Soventix founds subsidiary in South Africa

(PresseBox) (Duisburg, ) Soventix regrets the preliminary application for insolvency of module manufacturer Sovello, however has confidence in the upcoming redevelopment of the company.

After module manufacturer Sovello unveiled a redevelopment concept under its application for insolvency, aimed at bringing the company back to solvency, the Duisburg based Soventix GmbH is increasingly confronted with questions on the possible impact on its business operations.

"We have successfully integrated the powerful and premium - quality modules from Sovello in many of our projects and highly regret the latest developments of our partner. Nevertheless, we want to decidedly clarify that the business operations of Soventix is in no way jeopardized by Sovello's preliminary application for insolvency.", states Thorsten Preugschas, acting partner of Soventix.

In reality, Soventix has been completely independent from former minority shareholder Sovello since 2011. Only a sales partnership exists. Current Soventix owners are a fund advised by Düsseldorf Ventizz Capital Partners Advisory AG and Mr. Preugschas himself.

"We wish our partners all the best for the upcoming redevelopment of the company and hope that in the future Sovello products will still be part of our module product line. Political reactions also help increase our confidence.", Preugschas states further. "Almost all module manufacturers are in trouble due to overcapacity and declining module prices. As an independent project company we can focus internationally with a broad choice of high - quality and low - cost modules. We will continue to drive the dynamic development of our company forward despite the situation in Germany. The current founding of our subsidiary in South Africa is an example of our growing engagement in international growth markets.", the CEO concludes.

The market entry in South Africa is supported by a recently established subsidiary in Stellenbosch, near Cape Town, with a competent team.

"The South African regulations and processes concerning Photovoltaic are not yet established and dedicated pioneer work is needed in order to promote the buildup of this promising market.", describes Tobias Friedrich, Managing Director of Sales.

Despite these challenges a massive demand is expected in the following years and the local office in SA is seen as a hub for the sub-Sahara region. The climate conditions are ideal. With high solar irradiation, South Africa stands in the top 10 global states for highest potential PV yield.

In August, the Duisburg experts will take part in bidding for a multi MWp project within the framework of the "Renewable Energy Independent Power Producer Programme (IPP)". This is the first step in a self-developed project sizing 75MWp, which shall be expanded up to 300MWp in the next bidding round. Together with South African partner companies, Soventix is confident of success in the bidding and plans to start with the submitted project in 2013. Soventix will develop the site as an EPC contractor and act as investor with national and international partners.

Aside from the multi MWp project, company focus lies on the construction of self-consumption sites and the securement of both abandoned areas and free field sites for future construction. Wholesale is also a focus. The first two self-consumption projects will be about 250kWp in size and will be constructed in the third Quarter of 2012.

Contact

Soventix GmbH
Am Schornacker 121
D-46485 Wesel
Tobias Friedrich
Sales
Chief Sales Officer
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