Earlier this week, South Korean conglomerate Hanwha Group announced that it has agreed to acquire Germany-based photovoltaics company Q-Cells SE, which filed for insolvency in April.
According to Hanwha, although its executives and insolvency administrator Henning Schorisch have signed a contract to finalize the deal, the contract is subject to the approval of the creditors' meeting later this week.
Meanwhile, Spain-based Isofoton has now revealed details of its own bid to acquire Q-Cells. Through a joint arrangement with Rocket Venture Fund, the company would invest 300 million euros into Q-Cells.
A total of 100 million euros would be spent at Q-Cells' headquarters in Bitterfeld-Wolfen, Germany, while 200 million would be spent at the company's Malaysian plant. Isofoton adds that it would cut 10% of Q-Cells' workforce of about 1,300.
Isofoton's bid also provides for an advance payment of 30 million euros to the company's debt investors in order to pay back 100% of their investment. In addition, Isofoton and its partners, including Samsung, intend to bring the firm 40 million euros and projects with a volume of 1,500 MW.
Isofoton explains that it was approved to bid after a meeting between the company's executive board and Q-Cells' insolvency administrator, but it chose not to reveal its involvement until this week. Angel Luis Serrano, Isofoton's president, plans to present his bid to the creditors' committee on Wednesday.
