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China Sunergy expands via acquisitions

Posted: 19 Mar 2010 ?? ?Print Version ?Bookmark and Share

Keywords:solar module? photovoltaic? manufacturing?

China Sunergy Co. Ltd will acquire 100 percent of the shares of two related module manufacturers, CEEG Solar Science & Technology Co. Ltd and CEEG New Energy Co. Ltd.

China Sunergy has a strong balance sheet and will be fully capable of funding the acquisitions, which have a total consideration of approximately $47 million. The consideration is payable by China Sunergy to China Electric Equipment Group and Sundex Holdings Ltd in a series of installments. The transactions have been reviewed and approved by all three companies' Boards of Directors.

CEEG Solar and CEEG New Energy integrate the R&D, production, sales and servicing of solar modules, with total annual production capacities of 150MW and 70MW, respectively, with capacity forecasted to be 300MW and 170MW by the middle of the year.

"These acquisitions enhance China Sunergy's position in the downstream photovoltaic market and advance our initiative of developing into a comprehensive solution provider and providing value-added services to customers," commented Lu Tingxiu, chairman of China Sunergy. "We look forward to realizing these strategies by bringing polycrystalline module manufacturing in-house and strengthening our competitive advantages within the solar sector."

Lu further explained: "Being vertically integrated will help to stabilize and increase margins in a possibly volatile environment, while representing a transformation towards a solution provider. We are reshaping the company from a single dimension manufacturing-oriented business into a platform with two pillars: technological innovation and a closer distribution channel to end customers. This acquisition will also positively impact China Sunergy's customer composition, as we can further focus on providing value-added services to system installers and integrators."

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