Wuxi, China [RenewableEnergyWorld.com] Suntech Power Holdings Co., Ltd. announced it has closed the transaction to acquire the remaining one-third equity interest in MSK Corporation. Suntech acquired a two-thirds equity interest in MSK Corporation in August 2006 for US $107 million in cash through a combination of subscription to new shares and purchase of existing shares.
Suntech has now acquired the remaining 476,576 shares of MSK from MSK shareholders through the issuance of 1,310,328 Suntech shares as consideration. Under the relevant acquisition agreements, Suntech is obligated to file a registration statement on Form F-3 to register these shares within five business days of the closing.
“Since we acquired MSK in August 2006, we have quickly moved to capture the nascent demand for building integrated photovoltaic (BIPV) systems with the deployment of sales and distribution networks in new geographies,” said Dr. Zhengrong Shi, Suntech’s Chairman and CEO. “With the growing support for integrated solar solutions in many regions, including enhanced subsidies for BIPV systems in France, Germany and Italy, we are gaining significant traction and building a strong pipeline of projects for our MSK Solar Design Line of BIPV products.”