China Sunergy recently concluded its 100% acquirement of equity interest in CEEG (Shanghai) Solar Science & Technology and CEEG (Nan Jing) New Energy. Both companies were associated with China Sunergy before the purchase and have added to the company’s total annual module capacity; now 480MW.
China Sunergy notes that CEEG held a strong sales presence in the U.S., Germany, Spain, Italy, the Czech Republic, and Southeast Asia and referred to its balance sheet, which they consider to be strong enough to allow them to be more than capable of funding the acquisition, which now has a total consideration of around US$46 million.
“The acquisition will enhance China Sunergy's ability to further expand its manufacturing operations as well as enlarge its customer base,” commented Mr. Stephen Zhifang Cai, CEO of China Sunergy. “We believe the acquisition will enhance China Sunergy's position in the downstream photovoltaic market and advance our commitment to becoming a complete, vertically-integrated manufacturer.”