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."



Solar Careers
Latest Top Stories

N.Y. Property Tax Exemption For Renewables Bill Ready For Signature

In a move that is expected to boost renewable energy in the state, the New York legislature has sent Gov. Andrew Cuomo a bill that would extend property tax exemptions for certain solar, wind and biomass projects to Jan. 1, 2025.


Are Solar Shingles Coming To A Rooftop Near You?

Despite the initial hype, the new technology has been slow to make inroads against conventional rooftop solar.


Solar Cell Production Line Upgrades Driving Higher PV Performance

Manufacturers of multicrystalline solar cells are seeking to improve performance by implementing new technologies on existing lines.


Own Or Lease? Think Of Rooftop Solar As A Car That Makes Money

While upfront cost is often the first issue on the prospective solar customer's mind, it should not be the only one.


Minnesota PUC Passes On Value Of Solar, But Likely Not For Long

On Aug. 7, the Minnesota Public Utilities Commission (PUC) accepted Xcel's proposal to put off a value of solar tariff for its community solar garden program for now. But experts expect a rapid return.

S&C Electric_id1352
PVcobra_id1394
WIP_id1320