China Sunergy Co., Ltd., a specialized solar cell manufacturer based in Nanjing, China has announced an agreement to acquire 100% of the shares of two related module manufacturers, CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nan Jing) New Energy Co., Ltd. “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.”
Total consideration of approximately US$ 47 million
According to the press release China Sunergy has a strong balance sheet and will be fully capable of funding the acquisitions, which have a total consideration of approximately US$ 47 million. The consideration is payable by China Sunergy to China Electric Equipment Group and Sundex Holdings Limited in a series of installments. The transactions have been reviewed and approved by all three companies’ Boards of Directors, China Sunergy reports in the press release.
Capacity forecasted to be 300 MW and 170 MW by the middle of the year
CEEG (Shanghai) Solar Science & Technology and CEEG (NanJing) New Energy integrate the R&D, production, sales and servicing of solar modules, with total annual production capacities of 150 MW and 70 MW, respectively, with capacity forecasted to be 300 MW and 170 MW by the middle of the year. Both companies were controlled by China Electric Equipment Group Co., Ltd., a company controlled by Tingxiu Lu, China Sunergy’s chairman, the company reports in the press release. These companies have a strong sales network within the United States, Germany, Spain, Italy, the Czech Republic and Southeast Asia.
Stephen Zhifang Cai appointed new CEO
Furthermore China Sunergy announced the appointment of Stephen Zhifang Cai as Chief Executive Officer. Allen Wang, China Sunergy’s former CEO, tendered his resignation from the company for personal reasons, the company reports. Stephen Cai, with extensive operational, management and technological experience, brings a high level of directly relevant knowledge to China Sunergy given his previously successful management of key strategic projects, the company reports in the press release. “I firmly believe Stephen Cai will be a valuable member of our team here at China Sunergy. The diverse operational and management expertise he possesses, and his many years in leadership roles in dynamic organizations, will allow him to contribute effectively and significantly to our Company”, commented Tingxiu Lu, Chairman of China Sunergy.