The company said that it will be fully capable of funding the acquisitions, which have a total consideration of approximately $47m. The consideration is payable by China Sunergy to China Electric Equipment Group and Sundex in a series of installments.
The transactions have been reviewed and approved by the boards of directors of all the three companies. The acquisitions are expected to enhance China Sunergy’s position in the downstream photovoltaic market.
Lu Tingxiu, chairman of China Sunergy, said: “We look forward to realizing these strategies by bringing polycrystalline module manufacturing in-house and strengthening our competitive advantages within the solar sector.
“This acquisition will also positively impact China Sunergy’s customer composition, as we can further focus on providing value-added services to system installers and integrators.”
China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. The company sells solar cell products to Chinese and overseas module manufacturers and system integrators.
