Business partners in ‘String Ribbon’ licensee Sovello, which include Evergreen Solar, Q-Cells and REC Group, have agreed key terms and conditions and signed a declaration of intent with an unidentified investor for the sale of the struggling solar module producer. Sovello said in a statement that the investor had been interested in purchasing the company for some time. The Management Board expects the transaction to be completed in the first quarter of 2010.
The company also said that should the sale go through, restructuring of its financial obligations with banks would be pursued. Current financing has been provided by a syndicated credit facility under which the loans drawn could be significantly reduced should the bank negotiations prove fruitful.
Sovello also noted that it had full order books for its modules and commanded a premium price due to the quality and ‘Made in Germany’ labelling.
Sovello had plans to ramp capacity to 180MW in 2009 and employs over 1,200 people.