Struggling Germany-based PV module manufacturer Solon SE, which filed for insolvency last December, has received a binding offer from Microsol. Microsol, a solar company based in the United Arab Emirates, plans to buy Solon's operational business.
Microsol has promised to keep 433 of 471 employees, as well as keep Solon's operations in Berlin. The company plans to take over the research and development department as well as the central responsibilities for the other companies, such as procurement and sales and marketing. In addition, Microsol will acquire the company's Berlin production plant, and Italian and U.S. subsidiaries.
Solon Nord GmbH, however, will be eliminated. A separate buyer is still being sought for French Solon subsidiary Solon SAS.
‘The fact that we managed to find a buyer for Solon in such a short time and in the difficult industry environment is a great success,’ says Rudiger Wienberg, Solon's insolvency advisor. ‘I am particularly pleased that, given the sale to Microsol, nearly all the jobs will be saved.’
The offer is pending acceptance by the insolvency administrator. The purchase price was not disclosed.