Isofoton SA plans to team up with Rocket Venture Fund to invest 300 million euros ($377 million) in Q-Cells SE as long as the creditors of the insolvent German solar-cell manufacturer accept their offer.
One hundred million euros will be used to make high-efficiency solar cells in Q-Cells’ plant in Germany, Madrid-based Isofoton said today in an e-mailed statement. Another 200 million euros will be used to boost production in Malaysia.
Isofoton yesterday said it was approved to bid for Q-cells after meeting with the company’s insolvency administrator Henning Schorisch. That puts it in competition with Hanwha Group, which is also seeking to take over Q-Cells, once the biggest solar-cell maker. Isofoton Chief Executive Officer Angel Luis Serrano will present the offer to Q-Cells creditors tomorrow, the company said.
“With this purchase, we’ll position ourselves closer to our clients,” Serrano said in today’s statement. Q-Cells bondholders will get “100 percent of the investment,” with an initial payment of 30 million euros, according to the statement. Isofoton and its collaborators will bring 40 million euros and a 1,500-megawatt project pipeline to Q-Cells, the company said.
Isofoton said if it succeeds, fewer than 10 percent of Q-Cells’ 1,300 workers will lose their jobs. Rocket Venture Fund is linked to the University of Toledo in Ohio, where Isofoton will open a plant in November, according to the statement.