The California Public Employees’ Retirement System (CalPERS), one of the world’s largest pension funds, has invested $500 million in a new clean energy fund tracking a leading climate change investment index. Read More »
1: Tony Hayward, BP CEO
As any coach of a professional sports team knows, when your bosses publicly declare their support for you, the end is nigh. So it is with BP head Tony Hayward, who, a spokesman has averred, To be sure, Hayward has been dealt a horrible hand. It is one thing for a catastrophic oil spill to happen on your watch, it is quite another for it to happen in ecologically sensitive waters within view of the American media. But Hayward has been unable to get ahead of the crisis at any point. BP has shown little interest in getting an accurate flow rate, leaving itself open to charges that it’s hiding the extent of the spill. Hayward has sought to minimize the environmental impact and talked about how inconvenient the spill is for him saying, “You know, I’d like my life back.” He has, inadvertently, made a convincing case for green energy legislation. Shareholders might forgive these gaffes, but they can’t overlook the billions in market value that have been lost during this misadventure. Hayward will be out soon after the relief well finally stops the flow.
We reached out to Suntech Power’s spokeswoman after the announcement that the company plans to build a plant that can produce 30 MW of capacity by late 2010 and learned that the company is, indeed, seeking stimulus funds.
Spokeswoman Sarahjane Sacchetti told us, via email, that the company would seek a 30 percent manufacturing tax credit available under the American Recovery and Reinvestment Act. The company, as expected, is also working with the state of Arizona and the Greater Phoenix Economic Council on grants, property tax abatements, permit fee waivers and local tax reductions, Sacchetti writes.
The company will be funding the construction by itself but has not put a price on the project yet, since officials are still considering sites.
As for the timing of the announcement, Sacchetti added, Read More »
GCL Solar Energy Technology, a China-based maker of polysilicon and wafers for solar cells, has withdrawn plans for an Initial Public Offering (IPO), citing unfavorable market conditions, reports.
The company initially filled for an IPO nearly a year ago, at the peak of the clean tech bubble as record high oil prices and growing awareness for climate change issues convinced investors to pour money in clean tech.
This was shortly before the economy tanked and public markets entered bear territory for an extended period. In an initial filling with the Securities and Exchange Commission the company says it had hoped to raise$862.5 million in American depositary shares. It cut that amount in October to $600 million.
GCL Solar Energy operates mostly out of China via its Jiangsu Zhongneng unit. Last month Jiangsu Zhongneng was acquired by Hong Kong-based GCL-Poly Energy for $3.4 billion. GCL was planing to use part of the IPO proceeds to pay down debt and finance future acquisitions.
Morgan Stanley, Credit Suisse, HSBC, Cowen & Co. and Piper Jaffray were going to underwrite the IPO.