Satcon’s President and Chief Executive Officer, Mr. Steve Rhoades said during the Q2,2011 earnings call that ongoing policy uncertainty across Europe and Asia in the second quarter of 2011 continued to present challenges for the industry. The compounding effects of prolonged policy restructuring in two of the world’s three largest markets as well as an increase in panel supply and reduction in panel and other balance of system cost has led to an environment while project development has slowed considerably in those markets.
Project developers and investors remained on the side line awaiting the anticipated continuation of price reduction along with the finalization of local Feed-In tariff regulation. These forces have directly affected Satcon’s ability to meet our initial revenue and cost targets for the second quarter, he added.
India is also showing increased momentum and supported by our previously announced partnership with Wipro EcoEnergy for the largest locally developed solar projects in India.
As readers of Panchabuta might recall, the company had said last month that it had been selected by Wipro EcoEnergy for a total of 40 megawatts (MW) of PV plant development over multiple utility-scale sites in India. Wipro EcoEnergy will leverage Satcon’s PowerGate Plus 500 kW inverter for these installations, which constitute the largest privately developed solar projects in India to date.