Germany’s Saxony-Anhalt places hope in South Korea

23. August 2012 | Markets & Trends | By:  Sandra Enkhardt

Following the news that Hanwha may take the insolvent Q.Cells SE over, Saxony-Anhalt is placing its hopes in South Korea. The state government is heading to there next week to hold discussions with potential investors.

Q.Cells HQ Germany

Who will take Q.Cells over?

Saxony-Anhalt is suffering enormously from the current solar market crisis. Indeed Q.Cells and Sovello, two of Germany’s biggest photovoltaic manufacturers to declare bankruptcy, are situated there. Now, the state's Prime Minister and Minister of Economy are placing their hopes in investors from South Korea to help the state’s ailing businesses.

According to Germany’s Mitteldeutsche Zeitung, Prime Minister Rainer Haseloff (Christian Democratic Union) and CDU Minister of Economy, Brigitta Wolff are travelling to the country next week for 3 days, to hold talks with potential investors.

Due to a confidentiality agreement, details on the possible companies have not been divulged. However, Wolff has directly dampened any solar expectations. The idea, she said is not to focus on photovoltaics directly, but rather on the whole renewable energy field, reported Germany’s Magdeburger Volksstimme. One topic is said to be the possible establishment of a battery plant in Halle.

South Korean conglomerate, Hanwha has in recent weeks shown a strong interest in taking Q.Cells over. The company has said it wants to submit a hefty offer, which must be agreed with Q.Cells’ creditors. So far, no details have emerged of a concrete offer, however.

Added to the state’s distress is the news from Sovello that almost all of its 1,000 strong workforce will be let go, because it can no longer afford to pay the salaries and wages. Production will also be completely stopped. Currently, Sovello’s liquidator is looking to find an investor and has said there are contacts in Asia.

Translated by Becky Beetz.

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