UAE's Microsol bids for insolvent German solar group

UAE-based Microsol has made a binding offer for the operating business of insolvent German solar group Solon, Solon's insolvency administrator Ruediger Wienberg has said. Solon filed for insolvency in December, Germany's first casualty of a sector crisis caused by oversupply of solar modules, fierce pricing pressure and falling government support for solar power. This has already triggered a wave of bankruptcies in the United States, most notably panel maker Solyndra and Evergreen Solar. Wienberg did not disclose a purchase price, but said the offer needed to be accepted by March 5 and that the German cartel office had already agreed to the takeover. "Finding a buyer for Solon so fast and in such a difficult market environment is a clear success," Wienberg said. Microsol had filed for the acquisition of Solon with the German cartel office in January, but Wienberg said then that there were still five or six parties interested and that no decision had been made.