SolarWorld Americas has received $6 million as part of a larger, double-digit-million dollar cash infusion to continue operations through 2017 and beyond. The company—whose parent SolarWorld AG—filed for insolvency in Germany earlier this year is continuing to operate and employ people at its plant in Hillsborough, OR, outside of those proceedings.
The company’s lenders agreed to forward the company cash as well as to distribute more funds to the company. They also are allowing SolarWorld to sell assets not required for operations and to use those proceeds to continue funding its operations. The company anticipated that the immediate funding and sales will result in a combined double-digit-million-dollar round of funding, allowing the company to continue producing PV cells and modules.
“This financial reinforcement is good for our customers and suppliers alike,” said Juergen Stein, president of SolarWorld Americas. “It means quite simply that we can reassure our business partners that we will remain a reliable force not only in supplying leading solar technology but also in continuing to fight for fair trade in the U.S. market and improving market conditions there.”
SolarWorld has sided with Suniva in a controversial trade case and has also pushed for trade cases in the past that would add expensive tariffs to imported solar panels. The argument is that imported PV panels and cells are being sold at below market rates. However, as manufacturing has become a smaller part of the overall jobs that solar provides in the US, the case threatens more jobs by slowing the boom in solar installations in the country.
The company said it is the US’ largest crystal silicon PV manufacturer in the US. The company produces 430 megawatts of solar cells annually and 550 MWs of solar modules annually.
“We are re-investing in our business to continue serving our loyal customers, as always,” Stein said. “With that, we will continue to fight for the U.S. solar industry’s future, just as we have done through the industry’s ups and downs over these four past decades.”Tweet