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

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

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

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. 

21 August 2024
5pm BST
FREE WEBINAR -This webinar will feature the perspectives and views of PV Tech’s Head of Research, Dr. Finlay Colville, on how the U.S. PV manufacturing landscape is changing today and when we might expect additions to encompass cells and wafers. This will be followed by a PV Tech special – a look inside one of the first new PV module fabs built in the U.S. this year; SEG Solar’s new site in Texas. Join Jim Wood, CEO at SEG Solar, as he walks around the new factory showing key features and explaining the rational for SEG Solar in making this investment into U.S. PV manufacturing in 2024.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again 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 in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
11 March 2025
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

July 18, 2024
US solar manufacturer First Solar has opened its new research and development (R&D) centre in Ohio after almost two years of construction.
July 18, 2024
Recent PV pricing volatility has prompted Platts, part of S&P Global Commodities, to launch a new module spot market tracker for the US, Asia and Europe.
July 18, 2024
US energy technology company Generac has been awarded a US$200 million grant from the Department of Energy (DOE) to deploy residential solar PV and energy storage systems in Puerto Rico.
July 17, 2024
US-based PV manufacturer Mission Solar Energy has unveiled three new modules aimed at commercial and industrial and utility-scale projects.
Sponsored
July 17, 2024
Suntech's chairman Wu Fei on why his company has the right attributes to weather the latest PV industry reshuffle.
July 16, 2024
Chinese solar manufacturing giant JinkoSolar will build a 10GW n-type solar cell and module manufacturing facility in Saudi Arabia.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA