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Microsol buys bankrupt Solon

The United Arab Emirates (UAE) based solar cell manufacturer Microsol has acquired “essential components” of Solon SE and its subsidiaries for an undisclosed sum, creating Solon Energy GmbH.

 By Kari Williamson

Microsol is forming a new group, Solon Energy GmbH, which will be an integrated solar solutions provider with “a strong presence in the leading and emerging photovoltaic markets”.

Around 600 jobs worldwide have been transferred from the insolvent Solon SE to the new Solon Energy GmbH and the other affiliates. The main sites in Berlin-Adlershof (Germany), Tucson (USA) and Carmignano di Brenta (Italy) will be maintained.

The acquisition is still awaiting approval by Italian authorities.

Microsol already has 325 employees in Fujairah, UAE. The acquisition of Solon allows it to extend its solar product range to the European and North American markets.

India a key market

India will be a key growth market for the new solar PV group.

“Because of the favourable political and economic circumstances, there is great potential for the power plant businesses. Microsol’s market access combined with Solon’s module, balance of system, and power plant expertise provide us with excellent prospects in India,” says Anjan Turlapati, Chairman of Microsol.

The US will also continue to be a strategic growth market.

“Solon has established a strong presence in the US market. With our existing market leadership position, access to low cost, efficient cell and module facilities, and expertise in providing complete system solutions for the commercial and utility-scale markets, we have great growth potential in the US, Turlapati adds.

“Microsol’s acquisition will provide Solon the backing needed to continue our robust expansion in the US,” says Dan Alcombright, President and CEO of Solon Corporation’s North American operations.

“Solon is the antidote to the recent phenomenon of solar companies failing today, and shows how new product innovation, such as our SOLquick commercial rooftop product, can create value and green technology jobs.”

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Photovoltaics (PV)  •  Policy, investment and markets