandis, 19 kilometers north of Espenhain. Once completed, it will generate 40 megawatts, or enough to power about 10,000 homes.

German officials acknowledged they are embracing solar technology not just for its environmental benefits. German firms that make photovoltaic panels and other components have prospered under the new energy act and employ 40,000 people. An additional 15,000 people work for firms in the solar-thermal business, which make heating systems for homes and businesses. Matthias Machnik, an undersecretary for the German ministry of the environment, said the country can't hope to compete in the long term with perpetually sunny ones in generating solar power. But it hopes to expand its exports of solar technology and become the leader in that field as well.

"Unless climate change accelerates, we only have a certain amount of available hours of sunshine," Mr. Machnik said. "For us, of course we will use solar power, but it is more important to secure the know-how for research and development." Last year, German exports accounted for 15% of world-wide sales of solar panels and other photovoltaic equipment, industry officials say. German companies hope to double their share of the global market, which amounted to $9.5 billion last year and is growing nearly 20% annually, said Carsten Koernig, managing director of the German Solar Industry Association, a trade and lobbying group. For now, the technology remains expensive and barely registers as a fraction of total energy production -- less than 0.5%. The government hopes to increase that figure to 3% by 2020.

Industry supporters, however, say there are other factors that favor solar production long term. One is that other forms of non-fossil-fuel energy are falling out of favor. The government has decided to phase out all nuclear power plants by 2020. While Germany also is the world leader in wind power, a popular backlash is building against the towering wind turbines that have proliferated in farmers' fields across the country and are criticized as eyesores. In Espenhain, officials have warm words for the solar plant, owned by the Berlin-based company Geosol. The facility was built on land that had served as a dumping ground for millions of tons of coal dust produced by nearby mines since the 1930s. The property had been rendered unusable for agriculture or other purposes.

Mr. Koch, the plant manager, acknowledged eastern Germany isn't the ideal site for collecting the sun's rays. Contrary to popular expectations, however, the solar panels work fine on drizzly days, he said, although they are able to generate only a quarter to half the usual output of electricity.
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World Business Briefing Asia: South Korea: Big Plans for Solar Energy
By CHOE SANG-HUN
South Korea plans to break ground for the world's biggest solar power plant as it tries to diversify its power sources and use cleaner energy, the government and developers said. The $170 million plant, being built in Shinan, near the southwestern tip of South Korea, is part of an effort to seek new and renewable energy sources and is scheduled to be completed by late 2008. The plant will produce more than 27,000 megawatt-hours of electricity a year, enough to supply 6,000 to 7,000 households, said Kim Ji Hun, president of the Korean subsidiary of SunTechnics, the German solar power company that will build the plant. It will be operated by Dongyang Engineering and Construction. CHOE SANG-HUN
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PV in Europe predicted to surpass 8700 MW by 2010.
Data and trends relating to the installation of solar photovoltaic (PV) systems in the EU, presented in the latest barometer from EurObserv'ER, are reported. During 2006, Germany installed solar PV systems with a total capacity of 1153 MW, followed by Spain (60.5 MW), Italy (11.6 MW), France (6.4 MW), Austria (5 MW) and the UK (2.8 MW). At the end of 2006, Germany had an overall 3063 MW installed, followed by Spain (118 MW), Italy (57.9 MW), the Netherlands (51.2 MW) and France (32.6 MW). The dominance of the German market is due to incentives based on the country's Renewable Energies Law of 2004. According to EurObserv'ER, by 2010 the EU as a whole could have 8713 MWp of solar powers installed, far exceeding its target of 3000 MW. The European PV Industry Association has forecast that the EU could have 7905 MWp - 9921 MWp, based on two possible scenarios.
It is anticipated that growth will be strong in Europe's solar PV sector over the coming years, with installation costs falling and competitiveness increasing.

ReFocus Weekly No. 242

Website: www.re-focus.net

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Q-Cells Reports Higher 1Q Net Profit, Ups 2007 Outlook
Edited Press Release FRANKFURT (Dow Jones)--German solar cell producer Q-Cells AG (QCE.XE) Tuesday reported an increase in first-quarter net profit driven by higher sales and the acquisition of a stake in silicone manufacturer REC Renewable Energy Corporation ASA (REC.OS).
Net profit for the first quarter after minority interests was up 40% at EUR23.8 million from EUR17.0 million, without taking into account the stake in REC Renewable Energy Corporation ASA.

Following the acquisition of the 17.9% stake in REC, the world's largest manufacturer of silicon and silicon wafers for solar cell production, the pro rata profit was included in the Q-Cells AG result for the first time. This increases net income for the period by EUR7 million.

An additional positive earnings effect of EUR2.9 million results from the revaluation of the put options for the REC share vis a vis Orkla AS (ORK.OS) required for the reporting date.

As a result, net income for the period was EUR33.7 million, up 99% on-the-year. However, excluding the put option net income for the first quarter amounts to EUR30.8 million, reflecting an increase of 81% on-the-year.

The company said it continued its growth, in the first three months of 2007 increasing its production to 78.0 megawatt-peak, or MWp, compared with 53.7 MWp a year ago. This is a year-on-year increase of 45% against the first quarter of 2006.

Sales increased by 43% to EUR163.5 million from EUR114.7 million in the same period last year.

Earnings before interest and taxation, or Ebit, improved by 37% to EUR36.2 million from EUR26.5 million with technological advances and further cost reductions offsetting higher material costs and lower sales prices at the beginning of the year.

On the basis of the figures for the first quarter of 2007, the current contractually secured supply of silicon and silicon wafers and the new consensus estimates for REC results, the company is raising its forecast for the 2007 financial year.

Production volume should rise to approximately 360 MWp compared to 253.7 MWp in 2006. Previously the company assumed a production volume of 340 MWp.

Accordingly Q-Cells AG expects sales of approximately EUR750 million for the 2007 financial year compared with the previous estimate of EUR705 million.

In the core business, net income of at least EUR120 million is expected compared with the previous forecast of at least EUR 115 million.

Furthermore, start-up costs for the new technologies will in part be offset by the one-off result from silicon sales and are expected to result in total expenses of approximately EUR10 million.

On the basis of current consensus estimates, the pro rata result of REC will be EUR40 million, so that without taking into account the earnings impact of the put options, Q-Cells AG is anticipating net income for the year of at least EUR150 million.

To allow for continuous fast growth, Q-Cells is accelerating the expansion of its production capacities.

Production line V, which is currently nearing first acceptance tests, is planned to reach a production capacity of 240 MWp until mid-2008.

Line VI is currently in planning and expected to be completed until the end of 2008 with a production capacity of 300 MWp, 60 MWp more than hitherto planned.

With these new lines Q-Cells will have available an overall production capacity in its core business of 876 MWp at the end of 2008 - equivalent to a nominal capacity of 1.1 gigawatt-peak.

For 2008, Q-Cells AG is retaining its objective of achieving sales of around EUR1 billion and a return on sales of 13%. Due to the Elkem volume, sales growth of around 40% is being targeted for 2009.

Order free Annual Report for Q-Cells AG

Visit djnweurope.ar.wilink.com/?ticker=DE00... or call +44 (0)208 391 6028 [ 15-05-07 0554GMT ]

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EU installed solar PV to reach 8.7 GW by 2010: study
The European Union installed capacity of solar photovoltaics is set to reach 8.7 GW by 2010, according to a European Commission-supported study published April 20. Initial estimates indicates 1.25 GW of solar PV was installed in 2006, said Eurobserver's 2007 photovoltaic barometer, bringing the EU total to 3.4 GW – enough to power 110,000 households, excluding electric heating. Eurobserver is a consortium of EU research and renewable energy organizations.
The EU market remains dominated by Germany, with an estimated 1.15 GW in 2006, followed at a distance by Spain (60.5 MW), Italy (11.6 MW) and France (6.4 MW), though the French installations are mainly in its overseas departments.

Germany is also the world leader in solar PV, far ahead of No. 2 Japan's 300 MW and the United States' 120 MW. Turnover for the German PV industry increased 23% from the previous year to €3.7 billion in 2006, according to figures from the association of German solar companies BSW cited by the barometer.

Though the solar PV industry, like the wind energy sector, has been constrained by raw-materials shortages, Eurobserver expects PV's rapid growth to continue in the next few years.

"The silicon shortage is being progressively absorbed, which will finally make it possible for industrialists to use their full production capacities and for supply to meet demand," Eurobserver said. The consortium's 8.7 GW projection, it said, "is based on a German market being maintained near the gigawatt level in the coming years and on a foreseeable acceleration in the growth of the Italian, Spanish and French markets."

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Signet Solar Enters Fast Growing Solar Energy Market
PALO ALTO, Calif. - (BUSINESS WIRE) - Today Signet Solar, Inc. announced its entry into the fastest growing segment of the renewable energy market with cutting-edge silicon thin film solar technology. The company is strongly positioned to accelerate widespread adoption of solar energy by establishing an industry-leading solar photovoltaic (PV) module manufacturing cost structure, targeting grid parity by 2010. For over a year, Signet Solar explored various options and selected the solar PV technology with the greatest potential for significant cost reduction and very large scale manufacturing. Signet Solar was founded by a team of semiconductor technologists and manufacturing executives with a proven track record of commercializing new technologies.
Capitalizing on this significant expertise, Signet Solar will design and produce photovoltaic (PV) modules - devices that convert the sun's rays into electricity - for applications such as solar farms, large commercial installations, building integrated photovoltaics, and remote habitation.

Dr. Prabhu Goel, Chairman and Founder of Signet Solar, stated, "We are excited to apply our extensive experience to this new market. The world is experiencing a massive energy challenge - pressured by fossil fuel depletion, global warming, and increased energy demands in emerging economies. Our vision is to make solar energy a viable choice for a sustainable energy future."

Signet Solar is establishing its first production line and its research and development headquarters near Dresden, Germany. The company has signed a contract with U.S.-based Applied Materials (NASDAQ: AMAT), a global leader in Nanomanufacturing Technology(TM) solutions, for a fully-integrated thin film silicon solar PV module production line using the largest glass substrates (greater than five square meters) in the industry.

"Solar module and semiconductor manufacturing are closely related," said Dr. Mark Pinto, Senior Vice President and General Manager of Applied's New Business and New Products Group. "We believe that Signet Solar is strongly-positioned to apply its management's extensive expertise in semiconductor technology and manufacturing to optimize state-of-the-art thin film solar module production. We are excited to have this contract from Signet Solar."

Signet Solar plans to ramp its production using the Applied Materials equipment line by mid-2008. The Research & Development center will focus on developing and implementing innovative product designs, device architectures and manufacturing methods. The production line near Dresden will be replicated subsequently at locations worldwide. According to Dr. Rajeeva Lahri, Co-Founder, President and CEO of Signet Solar, "The real driver for the $10 billion solar PV industry is cost-per-watt. We will combine U.S. technology and German engineering to achieve a benchmark PV module manufacturing cost structure with world-class quality and reliability."

Signet Solar customers will include PV system integrators and installers of solar farms for power generation. The large glass substrates and relatively lower cost of thin film modules are ideal for large scale PV system installations, building-integrated photovoltaics and remote habitation. Thin film modules are expected to play a vital role in peak power production and stand-alone applications by avoiding massive investments in power infrastructure. Signet Solar is poised to significantly expand existing markets for Clean Affordable Renewable Energy(TM) and create vast new opportunities in developing nations.

About Signet Solar

Signet Solar, Inc. is a global company established in 2006 to bring Clean Affordable Renewable Energy(TM) to people and countries worldwide. Headquartered in Palo Alto, Calif., the company has been founded to design, develop, manufacture and market thin film silicon photovoltaic modules. For more information please visit www.signetsolar.com

Signet Solar and Clean Affordable Renewable Energy(TM) are trademarks of Signet Solar, Inc. in the United States and other countries.

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Zonovergoten energie Jacques Potuijt - 30 mei 2007, 15:00

Het is alweer ruim een jaar geleden dat ik in Zonnig beleggen uitwijdde over Q-Cells, de Duitse kampioen in de snel groeiende sector van zonne-energie. De tijd vliegt. Dat heeft natuurlijk ook zo z'n voordelen.
Had ik een jaar geleden bijvoorbeeld meer tijd gehad om me intensiever met deze sector bezig te houden, dan was ik misschien ook wel het slachtoffer geworden van de scepsis die beleggers vorig jaar in de greep kreeg.


Vooral door zorgen over de beschikbaarheid van silicium, de cruciale grondstof voor zonnecellen, kreeg de solar energiesector in het tweede kwartaal van 2006 een koude douche over zich heen.

De koers van Q-Cells, dat in oktober 2005 zijn beursgang had gemaakt en in zes maanden haar prijs zag verdubbelen, kreeg er ook ongenadig van langs op de beurs.

Deprimerende grafiek?
Toen ik op 14 maart het aandeel tipte, stond de koers op 41,20 euro (82,75 euro, maar het aandeel onderging op 1 augustus een 2 voor 1 stocksplit). Dat was 16% onder de hoogste koers van 49 euro van februari 2006. Vier maanden later was het aandeel met 32% ingestort tot 28,11 euro. Tamelijk pijnlijk…

Bij zo'n vertrouwensval moet je sterk in je schoenen staan om het aandeel in portefeuille te houden. Ik moet toegegeven dat ik volledig geabsorbeerd werd door ontwikkelingen in andere sectoren, waardoor ik deze gewetensvraag niet hoefde te stellen. In de tweede helft van 2006 bleef, ondanks enig herstel, Q-Cells twijfel zaaien.

In 2007 en vooral na de publicatie van de goede jaarcijfers, kreeg het aandeel weer vleugels. Vandaag noteert het fonds 60,60 euro, het hoogste niveau ooit. Nog even terzijde: wie de koersontwikkeling van dit aandeel volgt via Yahoo Finance ziet dat de grafiek (hieronder) een tamelijk deprimerend verloop laat zien.

Dat komt doordat Yahoo verzuimd heeft de historische koersen te corrigeren voor de stocksplit. Hoeveel beleggers die blindvaren op Yahoo's koergrafieken hebben zich hierdoor laten ontmoedigen? Een interessante vraag. De gecorrigeerde grafiek kan de belangstelling voor het aandeel mogelijk aanzienlijk verbeteren.

Metallurgisch silicium
Zonne-energie, hoewel nog in de kinderschoenen, is geen kleinschalige activiteit meer. De eind vorig jaar wereldwijd geïnstalleerde opwekkingscapaciteit kan geschat worden op 7,8 gigawattuur, genoeg voor 5 miljoen huishoudens. Indrukwekkend, maar met 1,5 miljard gezinnen in de wereld een druppel op de gloeiende plaat.
De capaciteitsuitbreiding gaat snel. Alleen al vorig werd 2,5 miljoen gigawattuur toegevoegd, een toename van 48%. Daarvan nam Q-Cells met een productie van 253 Megawatt ongeveer 10% voor haar rekening, zodat haar wereldmarktaandeel nu datzelfde percentage bedraagt; een ruime verdubbeling in de laatste twee jaar.

De groei werd tot nu toe bepaald door productiebeperkingen, in het bijzonderde beschikbaarheid van zuivere silicium, dat ook de basis is van computerchips. Technische ontwikkeling hebben dit probleem opgelost. Zonnepanelen functioneren even goed met metallurgisch silicium, waarvan de productie veel eenvoudiger is.

Tien jaar
Q-Cells heeft ondertussen een contract gesloten met het Noorse Elkem Solar dat voorziet in een levering in de jaren 2008 tot 2018 van 67.000 ton metallurgisch silicium. Dat is voldoende om de komende tien jaar voor 10 gigawattuur aan nieuwe capaciteit te produceren. Daarboven voorziet het contract in een extra afnamemogelijkheid van 30%.

In totaal gaat het om 13 miljoen gigawattuur. Aangezien Q-Cells tot 2010 de productie ziet verviervoudigen (gemiddeld 41% per jaar) tot 1 miljoen gigawattuur is het siliciumprobleem voor een lange reeks van jaren opgelost. In ieder geval binnen de horizon die een lange termijn belegger bereid is te hanteren.

De hoge vraag naar zonnepanelen lijkt gegarandeerd nu steeds meer overheden, in navolging van Duitsland, bereid zijn het gebruik te subsidiëren. Rekening houdend met technische verbeteringen duurt het naar schatting nog zo'n tien jaar, voordat de kosten concurrerend worden met elektriciteit uit fossiele brandstoffen.

Dat is een periode waar de politiek wel mee uit de voeten kan. Op de volgende week te houden G8, onder voorzitterschap van Bondskanselier Angela Merkel, staat de terugdringing van CO2 uitstoot en alle middelen die dat kunnen tegengaan, weer hoog op de agenda. Dit bestempelt zonne-energie tot een voor beleggers dankbaar thema.

Brenninkmeijers
Verder groei van Q-Cells hangt daarom slechts af van het financieel vernuft van het management om genoeg kapitaal aan te trekken. Op dit moment beschikt de schuldenloze onderneming over een solvabiliteit van 72,7%, maar voor een verviervoudiging van de capaciteit tot 2010 is waarschijnlijk extra extern kapitaal nodig.

Die factor lijkt ook gewaarborgd nu Q-Cells de welhaast onvoorwaardelijke steun heeft gekregen van de Brenninkmeijers, de rijkste familie van Nederland die haar vermogen de laatste 125 jaar bij elkaar sprokkelde met confectiekleding (C&A) en de knapste koppen voor zich aan het werk heeft om dat vermogen rendabel te beleggen.

Via Good Energies, onderdeel van hun vermogensbeheerbedrijf Cofra Holding, hebben de Brenninkmeijers inmiddels een belang van bijna 50% in Q-Cells opgebouwd. Belegger bevinden zich in goed gezelschap en wellicht brengt Good Energies ooit nog eens een bod op de gehele onderneming uit.

K/w 46
Dat kan zorgen voor een overnamepremie, maar beter is het om op lange termijn als belegger bij dit groeiavontuur betrokken te zijn. Op een koers van 60,60 euro, het drievoud van de introductieprijs, doet het aandeel op basis van de verwachte winst 2007 van 1,30 euro een niet kinderachtige koers/winstverhouding (k/w) van 46.

Dat is een waardering die door het florissante winstgroeiperspectief alleszins gerechtvaardigd wordt. Veel hangt af van de kapitaalsbehoefte en de uitgifte van nieuwe aandelen, maar een langdurige winstgroei met gemiddeld zo'n 25% per jaar lijkt mij eerlijk gezegd geen al te gewaagde veronderstelling.

In zo'n tempo verdubbelt de winst elke drie jaar en zolang dat vooruitzicht in tact blijft, blijft het fonds een hoge k/w houden.

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Jacques Potuijt is oprichter van Provest Group en was hiervoor onder meer hoofd Beleggingsresearch bij Deutsche Morgan Grenfell in Amsterdam. Potuijt schrijft zijn columns op persoonlijke titel. Hij belegt uitsluitend in beleggingsfondsen. De informatie in deze column is niet bedoeld als beleggingsadvies of als aanbeveling tot het doen van bepaalde beleggingen. Uw reactie is welkom op potuijt@iex.nl.

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Solar Power Electricity Export Scheme Unveiled by Algeria's Energy Minister
Samuel Ciszuk
Algerian Energy Minister, Chekib Khelil, has unveiled a large-scale solar-power development project, meant to provide electricity both for the domestic market and for exports. The scheme, due to be completed in 2015, will be carried out by a newly established company, New Energy Algeria (NEAL), 45% owned by state-owned oil and gas firm Sonatrach, 45% by state gas and electricity utility company Sonelgaz, and 10% by private agro-business Semoulerie Industrielles de la Mitidja, Reuters reported. The company is planning to hike up Algeria's renewable energy production to 5% of its energy consumption by 2015 and is currently eying building a US$335-million 150MW hybrid solar-gas plant at Hassi R'Mel to export electricity to Spain in a deal with Spain's Abener Energia Spa. The solar plant will come onstream in 2009.
Several wind-power projects, each with an output capacity of around 10MW, are also planned.Significance: Reportedly, NEAL has received interest all the way from Germany to buy Algerian solar-power-generated electricity. While such large-scale solar-power generation remains a long way from making Algeria a significant electricity exporter is still way off (if that is possible at all), it is interesting to see Sonatrach follow established international oil and gas majors into the renewables sector, showing that the company is becoming increasingly customer savvy as it moves downstream in Europe and, potentially, the United States. What this will mean in the long run is hard to say today, but in the short run it will surely affect the Sonatrach brand quite favourably—politically and economically

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Intersolar 2007: Germany Leading the International PV Market
BERLIN, Germany, June 20 /PRNewswire/ -- Industry players from all over the world will be present in Freiburg, Germany for this year's Intersolar convention from June 21 through 23. 560 exhibitioners and 26,000 visitors from over 90 countries will be in attendance and Invest in Germany will be there to outline the advantages of PV investments in Germany. Germany is the world's leading market for PV energy. 55% of the PV capacity worldwide is installed in Germany, and last year Germany's PV industry generated EUR3.8 billion in sales. A main reason for Germany's leading position in PV energy is the Renewable Energies Act, (EEG). The law requires power companies to buy electricity from the owners of PV installations at a set price, 37.96 to 54.21 EURct/kWh over twenty years.
This so-called "feed in tariff" has resulted in a ready-made market for PV technology production. Additionally, various government incentives are available for companies investing in eastern Germany, in areas such as "Silicon Saxony," where numerous PV and semiconductor firms are present.

It is not only the political conditions that encourage photovoltaic investments in Germany. Germany's workforce and research landscape are also superb. For example, the Canadian company ARISE Technologies Corporation is building a PV cell manufacturing plant in the German town of Bischofswerda. The company's CEO Ian MacLellan sees Germany's workforce as one of its main features, "We selected Germany because it is the largest solar market in the world. It has a high concentration of solar technology companies and has access to skilled technical labor."

American solar company First Solar is also opening its EUR115 million facility in the German town of Frankfurt/Oder at the beginning of July. Furthermore, the California-based start-up Signet Solar recently broke ground on a new R and D, and production center near the city of Dresden.

Germany is committed to the future of PV energy and renewable energies. The country possesses all of the requirements both politically and economically for international PV companies to thrive, as many already are.

Invest in Germany is the official investment promotion agency of Germany. Its mandate is to assist and advise international companies about investment opportunities in Germany. Invest in Germany can be found in Hall 1, Booth 1.03.09 at Intersolar in Freiburg.

Media Contact: Eva Henkel Invest in Germany T: +49-30-200099-173 F: +49-30-200099-111 Email: henkel@invest-in-germany.com www.invest-in-germany.com

SOURCE Invest in Germany

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Overcapacity lurking in China’s photovoltaic industry
HANGZHOU, June 25 (CEIS) – It’s hard to say it is a good thing that total production capacity of polysilicon projects under construction or to be launched in China reaches as high as 30,000 tons, said Wang Sicheng, an photovoltaic expert and standing director of China’s Renewable Energy Society. Wang expressed his deep concerns about the mushrooming photovoltaic projects throughout China in the 2007 International Forum on Photovoltaic Assembling Products held in Hangzhou recently.
According to Wang, although China has 95 percent of its photovoltaic raw materials imported at present, many enterprises have launched or are to launch high-purity polysilicon projects with total production capacity topping 30,000 tons. And the country’s polysilicon ingot and wafer production capacity also hit 5,800 tons a year, which are more than enough to produce several hundreds megawatt solar cells.

In the eye of Wang, huge risks may lurk in the swarming into the photovoltaic industry, which is a high risk and high earning industry, taking years to launch a project. The Xinguang Silicon in Leshan, Sichuan Province, has cost as many as 1.5 billion yuan, but the product hasn’t been worked out.

Meng Xiangan, secretary-general with the China Renewable Energy

Society pointed out that China’s new solar cell production

capacity added in 2006 reached 1,600 magawatts, which are more than enough to meet the target planned for the coming 10-plus years. The world’s actual installed capacity of solar cell amounted to 1,420

megawatts last year. That means that China’s solar cell production

capacity can meet the whole world’s demand.

It’s horrible to have an annual solar cell production capacity of 1,600 megawatts at present, as China’s photovoltaic market is only 10 megawatts only, warned Wang.

Except for a few large enterprises, it is a sort of blind action for many small enterprises to vie with one another to launch solar cell projects, Wang said.

But some people like Zhong Zheng, vice president of UL Asia Pacific Region’s Industrial Production Division, held a different view.

Overcapacity does exist risk, but it will also make the market competition fiercer and push enterprises to renovate technology and cut costs in the competition, which, in turn, will is conducive to the development of the photovoltaic industry, said Zhong.

Wang also admitted that if related laws and supporting laws and regulations are put in place, China’s photovoltaic market will be heated in a short while. At present, power grid companies in the country only accept wind-driven power and biomass-generated electricity, and the expensive solar power haven’t been bought by them yet, though the Renewable Energy Law promulgated last year makes some rational and existing stipulations on power grid’s purchase of electricity generated by renewable energy. (?)
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West LB bank shifts focus from Spanish wind to solar
Investment bank West LB has switched its attention away from wind power and towards solar energy in the lucrative Spanish renewables market, global energy group director Manuel Cabrerizo said June 20 at the Power 2007 conference in Monaco. "Wind is no longer profitable enough for us in terms of project management, but solar is," he said. "Solar has big natural advantages. It can provide quality power when Spain most needs it during summer air-conditioning peaks, it is predictable, and it is socially acceptable."
Solar power technologies – solar photovoltaic, parabolic trough and power tower – are poised for massive growth in Spain and the Middle East, Cabrerizo told Platts. In the Middle East, oil and gas producers were looking to reduce hydrocarbon burn for power generation and saw long-term export possibilities. In Europe, however, he warned that "over time, feed in tariffs in Spain and Germany will have to come down because they are just not sustainable."

Challenges lay ahead, including a need to increase scale (recent Spanish projects have been 20-50 MW), develop the supply chain, refine the product and improve working relationships with grid companies unwilling to hook up small projects.

"PV's learning rate [efficiency gain] has stabilized at 20% per year," Cabrerizo said, "and the sector is consolidating. In 10 years' time there will be only 20 or 30 players, a third of the number today."

With subsidies likely to decline, the sector had to increase scale and get costs below $3 million per MW, Cabrerizo said. "If it can do this, the all-in cost of solar power [capital cost plus maintenance] would be competitive with nuclear," he claimed.

Cabrerizo gave various examples of recent projects financed in Spain. A 45-MW PV project over a number of sites cost €391 million ($523.6 million), with senior debt leveraged at 85% over a 20-year term. Two 50-MW parabolic trough projects each cost €310 million ($422.2 million), with 2,200 kWh per cubic meter, leveraged over 18 years and heavily over-subscribed. Additionally, a 20-MW power tower cost €90 million, leveraged to 90% over 20 years. Load factors for the three plants range from 1,800 to 2,200 hours per year, he said. Subsidy is around 44 Euro cents per kWh produced.

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Italy: support for solar grows
Italy has signaled its intention to continue backing renewable energy in its 2008 budget. The Italian government is expected to confirm that its 2008 budget will provide continued support for renewable energy. In line with this, Italy, which currently produces around 14% of its gross electrical consumption from renewables, primarily hydropower, will boost its domestic solar industry with measures to bolster domestic photovoltaic production, in a bid to achieve its renewables target.
Italy is currently not projected to achieve its 2010 renewable energy target, along with a number of other EU countries. In the face of this, and growing security of supply concerns, the Italian government is considering further renewable support programs.

Italy's current support regime has promoted the importation of photovoltaic technology into the country, but the government wants to develop indigenous production capacity along the lines of the German wind industry. The Italian government has suggested that with direct subsidy of the production of solar panels, capacity by 2016 could reach 3,000MW.

The question is whether this direct subsidy of the production of solar panels will fall foul of the EU competition commission. While guaranteed returns for investors via feed-in tariffs have been successful in raising renewable capacity in both Spain and Germany, it is highly questionable whether direct production subsidies would not be seen as a distortion of the marketplace.

The Italian government currently runs a green obligation certificate that pays out a set price for each kWh produced, a mechanism is not too dissimilar to the Renewable Obligation Certification scheme in the UK. The move to direct subsidy, however, indicates that this mechanism is unlikely to be effective in enabling Italy to achieve its 2010 target and, as in the UK, which is pursuing banding of renewable technologies and obligation certificates, another way is being actively explored.

Since R&D subsides are exempt from EU competition rules, this initiative by the Italians is dependent on them being able to demonstrate to the bureaucrats in Brussels that the investment and support is truly of a research nature and not simply an exercise in supporting an existing but fledgling industry.

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PG&E MAKES MAJOR PLAY FOR SOLAR POWER
SARAH JANE TRIBBLE, Mercury News
Signaling that alternative energy could one day provide massive amounts of the state's power, PG&E said Wednesday it signed a contract to buy electricity from what will be one of the world's largest solar plants. The deal provides enough power to serve more than 400,000 homes and is big enough to help the company meet aggressive state rules that demand utilities provide 20 percent of their power from renewable energy sources by 2010.
''People who have sort of looked down at renewables because it's nice and cute but small-scale will now see that the 800-pound gorilla in the room does not have to be a coal plant,'' said Dan Kammen, co-director of the Berkeley Institute of the Environment at the University of California-Berkeley.

But as the state's large publicly owned utilities strive to meet the state goals, they are also running into another formidable challenge: Expensive and sometimes unreliable energy options.

Experts say it is impossible to say how an increase in renewable energy use will affect customer bills because there are a number of factors that contribute to the price of power. But it is clear that new environmentally friendly sources of energy cost more than traditional sources.

While natural gas and clean-coal technologies cost about 9 cents per kilowatt-hour, solar technologies can cost four times that. Even more, renewable fuels provide intermittent power, working only when the wind blows or the sun shines.

''Getting away from fossil fuels costs money if all you consider is the direct cost of power,'' said Severin Borenstein, director of the University of California Energy Institute. ''If you consider the environmental consequences, I think it makes a lot of sense.''

Still, the direct costs can be steep. Solar photovoltaic, which usually uses panels on rooftops, costs about 39 cents a kilowatt-hour.

Solar thermal, the system to be used in the PG&E contract project, uses the sun's heat to create steam energy and costs about 22 cents a kilowatt-hour, according to 2007 data from the California Energy Commission. The price includes the cost of constructing a new plant.

Wind power, another popular form of renewable energy, is cost-competitive at about 7 cents a kilowatt hour, according to the energy commission.

PG&E declines to talk about the cost of renewables and how much they may affect customer bills, citing competitive reasons. However, the company confirms that renewables usually cost more than natural gas or coal.

The company would not disclose how much its deal with Solel Solar Systems of Israel to buy power from a 553-megawatt plant in California's Mojave Desert.

Solel President and Chief Executive Avi Brenmiller said he believed the new plant would be ''cost competitive'' with natural gas.

Construction of the plant -- the same size as natural gas plants -- will begin in 2009 and finish by 2011. PG&E has signed a 25-year contract for the energy.

Solar thermal's renaissance is in part because of rising natural gas prices and also because larger plants makes the technology more economical.

''We think it's one of -- if not the -- most promising technology,'' said Keely Wachs, PG&E's environmental communications manager.

Thermal is so attractive, utilities said, because it provides energy when and where California needs it most: hot sunny days.

''The U.S. is perfectly situated to be able to build large-scale solar thermal plants because we have an abundance of flat, arid land close to large populations,'' said Rhone Resch, president of the national Solar Energy Industries Association.

In California, PG&E said the Solel plant will help increase the company's renewable-energy portfolio of contracts by two percentage points to 18 percent -- bringing it another step closer to reaching the state goals. The utility expects to contract for more than 20 percent of its power from renewable sources by the end of this year.

But does the race to build renewable power mean California's utility customers will pay higher prices?

Experts say that's hard to answer. While renewables cost more, there are many factors that contribute to the price of power.

Michael Peevey, president of the California Public Utilities Commission, which regulates utilities and the rates customers pay, has said the factors that make California's prices higher include not using coal and relying on volatile natural gas prices.

Californians already pay some of the highest electricity prices in the nation -- about 15 cents per kilowatt-hour in April compared with a U.S. average of about 11 cents per kilowatt-hour, according to the federal Energy Information Administration.

Advocates argue that prices will go down as more renewable power sources are built.

HOW SOLAR THERMAL POWER WORKS

Solel Solar Systems plans to build a 553 megawatt solar thermal plant in California's Mojave Desert. The plant, which is big enough to power more than 400,000 homes, will be one of the biggest in the world. When fully operational in 2011, the plant will cover up to 6,000 acres, or nine square miles in the desert. It will rely on 1.2 million mirrors to capture the desert sun's heat.

1) Solar energy is reflected from mirrors to specially coated glass receivers

2) ''Heat transfer fluid'' is circulated and heated through the receivers

3) Heat is released to generate steam

4) Steam powers turbine to generate electricity

5) Power delivered to customers

Sources: Solel, PG&E

Mercury News

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Misconceptions slow solar growth
Joe Truini Cleveland --
As wind power has become the darling of the renewable energy industry, solar power has become a misunderstood sibling. The lack of information and the current mindset of consumers have created a barrier for the solar energy industry to overcome, said Christina Panoska, program manager for Clean Energy Ohio at Solar 2007. ``There's a lot of misinformation out there,'' she said.
About 80 percent of consumers support renewable energy, but think they have to do it themselves, because if it were doable, utilities already would be taking advantage of it, Panoska said.

``No matter where you go, everyone loves solar energy,'' said Richard Stuebi, president and CEO of the Cleveland Foundation, a charity dedicated to increasing the quality of life in the Cleveland area.

People in the Midwest have a different mindset toward solar energy than their western counterparts, Stuebi said. Two myths have shaped that mindset, the first being that people don't think solar energy is effective in Ohio and other parts of the Midwest.

While Ohio gets a quarter to a third less sunlight than the Southwest, it's still enough to generate solar energy, he said. In fact, Ohio's solar profile is far better than Germany, which is a world leader in solar energy installation, Stuebi said.

``You can put to bed pretty quickly that solar energy doesn't work in Ohio or a state like Ohio,'' he said.

The second myth is cost. People think that solar energy is free, which is not the case.

A commercial flat-roof photovoltaic system can cost $7 to $9 per watt to install, said Alan Frasz, vice president of Dovetail Solar & Wind, based in Chagrin Falls, Ohio. The company can install a 3-kilowatt solar power system for about $27,500, or its largest offering, a 43.5-kilowatt system, at a cost of $350,000. The monthly average output for the two systems is 285 kilowatts per hour and 4,120 kilowatts per hour, respectively.

But there are incentives that significantly drive down those costs, Frasz said. A federal tax credit will reimburse 30 percent of the system cost, with no cap to businesses. Most states also offer their own incentives, in the form of tax breaks and grants, which further reduce the cost.

And solar power systems last 40 to 50 years and require very little maintenance, which accelerates the return on investment and will save money on energy bills over the long haul, Frasz said. Most businesses don't pay much attention to what they're actually buying when it comes to power, he said.

``They'll haggle over the cost of paper reams, but their electric, they just pay the bill,'' Frasz said.

Businesses will have to start considering their power purchases as the cost of energy continues to increase, he said.

``If electric bills aren't a problem for your business, just wait a couple of years,'' Frasz said.

Contact Waste News reporter Joe Truini at (330) 865-6166 or jtruini@crain.com

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Het is verbazend te zien dat ondanks de beursmalaise de solar sector de voetjes redelijk droog houdt.
Stopt iedereen zijn centjes in nieuwe energie?

gr.fes
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