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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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

May 2, 2025
Sunraycer Renewables has signed two Environmental Attribute Purchase Agreements (EAPAs) with Meta for 310MW of solar PV in Texas, US.
May 2, 2025
A study from researchers at the King Abdullah University of Science and Technology (KAUST) in Saudi Arabia has shown that a synthetic molecule in the design of a perovskite solar cell can boost its energy efficiency and longevity.
May 2, 2025
The European Commission (EC) has allocated €52 million to nine renewable energy projects as part of its cross-border auction process.
May 2, 2025
The Q2 2025 edition (Volume 42) of our downstream solar PV journal, PV Tech Power, is now available to download.
May 2, 2025
Maxeon shipped just 211MW in the fourth quarter of 2024, driving a year-end revenue of less than half of what was reported in 2023.
May 2, 2025
AEMO said that new renewable energy generation and energy storage projects in the final commissioning phase in the NEM have reached 7GW.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
May 7, 2025
Munich, Germany
Solar Media Events
May 21, 2025
London, UK
Solar Media Events
June 17, 2025
Napa, USA
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK