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.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.