(ADPnews) - Nov 12, 2010 - Solar power solutions provider China Technology Development Group Corp (NASDAQ:CTDC) said Monday it had agreed to acquire 100% in Linsun Renewable Energy Corp Ltd for USD 3.2 million (EUR 2.3m) in stock, seeking to expand its capacity.
The company will pay for the deal with the issue of common shares priced at USD 3.01 apiece.
Via the acquisition, CTDC will gain control over Linsun's crystalline photovoltaic PV modules producing unit Linsun Power Technology (Quanzhou) Corp Ltd. The company plans to raise the capacity of the facility from the current 65 MW to 100 MW in order to reach a consolidated PV module manufacturing capacity of 165 MW. The figure exceeds CTDC's target of 150 MW total capacity by 2011.
In addition, the transaction will allow the company to more closely co-operate with Linsun's parent firm, PV cell maker Goldpoly Co Ltd, and ensure raw materials supply.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.