PariGroup signs declaration of intent to take over Renusol in Europe

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Renusol can now look more positively into the future. The declaration of intent provides for a transfer of Renusol’s essential assets, and envisages that Parigroup will serve all Renusol customers in Europe, the Middle East and Africa in the future. The name Renusol will continue to be used, and some employees at the German site will be kept on.

Renusol was part of the Centrosolar Group until June 2014, when it went into insolvency and was eventually sold U.S. company RBI solar. RBI announced in December that it planned to withdraw from the European solar industry. Since then Renusol, which has 63 employees working at its site in Cologne, Germany has been looking for a solution.

“We plan to keep all Renusol customers and suppliers on board. More importantly, we will further expand the strong service orientation of Renusol,” says PariGroup partner Alexander Kirsch. He told pv magazine that the sales and technology divisions, as well as parts of the back office would remain in Cologne, with production likely to shift elsewhere in Germany.

The acquisition is expected to be completed in February, with “substantial payments” planned as part of the process, according to Kirsch. Renusol America Inc. will remain a part of Gibraltar Industries and continue to serve customers in the USA and other countries where the German arm is not represented.