Eco Supplies Europe has completed the acquisition of Gällivare PhotoVoltaic (GPV), a Scandinavian producer of polycrystalline and monocrystalline PV modules. GPV’s plant has a total yearly production capacity of 45MW and provides solar modules to SolarWorld, among other companies. Its revenues have reached €49.9 million.
Fredrik Stael von Holstein, CEO of Eco Supplies, commented, “We have grown yearly revenues by 30% since 2007. Eco Supplies’ success is built on successful acquisitions and on a clear focus on sales throughout the Group. I look forward to implement and integrate GPV into our company, which I believe has achieved a significant milestone through this acquisition.”
In addition, Eco Supplies closed a fully subscribed capital increase of €1.8 million. Existing and new shareholders supplied €1.8 million in new capital for the transaction. Swedbank, Norrlandsfonden, Almi and Export Kredit Nämnden have also made available €12.6 million in finance and credit lines.