Shunfeng PV closes buy of Germany’s SAG Solarstrom

Nov 3, 2014 - China-based Shunfeng Photovoltaic International Ltd (HKG:1165) has closed the EUR-65-million (USD 81m) acquisition of insolvent German solar project developer SAG Solarstrom (ETR:SAG), the latter said on Friday.

The deal, agreed at the end of August, involves the acquisition of all technical and commercial know-how of SAG Solarstrom, the assets related to 56 German solar parks operated by the company and other activities

The German company will now apply to delist its shares from the Frankfurt stock exchange. The move will be concluded six months after the bourse’s decision. SAG Solarstrom’s shares will also cease trading on the Munich stock exchange shortly.

Once the transfer has been completed, SAG Solarstrom will be renamed SAG Solar GmbH & Co KG, while it will remain under administration as part of its ongoing insolvency proceedings. All job positions at the firm will be retained.

When announcing the acquisition, Shunfeng PV said that the deal is in line with its global expansion strategy, which aims to help it grow from a Chinese solar cell and module maker into a global group offering “end-to-end energy solutions that vertically integrate solar services and solutions” as well as other renewable energy technologies.

(EUR 1.0 = USD 1.253)

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