LDK Solar Invests In Germany-Based PV Technology Provider Sunways AG
LDK Solar Co. Ltd. says its wholly owned subsidiary LDK Solar Germany Holding GmbH has entered into an investment agreement with Sunways AG to acquire approximately 33% of Sunways' increased share capital following a capital increase from its authorized capital.In the capital increase, LDK Solar will subscribe for a total of 5.79 million new shares of Sunways to be issued against a cash contribution and contributions in kind. The issue amount of the shares to be granted against the cash contribution amounts to a total of 2,201,805.50 euros.Simultaneously, LDK Solar has announced its intention to submit to Sunways shareholders a public takeover offer for all outstanding shares in the company.
Subject to the approval of the offer's publication by the Federal Financial Supervisory Authority, the takeover offer is expected to be published late this month. Under this offer, a cash consideration of 1.90 euros per share is to be offered to the Sunways shareholders.Following the clearance under the cartel law, the completion of the offer is currently expected to occur in the first quarter of 2012. By way of the capital increase against contributions in kind, Sunways will acquire the indirect ownership of a company based in China. Through this China-based subsidiary, Sunways will have access to LDK Solar's module production plants in China for the further joint development of solar modules.
As a part of the arrangements, Sunways and LDK Solar have also agreed to terminate a long-term contract for the supply of wafers by LDK Solar to Sunways. The wafer supply contract will be reinstated if the capital increase should fail to be registered with the relevant German governmental authorities by June 30, 2012, the companies add.
SunMaxx Solar, a manufacturer of solar thermal systems and components, says it will now offer turnkey solar electric grid-tied systems with its solar hot water systems. Customers can now purchase solar electric components - including inverters, PV modules, racking and cabling - directly from SunMaxx Solar.According to the company, the PV kit addition to the SunMaxx product line offering will help SunMaxx installers save on shipping costs and logistics by ordering from one central supplier. It will also assist them in growing their individual solar thermal business by offering PV and thermal as a combined product offering.Prepackaged kits are available for tilted, ground-mounted and pole-mounted systems. SunMaxx also provides commercial prepackaged kits. System sizes range from 50 kW to 500 kW.
Solland Solar Group, based in the Netherlands, has entered into an agreement with Pufin Group to sell its PV cell equipment to Pufin Group.Pufin Group is involved in the PV industry through its affiliates El.Ital, based in Italy, and Elifrance, based in France. Solland Solar's existing 70 employees engaged in cell manufacturing are expected to transfer to Pufin Group and its affiliates.The transaction marks Solland Solar's exit from the PV cell manufacturing business. The company says it will fully focus on its Sunweb module and PV system business, while Pufin Group will integrate cell production into its existing PV manufacturing assets.
Pufin Group will supply Solland's proprietary Sunweb cells to Solland for the production of the Sunweb modules."Considering the difficult situation the PV industry finds itself in, we are extremely happy to have found a good solution for our cell activities," says Henk Roelofs, Solland Solar's CEO. "It enables Solland to speed up the transition from cell manufacturer to solar solutions provider while still securing the jobs of people involved in cell production."
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