REC, Evergreen and Q-Cells sell Sovello to Ventizz Capital

In brief statements from several of the partners in string-ribbon PV module producer Sovello, the firms acknowledged that an agreement has been made to sell the company to Ventizz Capital Fund IV, L.P for an as-yet undisclosed sum. Closing of the transaction is expected to take place in April. The partners had signed a declaration of intent with the then-unidentified investor in early February.

In a statement from REC, the company said its polysilicon supply agreement will be revised as part of the transaction, with a possible surplus of polysilicon being reallocated to other customers.