Hanwha Solar's bid to acquire Q-Cells might face a tough challenge as Isofoton SA,a Spanish solar power developer also wants Q-Cells, which was once the biggest solar-cell maker, untill chinese solar cell manufacturers came into play.
According to Bloomberg, Isofoton SA was approved to bid for Q-Cells after Chief Executive Officer Angel Luis Serrano met with the German company’s insolvency administrator Henning Schorisch today.
Isofoton is really keen on Q-Cells’ research capabilities and its “European dimension,”. Isofoton said in a press release that it would cut a tenth of Q-Cells’ workforce and keep production and research sites in Germany and Malaysia. The company is also planning increase its production capacity to 1500MW in the coming two years.
It will be really keen to know who acquires Q-Cells, but Isofoton is still confident that there’s a good chance for them to buy Q-Cells as the creditors haven’t yet agreed to the Hanwha bid,”.
By buying Q-Cells Hanwha is expecting to increase its capacity.Hanwha is aiming to sign a final contract in early October, Hanwah Solar said earlier this week.
