SolarWorld shareholders approve rescue package

Facebook
Twitter
LinkedIn
Reddit
Email

Shareholders in the beleaguered German manufacturer SolarWorld have given the green light to a comprehensive restructuring of the company’s finances.

The debt-for-equity deal, approved by a 91% majority yesterday, will see Doha-based Qatar Solar acquire a 29% interest in SolarWorld and existing shareholders lose 95% of their stake in the company.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

“Approval of our financial restructuring gives SolarWorld’s business a boost so we can continue to lead the solar industry in technology and quality,” said SolarWorld chairman and chief executive Frank Asbeck.

The central element of the rescue package is what SolarWorld described as a “considerable” cut in its debt, with around 55% of the company’s liabilities set to be converted into shares. To enable this to happen, SolarWorld’s shareholders had to agree to a capital reduction followed by an issuance of new shares with only 5% of existing shares safeguarded.

Besides the buy-in from Qatar Solar, Asbeck will acquire a personal 19.5% stake in the company.

“Our restructuring concept has been accepted by an overwhelming majority of all parties. Thanks to the decisions of noteholders and shareholders, SolarWorld will stand on a stable financial foundation again,” he said.

The green light to restructuring will allow SolarWorld to escape for now the fate of some of its German PV rivals, including Conergy, which is seeking investors after filing for insolvency.

SolarWorld has consistently blamed its difficulties on alleged dumping of underpriced modules from China into the European Union and was the lead instigator of the European Commission investigation that led to the imposition of punitive tariffs against Chinese PV manufacturers.

In its recent Q2 financial results, SolarWorld reported a slump in shipments of 233MW compared to 334MW in the same quarter last year, resulting in sales of €89 million (US$119 million), down from €112million (US$150 million) in the previous quarter.

Read Next

Premium
October 10, 2025
Gaëtan Masson of IEA PVPS warns of overcapacity, collapsing prices and slipping module quality in the new Trends in PV Applications report.
October 10, 2025
The European solar module market has reached a “state of equilibrium” in recent weeks, with stable prices and regular demand.
October 10, 2025
US solar recycling firm OnePlanet has achieved the R2v3 certification from electronics sustainability non-profit SERI, which represents the “highest standards of traceability”.
October 10, 2025
NTPC Renewable Energy Limited has signed an MoU with the Government of Gujarat to develop 15GW renewable energy projects in Gujarat.
October 10, 2025
Australia's renewable energy sector recorded its slowest month of the year for additions in September, with 5.8GW of new projects added to development pipelines, according to data from Rystad Energy.
October 9, 2025
The Australian government has announced the results of the fourth Capacity Investment Scheme (CIS) tender, with 6.6GW of renewables awarded long-term contracts.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK