PRATO DI CORREGGIO, ITALY: Kerself S.p.A.,, Italy’s leading player in photovoltaic solar plant engineering, development, production, installation and distribution, has signed a letter of intent with the Meta System Group for the acquisition of Albatech S.r.l., a solar photovoltaic installer.
Kerself plans to use company’s equity to acquire 75 percent of Albatech by the end of 2009 and the outstanding 25 percent by the end of 2010.
Albatech expects to close 2009 with revenues totalling approximately 21 million euro and EBITDA of approximately 1.5 million euro.
A second strategic agreement has been signed with Meta System, providing for joint industrial development of a photovoltaic inverter. The device will be type approved
probably by April 2010 and subsequently also marketed under the Kerself label.