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.


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.
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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