Q-Cells has no plans to further beef up its balance sheet at the moment, as recent steps have secured its mid-term financing position, the company's chief executive has told Reuters.
At the moment, no further measures are planned. If opportunities arise, however, we have to revaluate the situation, Anton Milner said on the sidelines of the Intersolar trade fair in Munich.
Over the last weeks, Q-Cells took several measures to improve its finances, including the sale of its 17 percent stake in Norway's Renewable Energy Corp for 530 million euros ($739 million) as well as offering a 250 million euro convertible bond.
I believe the measures we have taken have led to a very, very solid financial position in the mid-term, Milner said.
The world's largest maker of solar cells is struggling with falling prices due to overcapacity in the market and earlier this month cut its 2009 sales outlook for the third time in less than six months.
To cope with the crisis that has also hit peers such as No.2 cell maker Sharp Corp and No.3 Suntech Power, Q-Cells entered a joint venture with LDK Solar.
Q-Cells said the joint venture is already in talks with buyers about a turn-key project in Europe, adding that it is planning further ventures in China.
At the moment, we have no joint-venture project rolling in China but I see immense potential in the market, Milner said.
China's National Energy Administration said this month that it is considering investing more than 3 trillion yuan ($439 billion) in the renewable sector by 2020, but analysts have been disappointed by the absence of more details.
Milner said he sees room for further cooperation with companies in the style of the joint venture with LDK, but added that no talks were taking place.
He also reiterated that plans to list Sovello -- Q-Cells joint venture with Renewable Energy Corp and U.S. Evergreen Solar in which each company hold a third -- were still on hold.
Milner said that Q-Cells was not planning to sell off its stake in the joint venture, but added: But if interesting opportunities arise, we have to keep open all options.
(Reporting by Christoph Steitz)