in News Departments > New & Noteworthy
print the content item

comments: 0

The creditors of insolvent German solar company Q-Cells SE have approved, by a large majority, the sale of the business operations to South Korean conglomerate Hanwha. Insolvency administrator Henning Schorisch had signed the initial contract last Sunday, but Spanish company Isofoton was simultaneously vying to acquire Q-Cells.

As part of the newly finalizing restructuring process, Hanwha Group will take 1,250 of Q-Cells' 1,550 employees, as well as most parts of the total Q.CELLS Group, including the company's production site in Bitterfeld-Wolfen, Germany; administrative site in Berlin; and production site in Malaysia.

The integration will mainly lead to job cuts in Q-Cells' administration division, as there is considerable overlap with the organizational structure of the Hanwha Group, the companies explain.

The purchase price is composed of the takeover of operational liabilities in the lower triple-digit millions as well as a cash component in the mid-double-digit millions, while the cash component depends on the volume of additional liabilities that will have to be taken over.

The purchase agreement is still subject to the approval of the relevant anti-trust authorities.

"In the current macroeconomic and political environment, which is extremely difficult for Q.CELLS, it is a great success that we managed to maintain not only research and development, but also the production capacities at the Bitterfeld-Wolfen site," Schorisch notes.

Isofoton has released a statement noting that it "regretfully acknowledges" that its bid was not selected.

"We believe that we presented the best offer in the interest of the employees, the debt investors and the future of Q-Cells," says Angel Luis Serrano, president of Isofoton. "We must now accept the creditors' decision."


Solaredge_id1360

Surrette Battery_id
Latest Top Stories

Advocate: Agency Does A 'Disservice' With U.S. Renewable Energy Projections

In a new report, the Sun Day Campaign says the U.S. can expect renewable energy to provide 16% of U.S. generating capacity by 2016, not 2040, as projected by the U.S. Energy Information Administration.


In A Diverse Solar Marketplace, Some Say Specialization Is The Way To Go

Commercial and residential installers are beginning to find some truth behind an old adage: jack-of-all-trades, master of none.


Solar And Gas Provided Nearly 75% Of All New U.S Capacity In 2013

A number of factors made 2013 a banner year for solar in the U.S. A shift away from coal, oil and nuclear has cleared the way for more PV and natural gas capacity.


Deeper Data Dives Yield More Certainty On Solar Jobs

The Solar Foundation is taking the guesswork out of solar job-related calculations, and some states are using such data as a backstop to policy decision-making.


The IEA Reports That Over 134 GW Of PV Are Now Installed Worldwide

A new report by the International Energy Agency says the 24 countries of its Photovoltaic Power System program installed about 36.9 GW of PV capacity last year.

S&C Electric_id1352
Solar Promo_id1332
Hilco_id1361
WIP_id1320