The past few months have been a flurry of activity for Munich-based Centrosolar, as it scrambled to readjust the contours of its business to the new financial climate.

Last week Centrosolar acknowledged that negotiations with a group of Portuguese investors to save Itarion Solar, a joint venture to manufacture solar cells with German chip-maker Qimonda, had failed. Qimonda, which held a 51% stake in Itarion, filed for bankruptcy earlier this year.

Centrosolar