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SolarWorld expects cash injection to revive US ops

SolarWorld's facility in Hillsboro, Oregon. Image source: SolarWorld Americas Inc.

July 13 (Renewables Now) - SolarWorld Americas Inc, whose parent initiated insolvency proceedings in Germany earlier this year, expects to get a double-digit-million-dollar cash infusion in order to “stabilize and optimize” its business through 2017 and beyond.

In a press release on Wednesday, the crystalline-silicon solar manufacturer said that it will obtain USD 6 million (EUR 5.2m) in financing from its lenders, with immediate effect, and will be allowed to put some of its unneeded assets for sale to support its funding activities.

Over-indebted SolarWorld AG has said in May it no longer has a positive going concern prognosis because of the ongoing price erosion for solar products and the development of the business. SolarWorld Americas said it “continues to operate outside any similar proceedings,” but the extent to which the insolvency of the German parent will affect the US subsidiary is not known yet.

SolarWorldAmericas’ president Juergen Stein noted that the financial aid will ensure that the company will “remain a reliable force” in the provision of photovoltaic (PV) equipment and in the fight for fair trade market conditions in the US.

Both in Europe and in the US, SolarWorld has been fighting hard for the imposition of anti-dumping and anti-subsidy measures against Chinese solar imports.

(USD 1.0 = EUR 0.874)

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Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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