General Electric Co. (NYSE: GE) is expanding its advanced solar products and services portfolio. The new solar thin film panel, system and inverter products are said to “enhance GE’s ability to provide a complete range of offerings for use in multi-megawatt projects globally.” GE has already invested more than $1 billion to grow its portfolio of renewable energy products and services. No financial terms were disclosed today and much of the ramp-up seems to be for 2011. GE has already installed more than 21 gigawatts of wind turbines around the world.
The company noted that it has spent the last several years working to develop its solar portfolio and wants to address the cost as the biggest barrier for adoption of solar technology. With this in mind, GE built its portfolio with a goal of offering the lowest cost of electricity in the industry. If cost is the goal, First Solar inc. (NASDAQ: FSLR) may come to mind. First Solar first broke the $1.00 per watt cost level back in early 2009, and the second quarter of 2010 earnings report showed that the cost per watt was now down to $0.74 at the company.
For further solar energy gains to come as a real power competing-source, the efficiency of solar modules is going to be just as important as the input costs of each cell. With this same thought in mind, GE noted in the release that the company recently celebrated a milestone when its CdTe cell efficiencies topped 15% on commercial glass. These efficiencies still need improvement and that will likely (and hopefully) come through time.
GE now offers Thin Film Solutions and announced two commercially available thin film products in the commercial development of a cadmium telluride thin film product with PrimeStar Solar. The panels from PrimeStar’s 30-MW manufacturing line in Arvada, Colorado are said to be commercially available in 2011 with higher capacity coming soon. GE a technical and commercial agreement with Showa Shell Sekiyu’s Solar Frontier, where its 900-MW factory is expected to come online in early 2011. GE is already now offering the thin film panels individually and is providing its power plant expertise to enhance Solar Frontier’s CIGS technology.
Today’s news is not likely big enough to impact the industry with any direct winners or losers on the equity trading venue. It is just one more step needed in a long process of bringing alternative energy costs down to compete against fossil fuels in the future.
JON C. OGG
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