US Solar Power to buy controlling stake in Chinese Convertergy Energy Technology

May 8 (SeeNews) – US photovoltaic developer Solar Power Inc (OTCMKTS:SOPW) announced on Friday an agreement to buy a controlling stake in Convertergy Energy Technology Co Ltd, a China-based provider of smart monitoring and optimisation services in the photovoltaic industry.

The transaction will see Solar Power fully acquire Convertergy I Holdings Ltd, which owns 76.8% of Convertergy Energy Technology, for USD 13.8 million (EUR 12.3m) and repay a USD 1.5 million loan of the target as well as accrued interest to the seller. The consideration and the loan repayment will be both settled in Solar Power shares.

The transaction will reinforce Solar Power’s portfolio of PV smart solutions, bringing along advanced technology applications such as power optimisation and big data analysis that are becoming increasingly important in the global solar industry, chairman Xiaofeng Peng commented.

(USD 1 = EUR 0.890)

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