SolarWorld confirm Qatar investment
SolarWorld has confirmed that Qatar Solar Technologies will provide 35 million euros investment and obtain a 30 % stake in the beleaguered German based manufacturer. The much needed injection will provide some breathing space for Germany's largest manufacturer.
The company has been struggling with its debt restructure and this deal follows on from previous partnerships and investment between the two groups over the last couple of years. The deal follows SolarWorld's recent announcement that they had reached debt agreements with creditors.
All parties have kept announcements to a minimum and it remains unclear what impact the deal will have in the long term as the debts have continued to grow over the last few quarters. The next phase will be to show a narrowing of debt to demonstrate a turning around of the company fortunes.
With the recent announcements by the European Commission that the trade disputes initiated by SolarWorld against Chinese manufacturers for product dumping the company may see an upturn in prices which will help narrow the debt load.