German industrial group BayWa is to acquire the struggling American PV developer Martifer Solar USA.
The bankruptcy court of Nevada has approved the sale of “most” of the assets of the US company to BayWa for US$7.6 million.
Martifer Solar USA, a company indirectly owned by Portugal-based PV producer and developer, Martifer Solar, filed for Chapter 11 bankruptcy in January.
In a statement, the parent company of both subsidiaries, industrial group Martifer SGPS, said the reorganisation process initiated by the Chapter 11 filing had resulted in the court approving the sale to BayWa. The deal concerns only Martifer Solar USA.
When the filing was first announced, Martifer USA’s assets were put at between US$10 million and US$50 million.
PV Tech has approached BayWa and will report further details of the deal as they become available.