Isofoton
Corporate brand
UnclaimedIsofoton was a Spanish photovoltaic manufacturer known for pioneering commercial production of bifacial solar cells before becoming a major producer of conventional solar modules.
Last updated November 4, 2026
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Overview
Isofoton was a Spanish photovoltaic technology and manufacturing company founded in Málaga in 1981. It originated as a university spin-off from research conducted at the Institute of Solar Energy of the Technical University of Madrid, where Professor Antonio Luque and his colleagues had developed silicon bifacial solar-cell architectures. Bifacial cells can generate electricity from light reaching both their front and rear surfaces, particularly when installed over reflective ground or near reflective structures. Isofoton was the first company to mass-produce, market, and install this type of cell, giving it an unusual place in the early history of commercial photovoltaics. The company began with a small factory in Málaga and initially concentrated on bifacial photovoltaic modules. Its early capital came from private shareholders associated with the research community, the Technical University of Madrid, and Sodean, an industrial development organization connected to the Andalusian regional government. By 1983, the factory had an annual manufacturing capacity of approximately 330 kW and employed about 15 people. Early projects included a 20 kWp plant built for Iberdrola at San Agustín de Guadalix in 1986 and a similarly sized off-grid installation in Noto Gouye Diama, Senegal, completed by 1988 through Spanish international aid and cooperation programs. Isofoton's ownership and strategy changed during the second half of the 1980s. Abengoa and BBVA became shareholders in 1985, followed by Alcatel-Standard Eléctrica as controlling shareholder in 1987. Under Alcatel's influence, Isofoton moved away from bifacial-cell manufacturing and adopted more conventional monofacial silicon photovoltaic cells using technology licensed from the United States manufacturer Arco Solar. This change aligned the company with the larger terrestrial photovoltaic market, which at the time was moving gradually from demonstration projects toward commercial power generation and distributed applications. During the 1990s, Isofoton continued to expand its manufacturing and international project activity. The Bergé Group acquired the company in 1997. Between 2000 and 2005, Isofoton was ranked among the world's ten largest photovoltaic manufacturers. Its growth was supported by the expansion of German and Spanish feed-in tariff markets, as well as by rural electrification projects in developing countries. The company maintained research partnerships with universities and international research centers, participating in European collaborative projects involving silicon modules, manufacturing processes, solar-grade silicon, building-integrated photovoltaics, concentrating photovoltaics, emerging photovoltaic technologies, and demonstration installations. At the height of its expansion in 2007, Isofoton employed 1,142 people, produced approximately 103 MW of photovoltaic capacity, and reported annual turnover of about €414 million. In 2006 it moved from its earlier industrial warehouse to a purpose-built facility at the Andalusia Technology Park in Málaga. The new site covered more than 28,000 square metres and was planned for a maximum annual capacity of 200 MW. It incorporated building-integrated photovoltaic elements, including glass-glass photovoltaic glazing and approximately 84 kW of integrated photovoltaic generation. Isofoton considered an initial public offering during the late 2000s. Alba Corporation, associated with the March Group, acquired a 26% stake in 2007, but the proposed listing was not completed and the Bergé Group bought back that stake in 2008. In 2010, the Affirma Group acquired an 80% interest and South Korean industrial-automation company Toptec acquired the remaining 20%. The company subsequently faced severe financial and competitive pressure as Chinese photovoltaic manufacturers expanded production and drove down module prices. This pressure affected many European, American, and Japanese manufacturers during the same period. Isofoton was investigated in 2013 over alleged inappropriate spending involving public subsidies and moved toward insolvency. Its production facilities closed in January 2014. Bankruptcy proceedings followed, and in 2015 the company's remaining assets, valued at approximately €57 million in the cited reference material, were auctioned against reported debts of approximately €160 million. Isofoton is therefore a defunct company whose legacy combines pioneering bifacial-cell commercialization, large-scale Spanish photovoltaic manufacturing, international rural-electrification work, and the collapse of a major European solar manufacturer during the industry's shift toward lower-cost Chinese production.
History
Isofoton began in 1981 as a Málaga-based spin-off of photovoltaic research at the Institute of Solar Energy of the Technical University of Madrid. The underlying research program, led by Antonio Luque, had investigated bifacial silicon solar cells since the mid-1970s. Isofoton selected an npp+ cell structure for commercial development and became the first factory to mass-produce, market, and install bifacial solar cells. The concept was particularly suited to installations where reflected light could reach the rear side of the cell. The company was initially funded by private investors associated with the university and research community, the Technical University of Madrid, and Sodean, an Andalusian industrial-development organization. Its first manufacturing operation occupied an industrial warehouse owned by the Luque family near Málaga. By 1983, the facility produced about 330 kW of bifacial modules annually with a workforce of around 15 people. The company also began delivering demonstration and development projects, including a 20 kWp Iberdrola installation at San Agustín de Guadalix in 1986 and a 20 kWp off-grid project in Senegal completed by 1988. Ownership shifted in 1985 when Abengoa and BBVA joined the shareholder base. In 1987, Alcatel-Standard Eléctrica became the controlling shareholder. Under the new ownership, Isofoton changed direction, discontinuing bifacial-cell manufacturing in favor of conventional monofacial silicon cells based on technology licensed from Arco Solar. During the early commercial development of terrestrial photovoltaics, this shift enabled the company to address a broader market than the specialized bifacial segment. In 1991, Valeriano Ruiz replaced Antonio Luque as chairman and José Luis Manzano became chief executive. The Bergé Group acquired Isofoton in 1997, with Rafael Sainz becoming chairman and Manzano continuing as chief executive. During the 2000–2005 period, Isofoton ranked among the world's ten largest photovoltaic manufacturers. Its expansion was helped by feed-in tariff markets in Germany and Spain and by continued participation in rural-electrification programs, particularly in developing countries. The company's industrial footprint grew substantially. In 2006, Isofoton moved into a newly built facility at the Andalusia Technology Park in Málaga. The site exceeded 28,000 square metres and was designed for a potential annual capacity of 200 MW. It also displayed building-integrated photovoltaic technology, including approximately 84 kW of glass-glass photovoltaic glazing incorporated into the building envelope. By 2007, Isofoton reportedly employed 1,142 people, produced 103 MW, and generated annual turnover of €414 million. The late 2000s brought ownership and leadership changes. Alba Corporation, associated with the March Group, purchased 26% in July 2007 with the stated intention of preparing an IPO. Carlos Torres Vila replaced José Luis Manzano as chief executive in February 2008. The IPO did not proceed, and Bergé bought back Alba's stake in July 2008. In July 2010, Affirma Group acquired 80% of the company and Toptec, a South Korean industrial-automation business, acquired the other 20%; Affirma owner Ángel Luis Serrano became chairman. Isofoton then encountered the structural problems that affected many established Western photovoltaic manufacturers. A new generation of Chinese producers expanded capacity and pushed module prices downward, putting pressure on companies whose manufacturing costs were higher. Isofoton also faced an investigation in 2013 concerning alleged inappropriate spending of public subsidies. Its facilities closed in January 2014, and bankruptcy proceedings followed. In 2015, its remaining assets were auctioned; the cited figures valued the assets at approximately €57 million against debts of approximately €160 million. The company is now defunct, but its early commercialization of bifacial cells remains a notable contribution to photovoltaic technology history.
- 2015
Remaining assets are auctioned
[1]The company's remaining assets were auctioned during bankruptcy proceedings.
- 2014
Production facilities close
[1]Isofoton closed its facilities in January as financial and competitive pressures culminated in insolvency.
- 2010
Affirma and Toptec acquire the company
[1]Affirma Group acquired 80% and Toptec acquired 20% of Isofoton.
- 2007
Peak employment and production reported
[1]The company reached reported employment of 1,142, production of 103 MW, and turnover of approximately €414 million.
- 2006
New Málaga factory opens
[1]Isofoton moved production to a large facility at the Andalusia Technology Park, designed for up to 200 MW of annual capacity.
- 2000
Isofoton enters the global top tier
[1]From 2000 through 2005, Isofoton ranked among the world's ten largest photovoltaic manufacturers.
- 1997
Bergé Group acquires Isofoton
[1]The Bergé Group purchased Isofoton and installed Rafael Sainz as chairman.
- 1988
Senegal off-grid project completed
[1]A 20 kWp off-grid installation was completed in Noto Gouye Diama through Spanish international aid and cooperation programs.
- 1987
Alcatel-Standard Eléctrica becomes controlling shareholder
[1]Alcatel-Standard Eléctrica acquired control and Isofoton shifted from bifacial to conventional monofacial cell production.
- 1986
Iberdrola demonstration plant completed
[1]Isofoton supplied a 20 kWp bifacial photovoltaic plant for Iberdrola at San Agustín de Guadalix.
Products and positioning
A technology-led Spanish photovoltaic manufacturer that combined early specialization in bifacial solar cells with large-scale production of conventional silicon modules and international solar-system deployment.
Photovoltaic cells · 1981
Bifacial silicon solar cells
Isofoton's original product line was based on bifacial silicon cells developed through research at the Institute of Solar Energy of the Technical University of Madrid. These cells were designed to produce electricity from light entering both sides, with performance benefits in installations using reflective ground or wall surfaces. Isofoton was the first factory to mass-produce, market, and install this technology.
Photovoltaic modules · 1983
Bifacial photovoltaic modules
The company's early modules packaged its bifacial cell technology for demonstration plants, off-grid systems, and other installations where rear-side illumination could increase energy output. Early examples included the San Agustín de Guadalix plant in Spain and an off-grid rural-electrification installation in Senegal.
Photovoltaic cells · 1987
Monofacial silicon photovoltaic cells
After Alcatel-Standard Eléctrica became controlling shareholder, Isofoton shifted toward conventional monofacial silicon cells using technology licensed from Arco Solar. This broader product platform supported the company's participation in the expanding terrestrial photovoltaic market and eventually became its principal manufacturing focus.
Photovoltaic modules
Photovoltaic modules
Isofoton manufactured conventional photovoltaic modules for grid-connected and off-grid applications. The modules served European feed-in tariff markets, international projects, and rural electrification programs. By 2007, the company reported annual production of approximately 103 MW.
Building-integrated photovoltaics
Building-integrated photovoltaic systems
Isofoton developed building-integrated photovoltaic applications, including glass-glass photovoltaic glazing incorporated into its Málaga factory. The new facility contained approximately 84 kW of integrated photovoltaic generation, demonstrating the company's interest in combining building materials and solar modules.
Controversies
Marketing campaigns
- 1988Noto Gouye Diama rural electrification project
Senegal
Isofoton supplied a 20 kWp off-grid installation for the village of Noto Gouye Diama through Spanish international aid and cooperation programs.
Outcome. The project extended Isofoton's early bifacial technology into an international rural-electrification application.
- 1986San Agustín de Guadalix photovoltaic demonstration project
Spain
Isofoton built a 20 kWp bifacial photovoltaic plant for Iberdrola at San Agustín de Guadalix, one of the company's early terrestrial solar installations.
Outcome. The project demonstrated Isofoton's bifacial technology in a Spanish power-generation setting.
Brand decisions
2014
Production shutdownOtherBackground
Isofoton faced falling photovoltaic prices, pressure from Chinese manufacturers, and an investigation concerning public-subsidy spending.
Action taken
The company closed its facilities in January and proceeded toward bankruptcy.
Aftermath
The business ceased production and its remaining assets were later auctioned.
2010
Affirma Group and Toptec acquire IsofotonM&ABackground
The company was undergoing ownership transition as the photovoltaic industry entered a period of intense international competition.
Action taken
Affirma Group acquired 80% of Isofoton and Toptec acquired 20%.
Aftermath
Isofoton continued operating under new ownership but subsequently suffered from falling module prices and mounting financial difficulties.
2007
Alba Corporation takes a 26% stakeM&ABackground
Isofoton was expanding rapidly and was considering a public-market listing.
Action taken
Alba Corporation acquired 26% of the company with the intention of issuing an IPO.
Aftermath
The IPO was not launched, and Bergé later repurchased Alba's stake.
1987
Shift from bifacial to monofacial cell productionStrategyBackground
After Alcatel-Standard Eléctrica became the controlling shareholder, Isofoton reassessed its position in the still-developing terrestrial photovoltaic market.
Action taken
The company discontinued bifacial-cell manufacturing and adopted conventional monofacial photovoltaic technology licensed from Arco Solar.
Aftermath
The change broadened Isofoton's addressable market and preceded its later expansion into large-scale conventional module manufacturing.
Sources1 sources
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