Microsol, a solar cell and panel supplier based in the United Arab Emirates, has made a binding offer to acquire bankrupt German solar manufacturer Solon, including Solon facilities in the United States.
Solon is a former solar pioneer that epitomized industry woes when itamid rapidly plunging solar panel prices. The bid by Microsol signals growing interest by the Middle East region in solar. and , among others, have recently announced plans to build utility-scale solar power plants. Now, with Microsol's offer the region is stepping up interest in the manufacturing portion of the value chain.
According to Bloomberg, Microsol would acquire Solon's Berlin site, which includes panel manufacturing, research and development, procurement and sales. It would also acquire Solon sites in the U.S. and in Italy. Solon closed a plant in Tucson, Arizona last year.
Ruediger Weinberg, the administrator in charge of Solon's insolvency proceedings, has not yet agreed to the Microsol acquisition. He has until March 5 to do so. The Microsol offer does not include Solon's French unit, for which Wienberg is still looking for a buyer.
Weinberg said in an email statement picked up by Bloomberg that Microsol would retain 433 of Solon's 471 employees.
Microsol was founded in 2003, and makes solar cells and panels. It based in Fujairah, one of the seven emirates in the oil rich UAE. One might wonder if somewhere in the mix, oil money is behind the proposed Solon acquisition.
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This post was originally published on Smartplanet.com