Isofoton sees financial recovery after China-EU solar deal
Sep 4, 2013 - Spanish troubled photovoltaic (PV) cell and module maker Isofoton SA hopes to improve its margin in the second half of 2013, thanks to the anti-dumping measures agreed by the Chinese government and the European Union (EU).
Isofoton pins high hopes on boosting sales in Europe, thanks to the increasing demand in Italy and Germany. At the same time, the company is making efforts to attract new investors, chairman Angel Luis Serrano said in a statement yesterday.
Despite the expected better financial performance in the second half of 2013, the viability of the company still depends on the renegotiation of debt repayment, the sale of assets and restructuring of activities, the chairman added.
On July 29, the EU and China reached a settlement in their solar dispute, agreeing that China-made solar equipment will be sold in the EU respecting floor prices fixed at a certain amount.
The agreement will be in force until 2015 and followed accusations of producers that China sells solar panels at uneconomical prices.