Insolvent German PV project developer S.A.G. Solarstrom said the acquisition of the company by China-based PVEP, Shunfeng had been successfully concluded.
The company currently remains under administration as part if ongoing insolvency proceedings.
S.A.G. Solarstrom noted that it would be applying to the Frankfurt Stock Exchange to delist the company.
SF Clean Energy Group (SV-PV) a subsidiary of Shunfeng has acquired S.A.G. Solarstrom, which will be renamed S.A.G. Solar GmbH & Co. KG.
The company also noted that Oliver Günther, board member of S.A.G. Solarstrom and responsible for sales had decided to leave the company, despite all former management being asked to remain in the company.