French concentrator PV (CPV) specialist Soitec has revealed plans to sell its solar business to ConcenSolar, a company linked with Soitec’s CPV rival Suncore.
The sale confirms Soitec’s intention, revealed earlier this year, to exit the CPV arena and focus on its core semiconductor business.
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Under the deal with ConcenSolar, Soitec will sell all its technology assets and manufacturing operations in Germany and the US.
The company will retain some assets for future sale, including ownership interests in certain PV power plants. It also said it would continue to develop and bring to the market a four-junction solar cell, with which the company has achieved record conversion efficiencies.
Subject to regulatory approvals and other customary closing conditions, Soitec expects the transaction to close in the third quarter of calendar year 2015. Financial terms of the deal were not disclosed.
“As announced in the press release dated January 19, 2015, our board of directors unanimously decided to implement a strategic plan, which aims at refocusing Soitec’s activities on its core semiconductor business,” said Paul Boudre, Soitec’s chief executive “This agreement represents a key milestone for Soitec and a reinforcement of our core semiconductor business”.
Charlie Wang, CEO of ConcenSolar, added: “Soitec’s CPV solar modules represent the most advanced technology with proven reliability and project bankability, as well as competitive cost structure due to production automation and high-efficiency performance. Combining our experience of solar project development and financing capability from our established financing partners, this acquisition further strengthens our position to provide the most cost-effective solar power solutions for our utility-scale customers.”
Soitec was forced to scale back its CPV operations in the US at the end of last year after a 150MW project it was planning there with San Diego Gas & Electric was scrapped.
More generally, CPV has struggled to compete with the drastically decreasing costs in c-Si technology in recent years, despite its higher conversion efficiencies.