News Article
SMA Solar Targets Chinese PV Market
SMA Solar Technology AG has agreed a contract in Shanghai for the acquisition of a majority stake of 72.5 percent in Jiangsu Zeversolar New Energy Co., Ltd., an inverter manufacturer in China. The economic start of the joint venture is planned for January 1, 2013. The transaction is still subject to approval by Chinese government authorities and the responsible anti-trust offices.
Zeversolar offers products specially tailored to the requirements of the Chinese photovoltaic market
SMA plans to use the joint venture primarily to aid comprehensive operation in the Chinese market. Through this transaction, SMA can open up the procurement channels in China. SMA will be serving the Chinese market via the modern production site in Yangzhong and is also in a position to quickly increase capacity through already established processes.
Zeversolar's enterprise value based on SMA's stake of 72.5 percent is CNY 319 million (approx. EUR40 million) from which net liabilities are deducted in order to determine the purchase price. The purchase is financed with cash on hand.