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ISOFOTON to Invest 300 Million Euros in Q-Cells

Published on 29 Aug 2012
Q CELLS  Isofotón 

If Isofotón acquires jointly with Rocket Venture Fund Q-Cells, it plans to invest some 300 million euros in the firm. Of that amount, 100 million euros will be used at its headquarters in Bitterfeld-Wolfen to promote production of its solar cells; another 200 million euros will go into its plant in Malaysia. Isofotón's bid also provides for an advance payment of 30 million euros to the company's debt investors in order to pay back 100 percent of their investment. In addition, Isofotón and its partners, including Samsung, intend to bring the firm 40 million euros and projects with a volume of 1500 megawatts.

Isofotón was approved to bid after a meeting between the company's executive board and Q-Cells' insolvency administrator. Angel Luis Serrano, the President of the company, will present his bid to the creditors' committee this Wednesday, 29 August. Isofotón did not make its offer public until last weekend, but has been involved in the sale process since Q-Cells became insolvent.


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