Chinese Solar Company to Buy Germany's SAG Solarstrom

Posted by Joseph R. Fonseca
Sunday, August 31, 2014
..

 

 German solar firm SAG Solarstrom AG, which filed for insolvency late last year, said on Saturday it agreed to be acquired by Shunfeng Photovoltaic International for 65 million euros ($85 million).

The small German company, which builds and operates solar power plants, said all jobs were safe and additional jobs would be created under Shunfeng's growth strategy for the business.

Solar companies have been under pressure from plunging prices for solar panels and cells, which convert sunlight into electricity, caused by a global glut of the equipment.

Some of the companies, including Q-Cells, Solon and Conergy, have filed for insolvency in the last few years and have subsequently been broken up and parts of the businesses sold.

SAG Solarstrom said according to the assessment of its insolvency administrator, Joerg Nerlich, its creditors - including holders of two corporate bonds - could expect to receive almost 50 percent of the company's insolvency assets.

"However, depending on the actual result, the insolvency quota might also be considerably below or above this value," it said.

SAG Solarstrom was founded in 1998 and went public a year later. It had earnings before interest and tax (EBIT) of 8.9 million euros in 2012 on sales of 188.6 million.

(Reporting by Maria Sheahan. Editing by Jane Merriman)

($1 = 0.7616 euro)

 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Environmental

Record Thames Ridership

A record 9.8 million passengers are using the River Thames‎, two years on from the launch of the Mayor's River Action Plan, it was announced today. The River Action Plan,

Tallink & Meyer Turku to Build LNG Ferry

AS Tallink Grupp and Meyer Turku Oy signed a contract for the construction of LNG powered fast ferry for Tallinn-Helsinki route shuttle operations. The dual

1st lifejacket for Working at heights

The first lifejacket custom-designed specifically for offshore personnel carrying out rope access or work at height has been developed by Survitec Group, the

Energy

Eniram to Provide Boil-off Management for LNG Sector

Eniram Limited, the Finnish provider of energy management technology and data analytic services to the shipping industry, announced that it is releasing an onboard

Johan Sverdrup Contract to "Pioneering Spirit"

Statoil has signed a contract with Allseas for installation of three platform topsides on the Johan Sverdrup field.   The vessel will be installing the topsides for the drilling,

Mitsubishi Bags Fourth LPG Carrier Order from Astomos

Tokyo-based Astomos Energy Corp has placed an order today with Mitsubishi Heavy Industries (MHI) for a very large liquefied petroleum gas (LPG) carrier.     The 83,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1613 sec (6 req/sec)