Isofotón not interested in Sovello takeover


Rumors had suggested that Isofotón was considering taking Sovello over. A spokesperson for the Spanish company today confirmed to pv magazine that it had been approached by Sovello’s insolvency administrator a couple of weeks ago, and asked if it would consider a takeover.

However, after reviewing Sovello’s books, Isofotón decided not to present an offer, as the business strategies’ of the 2 companies were not aligned. The spokesperson said this information was then communicated back to the insolvency administrator last week.

172 employees from Sovello's once 1,000 strong workforce are said to be keeping the equipment ready, 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.

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