SolarWorld AG successfully closes financial negotiations23-07-12
The challenging market situation in the solar industry increased the risk of SolarWorld AG during the second quarter not to meet its financial covenants. For this reason, SolarWorld AG has renegotiated loan agreements amounting to € 375 million with its lenders. Covenants were adjusted, enabling SolarWorld AG to have greater flexibility.
“SolarWorld has strengthened financial stability for the company by means of these agreements. At the end of the second quarter, we had liquid funds worth € 320 million at our disposal. In addition, we have paid off over € 130 million of our loans,” points out Philipp Koecke, CFO of SolarWorld AG.
Dr.-Ing. E. h. Frank Asbeck, founder and CEO of SolarWorld AG, who holds 27.84 percent of company shares, added: “Moreover, I will make my personal financial contribution to the success of SolarWorld by waiving my salary and dividend until the company becomes profitable again.”
About SolarWorld AG: The SolarWorld AG Group (ISIN: DE0005108401) is a worldwide leader in offering brand-name, high quality, crystalline solar-power technology. Its strength is its fully integrated solar production. From silicon as the raw material through wafers, cells and modules all the way to turn-key solar systems of all sizes, the group combines all stages of the solar value chain. The central business activity is selling quality modules into the installation and distribution trades and crystalline wafers to the international solar cell industry. Group headquarters are located in Bonn, Germany, with sales sites in Singapore, South Africa, Spain, France as well as in the U.S. state of California. The group´s largest production facilities operate in Freiberg, Germany and Hillsboro in the U.S. state of Oregon. Sustainability is the basis of the group strategy. Under the name Solar2World, the group supports care projects using off-grid solar-power solutions in developing countries, exemplifying sustainable economic development. Worldwide, SolarWorld employs about 3,000 people. SolarWorld AG has been quoted on the stock exchange since 1999 and today is listed on, among others, the TecDAX and ÖkoDAX as well as in the sustainability index NAI.