Spanish solar group rival bid for Q-Cells under nose of Hanwha

A surprise bid has come in for bankrupt German solar manufacturer Q-Cells, just as Korea’s Hanwha Chemical looked set to seal a deal.

Spanish PV group Isofoton has emerged as a surprise rival and will table a bid at a meeting of Q-Cells’ creditors’ committee, offering it a late alternative to an agreement Hanwha has already signed with the German company’s administrators.

Q-Cells

Any deal is subject to the committee’s approval and the bid has as yet been undisclosed, but will be made in conjunction with an unidentified US investment fund.
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Isofoton is backed by Hanwha’s fellow Korean industrial giant Samsung, which invested €50m in the company in 2011 to help finance expansion of its production facilities.

The Malaga-based group’s plan includes a 10 per cent reduction in Q-Cells’ workforce of 1,300 and a pledge not to relocate any jobs.

“Both research and development, and production will continue at Q-Cells’ headquarters in Bitterfeld-Wolfen and in Malaysia,” says Isofoton president Angel Luis Serrano.

A Hanwha spokesman says the company remains confident its bid will be accepted, noting that it has already signed an agreement with the administrator.

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