The creditors of Q-Cells have agreed to sell the struggling German PV manufacturers to South Korean firm Hanwha.
The sale still requires approval from the European competition authorities but the takeover is expected to be completed with the company’s research and administration facilities remaining in Germany, albeit with the loss of 200 jobs.
Administrator Henning Schorisch said: “I am very happy that Q-Cells has found a strong partner in Hanwha, who has the necessary means to provide company, brand and staff with long-term perspectives.”
Q-Cells filed for insolvency in April having been one of the largest PV manufacturers in the world. Cheaper Chinese manufacturers and cuts to German solar subsidies were blamed for its demise.
The purchase of a European PV firm by a rival from the Far East follows wind turbine manufacturer Vesta’s announcement that it would sell its factory in Varde, Denmark to China’s Titan Energy. It is also understood that Vesta is looking to sell 20 percent of the company to an outside investor as the geopolitics of solar production continue to shift.