Eco Supplies Europe announced that it has entered into a binding agreement to purchase Gällivare PhotoVoltaic (GPV), a Scandinavian PV module company. GPV was most recently owned by Borevind and from 1999-2007 was a unit of Solar World.
“This deal enables Eco Supplies to fulfill our long-term goal to be a true eco supplier within renewable energies and other environmentally friendly industries. Being a modern, high quality and automated producer of PV modules, GPV acts in a business segment that will experience annual growth figures of 30-40% in the years to come. GPV is well positioned to take advantage of this situation,” stated Fredrik Staël von Holstein, CEO of Eco Supplies.
GPV had revenue of €49 million in 2009 and has increased its capacity to 45MW at its automated plant. The agreement is subject to a successful completion of certain conditions, which are not to be disclosed until the closing of the deal sometime this June.