SolarWorld not ruling out strategic partnerships

12. December 2012 | Industry & Suppliers, Markets & Trends | By:  Sandra Enkhardt

According to CEO Frank Asbeck, SolarWorld AG can expect good overseas sales in Q4. He added that a strategic partnership is not out of the question.

SolarWorld HQ US Hilsboro

SolarWorld's US business is said to be running smoothly.

The U.S. is forecast to show positive sales figures in Q4, according to Asbeck. He told Reuters that so far, the company’s U.S. business is progressing very well, and better than in Germany. However, it is unclear whether U.S. sales will be strong enough to cover the German losses incurred.

The photovoltaic company has benefitted from the punitive tariffs against Chinese competitors in the U.S. Experts expect a capacity increase of 3.2 GW of photovoltaic power in the country this year, which would represent significant growth on 2011.

Despite this, Asbeck said he has not ruled out a partnership with a financially strong investor. A strategic partnership would be one of many options, he said. Previously, he had been quoted as saying that he would not be separated from his more than 25% equity stake.

Following the announcement, SolarWorld’s share price increased 10%. Another option is to "go it alone" he added. In the summer, Asbeck also announced that he would forego salary and bonus payments until the photovoltaic manufacturer again turned a profit.

According to the Reuters report, experts expect that despite new loan agreements with banks, it could be tight for SolarWorld. It added that people familiar with the matter have said that restructuring experts have already been taken on board.

Asbeck stressed, however, that there is currently no reason to re-negotiate with the banks on credit agreements.

Translated by Becky Beetz.


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