The news follow the insolvency of Qimonda AG announced in January. Originally, a consortium of Portuguese industrial companies, banks and investment funds were to take over Qimonda’s interest in the solar PV cell manufacturing venture, but Centrosolar says it has come to the conclusion that “the direction taken by the negotiations now ruled out the success of the project.”

Centrosolar will write off its investment in Itarion with a current book value of €10.1 million. Centrosolar and Qimonda are also responsible for the €16.5m, which Itarion carries in net financial debt.