06 Mar '12, 8pm

UAE's Microsol Buying Solon's Assets

A "Solon Energy Group" will be formed with "essential components" and "key assets" of Solon SE and its subsidiaries, including its US-based operation. About 600 jobs worldwide are being transferred over to the new group and other affiliates. Production will be consolidated to Fujairah, on the UAE's eastern coast (on the Indian Ocean), though the main sites in Berlin-Adlershof (Germany), Tucson (USA), and Carmignano di Brenta (Italy) will be maintained, and Solon solar power systems will still be produced (at undeclared levels) in Germany and the US. Approval by Italian authorities is still pending. Solon filed for insolvency (European lingo for "bankrupcy") in December, carrying nearly €400 million of debt (as of Sept. 30) on just €32 million of working capital and a "negative shareholders' equity" of €103.1 million. A search for new investors began in January ; rumors of ...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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