Photovoltaic Manufacturers Increasing Shipments As European Policy Shifts

Strong early-year photovoltaic market demand in 2012 - stimulated by a shifting and uncertain policy environment in Europe - has established the foundation for PV manufacturers to increase shipments this year, according to the latest Solarbuzz Quarterly report from NPD Solarbuzz.Global industry end-market revenues for the fourth quarter of 2011 (Q4'11) reached $35.4 billion - their highest level since Q4'10 - but they are now projected to drop to $22.0 billion in Q4'12, a result driven by both lower volumes and prices.Over-optimism on shipments and production 12 months ago - together with weak global demand growth in the first three quarters of 2011 - were the drivers of last year's pricing collapse through the PV chain, NPD Solarbuzz says.

"Major cell and module manufacturers are projecting shipment growth of 23 percent in 2012, considerably less than the 40 percent they had initially planned for 2011 at the same point last year," says Michael Barker, an analyst at Solarbuzz. "The acceleration of demand into [the first half of 2012] will initially support these growth plans.""However, the quarterly 2012 forecast anticipates the need for production cutbacks in Q4'12, resulting in only 13 percent shipment [year-over-year] growth by the end of 2012."The report also finds that Chinese, Taiwanese and rest-of-world manufacturers, which grew production share from 69% in Q4'10 to 78% in Q4'11, are projected to increase their share moderately to 79% by Q4'12.

Upstream module inventory days dropped 24% quarter-over-quarter at the end of Q4'11, through a combination of production cutbacks and increases in shipments from some manufacturers in the final quarter. However, downstream companies were the primary beneficiaries of the Q4'11 demand boom, as their inventory days dropped by 81%.Vertically integrated Western and Japanese manufacturers dealt with negative margins for the third consecutive quarter in Q4'11, while average Chinese tier-one gross margins declined from 12% to 7%."Major PV companies no longer have the balance sheet flexibility to absorb large additional cuts in prices," Barker notes. "They will need to watch the supply/demand balance closely in order to avoid further pressure on gross margins."

Germany-based Q-Cells SE says it will file for insolvency proceedings this week in German court. After a March 27 court ruling, the company's management concluded that such an action was inevitable, Q-Cells explains.Q-Cells has experienced a great deal of financial turmoil in recent months. Its most recent financial results, announced in late March, showed that the company posted significant losses in 2011, despite sales growth for its PV systems business.In January, the company entered into a deal with bondholders to restructure its debt and announced plans to continue to transition its business away from solar cell manufacturing. Q-Cells first began transitioning to other business segments - such as PV plant development - in 2010.The company says its board and the preliminary insolvency administrator plan to work together to "secure the continuity of the company" within the parameters of the insolvency proceedings. Additional details on these specific efforts have yet to be disclosed.

Sunway Technology Investment Co. Ltd. has agreed to buy certain assets from Scheuten Solar, a PV manufacturer based in the Netherlands. Scheuten Solar said last month that it had suspended creditor payments due to financial troubles.According to an announcement from law firm Boels Zanders, Sunway will take over Scheuten Solar's international sales offices and projects business (including development, realization, and operations and maintenance). A total of 32 jobs have been secured with the purchase.The takeover of Scheuten Solar's Optisol and Sunrise technology units is in advanced talks, Boels Zanders adds. An announcement is expected to occur later this week. Discussions are also ongoing regarding the future of Scheuten Solar's module production facility in Gelsenkirchen.For more information?http://www.renesola.com/polycrystalline-solar-panels/

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