SolarWorld possibly saved by Qatar-based subsidiary


SolarWorld AG and its subsidiary Qatar Solar Technologies (QSTec) are reportedly close to finalizing an agreement that could save the financially troubled German panel maker with a much needed capital investment of €35 million by the Doha-based group.

A rescue deal with Qatar Solar Technologies has been rumored for weeks and a number of press reports suggest the expected announcement is imminent.

The Wall Street Journal Deutschland reported on Saturday that SolarWorld had reached an agreement with the Qatar group, in which it holds 29%, as well as with a majority of its creditors on the future structure of the company.

The debt-ridden SolarWorld needs shareholders and creditors to approve a debt-for-equity plan in the coming weeks that is a key element of its debt restructuring efforts. According to the Wall Street Journal Deutschland, the company’s creditors are expected to approve the plan in July.

As part of that plan, QSTec would acquire 30% of the Bonn-based SolarWorld for €35 million following a share increase. In addition, QSTec is expected to buy a convertible bond that would bolster SolarWorld’s coffers by as much as €200 million. As previously reported, SolarWorld CEO Frank Asbeck is will contribute some €11 million of equity capital into the company and retain about 20% of the group’s shares, according to the Wall Street Journal Deutschland.


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Your email address will not be published.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.