Hong Kong, China [RenewableEnergyWorld.com] Solargiga Energy announced that it has terminated its acquisition of Kinmac Solar Corporation. The proposed acquisition of Kinmac was subject to the approval of the Investment Commission of the Ministry of Economic Affairs of Taiwan.
Approval was not obtained as of December 31 2009, and as a result, the two companies agreed to terminate the sale and purchase agreement.
The two companies said that despite the acquisition not moving forward, they will continue to cooperate to develop technologies and install solar systems.
Solargiga plans develop downstream solar module and system installation businesses with Kinmac through a joint venture company that the two firms created called Jinzhou Jinmao Photovoltaic Technology Co. Ltd.