SOLON to focus on Indian power plant business

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SOLON to focus on Indian power plant business

Greentech Lead Middle East: Microsol, a cell manufacturer
in the United Arab Emirates (UAE), has acquired SOLON SE and its subsidiaries,
including U.S. based SOLON. The company did not disclose terms of the
acquisition. India will be a key growth market for the SOLON group.

“Because of the favorable 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,” said Anjan
Turlapati, chairman of Microsol.

The U.S. will continue to be a strategic growth market
for SOLON. “SOLON has established a strong presence in the U.S. 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
U.S.,” Turlapati added.

The acquisition will enable the UAE-based company to form
SOLON Energy, an integrated solar solutions provider, to strengthen presence in
the emerging photovoltaic markets.

Through this strategic partnership they can offer
cost-efficient solar products and implementation services. About 600 jobs
worldwide have been transferred from the insolvent SOLON including subsidiaries
to the new SOLON Energy and the other affiliates.

The main sites in Berlin-Adlershof (Germany), Tucson
(USA) and Carmignano di Brenta (Italy) will be maintained.

The company claims that Microsol cost-effectively
produces solar cells with around 325 employees in Fujairah (UAE).

Prior to the acquisition, Microsol enjoyed good prospects
for further growth in its core Arab and Asian markets, with special emphasis on
India.

The acquisition of SOLON enables the extension of
specialized product innovations and access to the European and North American
markets. SOLON’s strengths in the power plant business, in research and product
development, and marketing and distribution are being regarded as particularly
valuable by Microsol.

Solar power systems will continue to be produced in
Germany and the U.S., and production facilities will come on line at Microsol’s
home base in Fujairah (UAE) in the course of this year.

“Microsol’s acquisition will provide SOLON the backing
needed to continue our robust expansion in the U.S. 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,” said Dan Alcombright, president and chief
executive officer of SOLON Corporation’s North American operations.

[email protected]

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