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|| Qatar firm QSTEC acquired 49% of German solar company SolarWorld

qatar-solar-germany.jpgQatar Solar Technologies, an integrated solar investment firm, has acquired 49% stake in Germany's solar energy producer SolarWorld Industries.

Established in 1988, SolarWorld is a German company dedicated to the manufacture and marketing products worldwide by integrating all components of the solar value chain. (Established in 2010, Qatar Solar Technologies QSTEC is an integrated solar company with a polysilicon production plant in Qatar as well as investments in solar firms all over the world)

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More details follows:

Qatar Solar Technologies (QSTec) announced Thursday that it had successfully come to an arrangement that would see SolarWorld Industries emerge from insolvency and ensure the continuation of solar manufacturing in Germany.

Headquartered in Germany, SolarWorld Industries is a fully integrated solar photovoltaic (PV) module manufacturing company that is well known throughout the solar industry for its high-quality products, cutting-edge technology and its focus on research and development. Under the agreement, several hundred jobs will be saved at SolarWorld Industries' German manufacturing plants and they will continue to develop their advanced proprietary technology to capitalize on the increasing global demand for solar. For QSTec, the new deal has many strategic advantages.

"The opportunity to strengthen our relationship with SolarWorld Industries and continue the production of high quality solar technologies in Germany fully aligns with QSTec's vision of being a world leading integrated solar company," said QSTec's Chairman and CEO, Dr Khalid Klefeekh Al Hajri.

"We have expanded QSTec's global reach, increased our research opportunities and gained larger access to solar technologies and markets that will be of great benefit to QSTec and our partners.

"QSTec has investments in polysilicon production, integrated module manufacturing and supply chain technologies that will allow QSTec and its partners to reduce costs, and improve quality, across the entire solar value chain."

The synergies between SolarWorld Industries and QSTec enable the development of a sustainable business platform that will assist both companies to develop new products and expand their global market reach.

"We have the best products, the right partners and we share a common vision for the future of SolarWorld Industries, QSTec and the global solar industry," said SolarWorld Industries' Founder, Dr Frank Asbeck. "The industry is expanding, new markets are opening up daily and together with QSTec, SolarWorld Industries will continue to manufacture modules of the highest German quality and standards."

"German companies are well known for producing products and technologies of the highest quality and reliability," said HE Sheikh Saoud A. Al-Thani, the Ambassador of the State of Qatar to the Federal Republic of Germany. "It is in line with the Qatar National Vision 2030 and the strategic plans of Germany to cease nuclear power production by 2022. With solar energy now being the world's number one technology choice for new electricity generation, the synergies between SolarWorld Industries and QSTec will no doubt make a positive impact on our environment, and transform the lives of millions of people around the world."

The complex deal ends weeks of speculation about SolarWorld Industries and the future of solar manufacturing in Germany.

"We are proud to play a role in ensuring that SolarWorld Industries' products will continue to be manufactured in Germany," noted Dr Al Hajri. "The high-quality modules that SolarWorld Industries produce are ideally suited to QSTec's top tier polysilicon and we are extremely positive about our opportunities for future growth."

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  Qatar firm QSTEC acquired 49% of German solar company SolarWorld (August 2017)

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