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

Environmental

Thordon Bearings Secures AK Ferry Contract

Thordon Bearings has received an order to supply its COMPAC system to two Alaska Ferry newbuilds under construction at the Vigor Industrial shipyard in Ketchikan, Alaska.

Cruise Industry Wins Key Norovirus Judgment

In what is being seen as a landmark decision, Hill Dickinson is the first law firm to have successfully defended a UK class action case involving a Norovirus outbreak onboard a cruise liner.

Shell Moves Ahead in Arctic with Exploratory Well

Shell Oil's icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean.   Authorities

Energy

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

South China Sea Hotline in the Works

China and Southeast Asian nations have agreed to set up a foreign ministers' hotline to tackle emergencies in the disputed South China Sea, a senior official of

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1037 sec (10 req/sec)