Shunfeng Photovoltaic International has completed an acquisition of German solar firm S.A.G. Solarstorm AG, a company which filed for insolvency last year. S.A.G. Group’s operative business operations and assets are all purchased with €65 million (US$85 million).
Under the transferred reorganization scheme, the operative business of the S.A.G. solarstrom Group along with its business areas will be continued. Also, the further European activities of Shunfeng will be bundled. Shungfeng promised that all S.A.G.’s jobs were safe and additional jobs will be created.
With the acquisition, Shunfeng is strengthening its global downstream activities in the market for renewable energies. “The S.A.G. Solarstrom Group will strengthen our European presence in the photovoltaic market”, says Eric Luo, CEO of SF Suntech.
As a PV specialist, the S.A.G. Solarstrom Group has many years of expertise in the planning, construction and operation of PV power plants, including monitoring and maintenance. As part of the growth strategy, it is anticipated that new jobs will be created and the future company location of Merzhausen will function as the European headquarters and S.A.G.’s management will remain in the new company at management level.
“In 2015, we can start up once again with international plant construction. New business was put on hold up to now due to the insolvency proceedings”, explains Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG.
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