Centrosolar Group AG has ended talks regarding the continuation of Itarion Solar LDA, a joint venture originally launched by Centrosolar and Qimonda AG for the manufacture of photovoltaic cells. Itarion Solar LDA will consequently file for insolvency.
Following the insolvency of Qimonda AG on Jan. 23, a consortium of Portuguese industrial companies, banks and investment funds was assembled to take on Qimonda's interest in the venture. However, Centrosolar says that the direction now taken by the latest negotiations has ruled out success for the project.
The latest solution discussed with the consortium entailed excessive risks and necessitated a much greater involvement by Centrosolar in the operating side of business than in the concept it originally agreed to with Qimonda AG, says Centrosolar.
SOURCE: Centrosolar AG