SolarWorld’s founder Asbeck buys back German manufacturing and R&D assets

August 8, 2017
Facebook
Twitter
LinkedIn
Reddit
Email
According to the insolvency administrator, Horst Piepenburg, Asbeck’s SolarWorld Industries GmbH has signed today a purchase and transfer agreement related to SolarWorld AG, SolarWorld Industries Sachsen GmbH, SolarWorld Innovations GmbH as well as SolarWorld Industries Thüringen GmbH. Image: SolarWorld AG

Key manufacturing and R&D assets of bankrupt German integrated PV module manufacturer SolarWorld AG have been acquired by its former founder and chairman, Dr. Ing. Eh Frank Asbeck. 

Last week, the Management Board of SolarWorld AG including Philipp Koecke, Frank Henn, Colette Rückert-Hennen and Jürgen Stein had resigned their positions at the company as part of final insolvency proceedings starting on August 1, 2017. However, as PV Tech had highlighted SolarWorld AG’s founder and chairman, Asbeck was not stated to have resigned his positions at 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

Instead, Asbeck had created a new company, SolarWorld Industries GmbH ahead of the final insolvency proceedings. 

According to the insolvency administrator, Horst Piepenburg, Asbeck’s SolarWorld Industries GmbH has signed today a purchase and transfer agreement related to SolarWorld AG, SolarWorld Industries Sachsen GmbH, SolarWorld Innovations GmbH as well as SolarWorld Industries Thüringen GmbH. The agreement is subject to various conditions precedents needing to be met, according to Horst Piepenburg.

Financial details were not disclosed but the purchase and transfer agreement was said to be related to “almost all property, plant and equipment and all inventories and intangible assets of the aforementioned companies, as well as certain receivables from the aforementioned subsidiaries and the SolarWorld AG’s ownership interest in SolarWorld Africa (Pty) Ltd., in SolarWorld Asia Pacific PTE Ltd., in SolarWorld France S.A.S. and in SolarWorld Japan KK.”

However, the insolvency administrator noted that the purchase price mainly consisted in unspecified “repayment of liabilities that are secured by the creditor's protection rights.”

PV Tech previously noted that a deal to save SolarWorld AG’s main manufacturing operations has been claimed in media reports to include the Qatar Foundation, a major investor in SolarWorld AG through Qatar Solar as well as the involvement of Eicke R. Weber, former Fraunhofer ISE Director with other potential investors, believed to be located in Germany.

It remains unclear whether Asbeck used his own funds or collaborated with other potential investors to purchase key assets through the insolvency proceedings. Asbeck's SolarWorld Industries GmbH has a single registered shareholder.

Throughout the relatively short period between SolarWorld AG filing for bankruptcy and a buyer found, the specific circumstances behind the bankruptcy filing have not been publically disclosed. SolarWorld AG had entered insolvency proceedings with cash and cash equivalents of over €80 million. 

However, the latest reports still claim that Asbeck was supported in the purchase by the Qatar Foundation, although details were lacking in the report. 

10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

October 15, 2025
Independent power producer (IPP) Geronimo has begun construction on it’s150MW solar project in Illinois and commissioned the 125MW PV project in Michigan.
October 15, 2025
Indian module manufacturer Saatvik Green Energy, through its subsidiary Saatvik Solar Industries, has secured solar PV module orders worth INR6.89 billion (US$78 million).
Premium
October 14, 2025
OCI Holdings’ decision this week to buy a Vietnamese solar wafer facility to supply the US solar cell manufacturing industry makes clear the biggest vulnerability facing the sector today.
October 13, 2025
Korean chemical production firm OCI Holdings has acquired a 65% stake in a Vietnamese solar wafer production plant, intending to export solar wafers to the US.
October 13, 2025
US solar manufacturer T1 Energy has acquired a minority stake in fellow US-based solar cell producer Talon PV.
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.

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