DUESSELDORF, Germany: Debt-laden SolarWorld is close to securing financial backing from a Qatari investor, its chief executive said yesterday, the second major move in a week in its efforts to get back on its feet.
“We will publish the size of the potential stake at the extraordinary general meeting,” Frank Asbeck said yesterday, declining to name the investor. One source familiar with the process said that Qatar Solar Technologies (QSTec), a previous joint venture between SolarWorld and the Qatar Foundation, was willing to take a minority stake in what was once Germany’s largest solar company.
SolarWorld holds 29 percent of QSTec, and the Qatar Foundation 70 percent. The remaining 1 percent is owned by the Qatar Development Bank. QSTec was not immediately available for comment. Reuters
