Hanwha Chemical is to acquire insolvent solar power firm Q-Cells in a deal worth $48.4m.
The Korean firm will takeover the German firm’s research site in Germany and Malaysian plant.
Q-Cells filed for bankruptcy in April this year, as declining support for solar subsidies in key European markets and the build-up of huge production capacity in low-cost markets, particularly China took effect, reports the FT.
Hanwha Chemical, a subsidiary of Korean conglomerate the Hanwha Group, has made clear its ambitions to grow its solar business.
Acquiring Q-Cells will give Hanwha total solar cell capacity of 2.4 GW, up from 1.3 GW currently, making it the third manufacturer globally, says group spokesman Park Jang Woo.
The deal is subject to approval by Hanwha Chemical’s board of directors and Q-Cells’ creditors who meet on 29 August.
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