News

7 December 2009

 

CPV panel maker OPEL rebounds in third-quarter 2009

OPEL International Inc of Shelton, CT, USA and Toronto, Ontario, Canada, which makes high-concentration photovoltaic (HCPV) panels (as well as both roof- and ground-based dual- and single-axis solar trackers for mounting them), says that for the first nine months of 2009 its revenues were $547,000, down $31,000 year-on-year. However, for third-quarter 2009, revenue was up $20,000 on Q2. “The solar market has started to break out of the slump,” believes chief financial officer Michael McCoy.

In October, OPEL said that, together with its Spanish partner BETASOL (which builds utility-grade solar farm installations for subsequent sale to investor groups), its subsidiary OPEL Solar Inc had grid-connected the third 110kW phase of its utility-grade photovoltaic power plant in the Tarragona region of northern Spain. This brings the plant's installed electricity-generating capacity to 330kW of the targeted 440kW, allowing for sale to a third party. The solar farm is one of the first operable solar grid fields in the world using OPEL’s HCPV panel technology, and will supply electricity to over 350 households when fully completed.

“With our Spanish installation now successfully generating utility-scale solar power, we can focus our attentions to closing and delivering on our new quoting activities in addition to continuing to deliver on our overall goals,” says McCoy.

The quarter saw increases in quoting activity for HCPV panels and tracker systems, as well as in the size of the projects being quoted. In early November, just after the close of the quarter, OPEL filed for a cash payment of $179,000, awarded as part of the US Department of Energy and Treasury Department program under the American Recovery & Reinvestment Act (ARRA). The award is in recognition of the development and installation of one of Connecticut’s first rooftop tracking solar power systems, completed by OPEL Solar in March. The installation generates 131kW of power, supplying up to 20% of the electricity needs of the Linden Elementary School in Plainville, CT. The firm was also awarded a grant by the Connecticut Clean Energy Fund (CCEF) for the installation.

OPEL adds that its balance sheet remains in a strong liquidity position, with no debt.

See related items:

CPV system maker OPEL Solar awarded $179,000 by US Treasury

OPEL and BETASOL complete third 110kW phase of utility-grade HCPV solar farm

OPEL and BETASOL complete 2nd 110kW phase of 440kW Spanish HCPV solar farm

Search: OPEL CPV

Visit: www.opelinc.com