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Solar cell makers Neo Solar Power (NSP) and Gintech Energy will acquire all the stakes in their respective subsidiaries, General Energy Solutions (GES) and Utech Solar, in line with an upcoming merger.
NSP, Gintech and Solartech Energy will be consolidated into a new company, United Renewable Energy (URE), and the move to fully own the subsidiaries is meant to put completely under URE.
NSP currently holds a 75.89% stake in GES, a project undertaker for establishing, operating and maintaining PV power stations and rooftop systems. NSP will purchase the remaining GES stake at NT$20.7 (US$0.68) per share during October 17-November 16. If NSP is unable to purchase all of the remaining GES shares upon November 16, NSP will then acquire the remaining GES shares through stock swap to wholly own GES.
GES currently owns and operates PV power stations and rooftop systems with installation capacity totaling about 70MWp in Taiwan and abroad and is setting up others with 120MWp around the world. GES is in talks over other projects totaling 500MWp.
Utech Solar is a solar poly-Si wafer maker jointly established by Gintech, Taiwan-based engineering service provider CTCI and Japan-based Mitsubishi. Utech Solar has annual production capacity of 500MWp.
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