Robert Bosch subsidiary, PV module manufacturer aleo solar is to be acquired by Taiwan-based solar cell producer, Sunrise Global Solar Energy and Japanese manufacturing machinery producer, CHOSHU Industry.
Aleo solar said in a statement that “significant parts” of the company, primarily its module manufacturing and module sales operations would be sold to the consortium’s European JV company, SCP Solar GmbH.
Bosch was said to have agreed to financially support aleo solar through the acquisition proceedings and provide any additional funds to aleo solar in the course of liquidation of the company without having to file for insolvency.
Aleo solar said that it would receive a token €1.00 as the purchase price but SCP Solar would receive €10 million from the company as part of the acquisition. Bosch has agreed a payment of €31 million to aleo solar in a compensation package.
Sunrise and CHOSHU are contributing €13.5 million in equity capital to SCP Solar.
Around 200 jobs will be saved as part of the acquisition
The deal is therefore along the same lines as Bosch struck with SolarWorld when Bosch paid SolarWorld to acquire its PV operations.
“In SCP Solar we have found an investor with a viable concept and a long-term focus,” said York zu Putlitz, CEO and CFO of aleo solar AG. “I regret that we were unable to save more jobs. However, with production in Prenzlau, a large number of the sales team and the aleo brand, we are retaining important sections of the company.”
SCP Solar plans to manufacture high-performance monocrystalline PV modules under the aleo brand, using Sunrise Global’s solar cells produced at its plant in Yilan, Taiwan, which currently has a nameplate capacity of 350MW.
It was said that aleo solar was already using Sunrise's cells in its 290 Watt modules.
“With our high-performance cells and the production expertise of aleo in Prenzlau we will be able to market high-performance modules in the premium segment,” said Ted Szpitalak, a co-founder of Sunrise. “The acquisition of aleo solar will close the gap between ourselves as cell manufacturers and the end customer, as we will be acquiring a proven premium supplier with expertise in the missing links in our value chain, namely module production and sales. It will turn us into a potent, integrated solar manufacturer capable of offering attractive prices to global markets.”
CHOSHU Industry also supplies PV modules to the Japanese market.
The sale and liquidation of aleo solar was said to not affect any warranties or guarantees issued by aleo solar.
Sunrise Global Solar is a subsidiary of Taiwan-based wafer producer, Sino-American Silicon Products (SAS), which merged its cell operations with the parent company in August, 2013.