SolarWorld restructuring triggers 50 MW supply deal

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SolarWorld AG CEO Frank Asbeck has called May’s Annual General Meeting (AGM) a quantified success, stating that every resolution raised remained legally unchallenged, including the stipulation that the company’s management board – via the creation of a newly authorized capital – can now act more swiftly when responding to changes in market conditions.

Such flexibility, Asbeck claims, will allow SolarWorld to better position itself during any future market fluctuations that could impact the business. This resolution to ratify the actions of SolarWorld’s management and supervisory boards during the 2012 and 2013 fiscal period is now legally binding.

"I consider this result recognition for the fact that the management of SolarWorld has succeeded, as one of the very few in the solar industry, in successfully restructuring its company and leading it out of the crisis," said Asbeck in an official company statement.

The fruits of the successful financial restructuring of the group were brought to bear almost immediately, with SolarWorld also revealing today the receipt of a deliver order for solar modules with a volume of 50 MW. The company remained coy, however, on where and when the large-scale project would be developed, and refused to disclose any further terms of the deal beyond confirming that it was secured very at the beginning of Q3.

The company edged closer to a return to the black at the end of Q1 this year having stemmed its losses for 2013 to just $260 million following a disastrous 2012 that saw the company lose more than $800 million in the space of 12 months. "Hooray, we are still alive," remarked Asbeck at the time.