Taiwan-based Sino-American Silicon Products (SAS) has announced its subsidiary Sunrise Global Solar Energy - a monocrystalline silicon solar cell maker - will establish a Germany-based joint venture, SCP Solar GmbH, with Japan-based Choshu Industry and UK-based Pan Asia Solar.
The new JV will also acquire Aleo Solar AG's assets including a 280MWp PV module factory (land, buildings, equipment, materials) located in Prenzlau, Germany, as well as patents and the Aleo trademark.
SAS holds a 50.95% stake in Sunrise Global, while Germany-based Robert Bosch GmbH holds a 90.7% stake in Aleo Solar, SAS indicated.
With initial paid-in capital of EUR13.5 million (US$18.25 million), SCP Solar will acquire Aleo Solar's assets at a symbolic price of EUR2, SAS said.
In addition, Aleo will pay a negative purchase price of EUR10 million plus an operational subsidy of EUR11.5 million to SCP Solar and SCP Solar will offer about 200 jobs for Aleo's more than 500 existing employees to continue PV module production in Prenzlau, SAS said.
While Aleo is Sunrise Global's major client, the deal is to integrate Sunrise Global's monocrystalline solar cell technology with Aleo's PV module production, patents and trademark to enhance the competitiveness of their PV modules in Europe, Japan and emerging markets under the Aleo brand, SAS indicated.
Sunrise Global has started production of internally-developed Celco monocrystalline solar cells with an average energy conversion rate of over 20.2%, SAS said.