German photovoltaic panel maker Q-Cells and partners EverGreen Solar of the U.S. and Norway’s Renewable Energy Corp., have agreed to sell their shares in Sovello, a solar panel maker, to Ventizz Capital Partners, a private equity firm based in Düsseldorf.
The parties did not disclose the terms of the deal — see full press release.
The sale is part of an ongoing divestiture program Q-Cells launched last year, during the financial crisis, to strengthen its cash position.
Earlier this month, Q-Cells’s founding Chief Executive Anton Milner resigned shortly after the company reported losses of €1.36 billion ($1.84 billion). Chief Financial Officer Nedim Cen has taken over as CEO.
Things, though, seem to be looking up for the German solar company. On Thursday it announced that it expects sales this year to increase to between €1 billion and €1.2 billion, reports BusinessWeek’s online edition.
Separately, the company said today that it had reached a deal with Canadian silicon supplier Timminco, which plans to issue 15.9 million company shares to repay a majority of the €9.7 million it owes Q-Cells, after it ended a long-term supply contract in 2008.
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