SolarWorld Industries has been facing insolvency issue and the stake acquisition will help in the company to continue solar manufacturing in Germany.
However, QSTec did not disclose the amount of stake that it has bought in SolarWorld.
According to the local reports in Qatar, the company has bought a 49% stake in SolarWorld.
With the investment, several hundreds of jobs at the German company’s manufacturing plant are expected to be saved. The acquisition is also expected to bring strategic benefits for Qatar Solar as well.
QSTec’s chairman and CEO Khalid Klefeekh Al Hajri said: “The opportunity to strengthen our relationship with SolarWorld Industries and continue the production of high quality solar technologies in Germany fully aligns with QSTec’s vision of being a world leading integrated solar company.”
“We have expanded QSTec’s global reach, increased our research opportunities and gained larger access to solar technologies and markets that will be of great benefit to QSTec and our partners.”
QSTec said that the synergies between the two companies will enable the development of a sustainable business platform that will assist both companies to develop new products and expand their global market reach.
SolarWorld Industries founder, Frank Asbeck said: “We have the best products, the right partners and we share a common vision for the future of SolarWorld Industries, QSTec and the global solar industry.
“The industry is expanding, new markets are opening up daily and together with QSTec, SolarWorld Industries will continue to manufacture modules of the highest German quality and standards.”
Image: Qatar Solar Technologies buys 49% stake in SolarWorld Technologies. Photo: Courtesy of Qatar Solar Industries.
