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Shaping Global Partnerships

“With tactical planning backed with thorough industry research and in-depth knowledge of financial engineering, PINC has been an indispensable partner in our aspiration to become a global solar PV company.”

- Mr. Anjaneyulu Turlapati
Chairman, Microsol Group

 

Microsol International LL FZE, Fujairah, is a UAE-based company in the crystalline silicon technology segment manufacturing high efficiency solar photovoltaic cells. Its products, manufactured in the company’s 185 MW cells plant in UAE, are supplied to high-profile customers across the globe. Established in 2003, the company has had a profitable track record since its inception and zero warranty claims on its products.

 

The Challenge

The otherwise promising solar PV industry witnessed dwindling prospects between 2010 and 2012 with the decline affecting the entire value chain. Many companies, especially those located in high-cost locations in Europe, faced huge losses; some even went bankrupt. A few of these organisations had a very strong brand value and R&D capabilities - assets that were imperative to Microsol’s growth.

 

Microsol wanted to employ the unfavourable situation of the industry to its advantage and was seeking an opportunity for forward integration into solar PV modules manufacturing and simultaneously acquiring EPC expertise by taking over a renowned brand with extensive R&D expertise. PINC approached to identify the right partner for the company from among many prospects.

 

The Solution

PINC embarked upon this task by gaining an in-depth insight of the solar power industry, prevalent business models, scope of potential synergies and likely future dynamics. On the basis of this research, Solon SE, a former leading solar PV company from Germany was shortlisted as a potential partner. The company, at its peak, clocked in a top line of €600 million.

 

The process of acquisition was complex involving many stakeholders such as the insolvency administrator and a large list of lenders. In addition, Microsol was dealing with the company’s large workforce of over 500 employees located in Germany, Italy and the US. PINC leveraged its extensive experience in transaction structuring to complete the acquisition within 3 months of Solon becoming insolvent in December 2011. PINC also assisted Microsol in the post-acquisition integration and cost restructuring.

 

The Result

After its acquisition of Solon in 2012, Microsol has expanded its footprint in South-East Asia and MENA regions while simultaneously increasing its business in Europe and the US. After successfully restructuring high-cost locations and streamlining operations across the group, its solar PV operations are growing from strength to strength and the company is becoming a global name in the industry.

 

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Customer Testimonials

“Through its thorough assessment, strategic understanding and meticulous presentation of our business prospects, PINC helped us in attracting and partnering with a suitable financial partner.”

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