Soventix has announced the founding of a subsidiary in Stellenbosch, South Africa. The company is dealing with the preliminary application for insolvency proceedings of Sovello and possible impacts on its business. The company is positive, though, that Sovello’s insolvency will have no impact on Soventix’s operations as the company has been independent from former minority shareholder Sovello since 2011. Soventix will bid in the next round of the South African Renewable Energy Independent Power Producer Program (IPP) in August for a 75MW project that could be expanded to 300MW.
“We wish our partners all the best for the upcoming redevelopment of the company and hope that in the future Sovello products will still be part of our module product line. Political reactions also help increase our confidence,” Thorsten Preugschas, acting partner of Soventix, stated. “Almost all module manufacturers are in trouble due to overcapacity and declining module prices. As an independent project company we can focus internationally with a broad choice of high – quality and low – cost modules. We will continue to drive the dynamic development of our company forward despite the situation in Germany. The current founding of our subsidiary in South Africa is an example of our growing engagement in international growth markets.”
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