NANJING, CHINA: China Sunergy Co. Ltd, a leading solar cell and module manufacturer based in Nanjing, China, has completed the acquisition of 100% of the equity interest of CEEG (Shanghai) Solar Science & Technology Co. Ltd and CEEG (Nan Jing) New Energy Co. Ltd.
The two module manufacturers were previously affiliated with the Company before the acquisition.
Through the acquisition, China Sunergy acquired a total annual module capacity of 480 MW, which is higher than stated in the previous announcement. These two acquired companies have a strong sales network within the United States, Germany, Spain, Italy, the Czech Republic and Southeast Asia.
"The acquisition will enhance China Sunergy's ability to further expand its manufacturing operations as well as enlarge its customer base," said Stephen Zhifang Cai, CEO of China Sunergy. "We believe the acquisition will enhance China Sunergy's position in the downstream photovoltaic market and advance our commitment to becoming a complete, vertically-integrated manufacturer."
China Sunergy reiterates that the company has a strong balance sheet and is fully capable of funding the acquisition, which has a revised total consideration of approximately $46 million.