Biggest-ever solar energy merger announced in Taiwan
Three Taiwan-based solar cell developers have announced a merger that will become the largest-ever deal of its kind in Taiwanese solar industry.
Gintech Energy Corp, Neo Solar Power (NSP) and Solartech Energy have officially announced plans to merge and exit the business model they were founded on, creating a company capitalized at US$701 million.
The firms plan to sign a trilateral merger agreement in late December and aim to complete the transaction in the third quarter of next year, they said in a joint statement.
Neo Solar chairman Sam Hong, said:
“The nation’s solar power industry has been struggling for years. We believe the merger will create a competitive business model.”
The new firm is to offer vertical integration services from solar cell and module manufacturing, to photovoltaic systems assembly, and would also have a more competitive cost structure, given its larger scale.
According to sources, the new company is expected to have a production capacity of 5GW for solar cells and 3GW for solar cell modules.
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