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Finnish company, Cencorp,  has announced that it plans to set up a photovoltaic module factory in Mikkeli, Finland.

Cencorp purchased  Sunweb Solar Holdings for a reported  €450,000 (US$616,000) in cash and €550,000 worth of Cencorp shares.

Cencorp, part of the Finnish Savcor Group,  already has operations in both Mikkeli and Salo,  Finland, and its proposed factory is scheduled to be ready in early 2014.

Giving the background to the announcement,  Iikka Savisalo, Cencorp’s CEO, said the purchase of Sunweb created a solid base for  the company’s final objective: “to manufacture a photovoltaic module production line, based on Cencorp's own engineering and automation know-how, in Mikkeli.”

Savisalo added: “My current estimation is that the factory's turnover will exceed EUR 50 million when operating at full capacity. Sales negotiations on the plant's production capacity are going on with several foreign distributers. Cencorp expects to receive its first orders for the modules already in 2013.”