Solar Power Inc. Agrees to Buy Controlling Stake in Convertergy

 

NEW YORK — Solar Power Inc., a renewable-energy project developer backed by China’s LDK Solar Co., agreed to buy a 76.8 percent stake in Convertergy Energy Technology Co., a provider of energy-monitoring services.

Solar Power is paying $13.8 million in stock and assuming a $1.5 million loan, the Shanghai-based company said in a statement Friday. The transaction is subject to closing conditions. The solar developer will use Convertergy’s technology to enhance its photovoltaic, or PV, applications.

“The ability to offer advanced technology applications such as power optimization and big data analysis to traditional PV is increasingly becoming a major differentiator in the global solar industry,” Chairman Xiaofeng Peng said in the statement.

LDK owns about 24 percent of Solar Power, which moved its headquarters to Shanghai from California in January.

Copyright 2015 Bloomberg

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