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Kazatomprom terminates sales deal for PV units

Solar module. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

May 4 (Renewables Now) - Kazakh uranium producer JSC NAC Kazatomprom on Monday said it has ended a conditional agreement for the sale of a 75% stake in its solar photovoltaic (PV) cell and module production activities to a consortium of strategic investors.

The agreement, first announced in May 2019, will not come into effect because it did not comply with some of the conditions.

The buying consortium included Russia-based Yadran Solar Company, ECM Greentech of France and a partnership between Kasen and Canadian Solar (NASDAQ:CSIQ). As part of the agreement, they would have acquired a majority stake in three firms -- PV cell maker Kazakhstan Solar Silicon LLP, PV modules manufacturer Astana Solar LLP and metallurgical silicon producer KazSilicon MC LLP, together referred to as the KazPV project.

Kazatomprom noted that it plans to continue with the disposal of the operations this year. These have been listed as non-core assets as part of the so-called Complex Privatization Plan for the years 2016-2020.

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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