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SMA Solar has entered the fast growing Chinese market by acquiring a majority stake in China-based start-up Jiangsu Zeversolar New Energy.
The largest PV inverter manufacturer had previously avoided entering the Chinese market due to long-held concerns over IP protection.
“Over the next few years, China will become the largest photovoltaic market worldwide," said Pierre-Pascal Urbon, SMA Solar Board Member.
“Up to now, we did not have access to this market due to local particularities. For this reason, our majority shareholding in Zeversolar is strategically highly relevant for us. We are taking advantage of this historic chance to successfully anchor SMA in a young growth market and to further establish our position as global market leader.”
SMA Solar said it had taken a 72.5% majority share ownership in Zeversolar in an all cash transaction valued at approximately €40 million. The transaction is still subject to approval by Chinese government authorities.