C&I, Solar

China Solar to Acquire Shenzhen Solar

China Solar & Clean Energy Solutions, Inc. has announced that it has entered into an agreement to acquire Shenzhen PengSangPu Solar Industrial Products Corporation. The acquisition of Shenzhen PengSangPu will enable China Solar to expand its customer base and presents a commercial and industrial market opportunity for solar water heaters in southern China.

Under the terms of the agreement, China Solar’s subsidiary, Beijing Deli Solar Technology Development Co. Ltd., will acquire 100% of the equity interest of Shenzhen PengSangPu Solar Industrial Products Corporation including its net assets and trademarks for approximately $2.8 million in China Solar common stock plus the audited net asset value of PengSangPu in cash.

“The acquisition of Shenzhen PengSangPu extends our strategic footprint and opens new markets in Southern China where local government strongly support using solar water heaters in residential buildings. This transaction brings us additional proprietary products and complements our Clean Technology Energy product portfolio,” said Deli Du, CEO of China Solar.