Isofotón eyes Sovello up

Sovello’s insolvency administrator, Lucas F. Flöther has told Germany’s Leipziger Zeitung that negotiations are underway with several interested parties. He added that an economic advisor is currently examining the company’s books on the behalf of a prospective investor.

He declined to divulge any specific details. However, there are rumors that Isofoton is among the interested parties. Flöther went on to tell the newspaper, "We want to find an investor by the end of October." By the end of the year at the latest, the company must make a final decision.

172 employees from the once 1,000 strong workforce are said to be keeping the equipment ready at Sovello, so that production can be quickly restarted. On August 27, the company stopped all photovoltaic production and terminated the majority of its employees. The decision followed its application to open self-administration insolvency proceedings at the Dessau district court in Germany on May 14, due to a lack of funds. It then unveiled a redevelopment concept, which included finding an investor, evaluating costs, and continuing production, aimed at bringing the company back to solvency on May 15.

Isofotón’s internationalization

Recently, Isofoton lost out on its bid to take the insolvent Q.Cells over to South Korean conglomerate, Hanwha Group. Before the news broke, a spokesperson for Isofoton told pv magazine that it was interested in investing €300 million in the company.

At this year’s Solar power International, held in Florida, the U.S., this week, chief executive, Ángel Luis Serrano further unveiled to pv magazine the company’s manufacturing plans in Ohio, the U.S., Saudi Arabia, Brazil and India, thus underpinning its internationalization strategy.

The company could not be immediately reached for further comment about Sovello.