in News Departments > New & Noteworthy
print the content item

comments: 0

Earlier this week, South Korean conglomerate Hanwha Group announced that it has agreed to acquire Germany-based photovoltaics company Q-Cells SE, which filed for insolvency in April.

According to Hanwha, although its executives and insolvency administrator Henning Schorisch have signed a contract to finalize the deal, the contract is subject to the approval of the creditors' meeting later this week.

Meanwhile, Spain-based Isofoton has now revealed details of its own bid to acquire Q-Cells. Through a joint arrangement with Rocket Venture Fund, the company would invest 300 million euros into Q-Cells.

A total of 100 million euros would be spent at Q-Cells' headquarters in Bitterfeld-Wolfen, Germany, while 200 million would be spent at the company's Malaysian plant. Isofoton adds that it would cut 10% of Q-Cells' workforce of about 1,300.

Isofoton's bid also provides for an advance payment of 30 million euros to the company's debt investors in order to pay back 100% of their investment. In addition, Isofoton and its partners, including Samsung, intend to bring the firm 40 million euros and projects with a volume of 1,500 MW.

Isofoton explains that it was approved to bid after a meeting between the company's executive board and Q-Cells' insolvency administrator, but it chose not to reveal its involvement until this week. Angel Luis Serrano, Isofoton's president, plans to present his bid to the creditors' committee on Wednesday.






Hybrid Energy Innovations 2015

Surrette_id1409
Latest Top Stories

SolarCity Strikes An East-West Pose In Its New Commercial Mounting System

The first major new product release from SolarCity's Zep Solar business unit since last year's merger reveals new opportunities in the commercial solar space.


Central America's Heart Set On Solar With New Government Tenders

Big deals in El Salvador and Honduras point toward a surge in photovoltaic capacity in the region.


Con Edison To Meet Overload With Storage And Demand Management

Rather than dropping $1 billion on infrastructure to meet overload forecasts, the venerable electric utility is proposing a novel package of customer-side load management programs that could serve as a model for other energy providers.


U.S. And China Account For Over Half The World's PV Pipeline

While the usual suspects continue building photovoltaic projects at a breakneck pace, two new players are emerging with impressive capacity growth.


Buoyed By Business Deals, Solar Dominates New U.S. Cleantech Jobs

A hot solar sector helped double the number of new clean energy and transportation jobs in the second quarter of the year compared with the first.

S&C Electric_id1352
SilcoTek
CanSolIndus_id1429
Lufft_id1410
WIP_id1320
PVcobra_id1394
Future Energy_id1428