Germany’s Solon AG Acquires Global Solar

Solon AG and a European financial investor have agreed to acquire Global Solar Energy from UniSource Energy for $16 million. UniSource Energy, the parent of Global Solar, will also receive an option to repurchase between 5 and 10 percent of Global Solar in the future.

In the short term, Solon expects to use Global Solar’s existing sales network for the distribution of their PV modules in southwestern U.S. In addition, Solon announced that it will offer its technological expertise to the development of thin-film solar module production at Global Solar. The company said that it will raise Global Solar’s production capacity for thin-film solar cells from its present level of 2 MW to at least 40 MW by the beginning of 2008. Global Solar, established in 1996, was a joint venture overseen by Millennium Energy Holdings, a UniSource Energy subsidiary that holds the company’s unregulated energy-related investments. The sale of Global Solar is part of UniSource Energy’s ongoing plan to scale back Millennium’s involvement in actively managed investments. “This agreement gives us a reasonable exit from Global Solar while leaving us an opportunity to capitalize on the company’s future success,” said James S. Pignatelli, chairman, president and CEO of UniSource Energy. “It also allows us to focus our resources and attention more fully on our core utility operations.” UniSource Energy expects to record approximately $1 million of after-tax losses related to the sale, which is expected to close by mid-April.
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