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Microsol acquires key assets of SOLON and forms SOLON Energy GmbH


• Strategic acquisition of SOLON by Microsol
• Maintenance of majority of jobs at three SOLON locations
• Joint international growth planned with a focus on India, Middle East and the United States

Berlin, 6 March 2012. Microsol, an United Arab Emirates (UAE) based cell manufacturer, has acquired essential components of SOLON’s insolvent companies together with two foreign subsidiaries. With the recently established SOLON Energy GmbH, as the core of the new group, an integrated solar-system provider has been set up that has a strong presence in the leading and emerging photovoltaic markets. About 600 jobs worldwide have been transferred from the insolvent SOLON SE (including subsidiaries) to the new SOLON Energy GmbH and the other affiliates. The main sites in Berlin-Adlershof (Germany), Tucson (USA) and Carmignano di Brenta (Italy) will be maintained. The purchase price was not disclosed by the contract partners; an approval by Italian authorities is still pending.
Microsol cost effectively produces high-efficiency solar cells with around 325 employees in Fujairah (UAE). The company has good prospects for further growth in its core markets of the Arab and Asian countries, with special emphasis on India. The acquisition of SOLON allows the extension of the range of specialized product innovations and access to the European and North American markets. In addition, SOLON’s strengths in the power plant business, in research and development and marketing and distribution are being regarded as particularly valuable by Microsol. Solar power systems will continue to be produced in Germany and production facilities will come on line at Microsol’s home base in Fujairah in the course of this year.

India will be a key growth market for the new SOLON group. "Because of the favorable political and economic circumstances, there is great potential for the power plant businesses. Microsol’s market access and the module and power plant expertise of SOLON provide us with excellent prospects in India," said Mr. Turlapati, chairman of Microsol.
The international position, the excellent staff structure and the product innovations of SOLON complement perfectly with the strengths of Microsol. According to Mr. Turlapati, "This is a joining of two ideal partners. In the new group of companies, we will pursue an international growth strategy together with SOLON, which can still open up enormous market potential."

SOLON Energy’s Managing Director Stefan Säuberlich, previously CEO of SOLON SE, is pleased with the new strategic investor. "We've known Microsol for many years as a reliable partner. The company has long been our preferred candidate as an investor,” said Mr. Säuberlich. "Microsol has realistically appreciated the potential of SOLON, for example, innovational strengths of our staff and our power plant competence. Therefore, I am confident that together we will write a success story in the solar industry.”

The entry of Microsol was also well received in the workforce. "We are pleased with the preservation of many jobs,” said Sabine Lutze, chairman of the works council. “We have gained the impression that working with Microsol as a partner makes us look forward with optimism again."


About Microsol:
Microsol, through its wholly owned subsidiary in the United Arab Emirates, manufactures high-quality cost-effective crystalline solar cells. Established in 2003 by photovoltaic engineers with over 25 years of experience in the solar industry, Microsol currently employs around 325 production and support staff for a production capacity of 150 MW expanding to 225 MW during 2012.

About SOLON:
SOLON is a leading producer of high-quality solar power modules and solar systems for rooftop, roof integrated and greenfield installations. As a specialist in the development, construction, and maintenance of commercial and utility-scale solar systems, SOLON delivers complete turnkey power plants worldwide. With its subsidiaries in Germany, Italy and the United States, SOLON employs a total of approx. 600 people across the globe.

Contact:
SOLON Energy GmbH
Katrin Evers
Corporate Communications
Am Studio 16
D-12489 Berlin, Germany
E-Mail: Katrin.Evers@solon.com
Phone: +49 30 81879-9302
Fax: +49 30 81879-9300


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