Jete Power acquires CIGS thin film start-up
Chinese metal casting parts supplier Jete Power Holdings has bought a 39 percent stake in a thin-film modules manufacturing and solar power generation business in Jiangsu Province. Jete Power has acquired a minority stake in Novel Sino Group Holdings Ltd, whose operating subsidiary, Dongtai Energy Technology Co, is preparing to start commercial operation of a 30-MW CIGS (copper indium gallium selenide) thin-film panel factory in March 2017. The modules produced at that plant are expected to have a power conversion rate of about 15 percent. The Dongtai Company also plans to expand into PV power generation segment once the panel factory enters service.
Jete Power has made a cash payment of HKD 10 million (USD 1.3m/EUR 1.1m) for the minority interest. Under the terms of the agreement, the buyer will be compensated if the acquired business does not book a total net profit of at least HKD 9 million for 2017 and 2018.
Jete Power said that it had made the investment in the CIGS start-up to diversify its investment portfolio.
