China Sunergy to buy two solar module cos for $47 mln

- Says to pay the amount in a series of installments
- Says to acquire CEEG Solar Science, CEEG New Energy Co * Says deal to enhance downstream ops

Solar cell manufacturer China Sunergy Co Ltd (CSUN.O) said it will acquire two Chinese solar module manufacturers CEEG Solar Science & Technology Co Ltd and CEEG New Energy Co Ltd for about $47 million, to bring polycrystalline module manufacturing in-house.

China Sunergy, based in Nanjing in eastern China, said bringing polycrystalline module manufacturing in-house will help it to develop into a comprehensive solution provider.

Shanghai-based CEEG Solar Science has an annual production capacity of 150 megawatts (MW), while Nanjing-based CEEG New Energy has a 70 MW capacity.

China Sunergy also said it will pay the total consideration to these companies in a series of installments though it is capable of fully funding the deal, and that all three companies' shareholders have approved the deal.

Both the acquired companies were controlled by China Electric Equipment Group Co Ltd, a company controlled by China Sunergy's Chairman Tingxiu Lu.

Shares of the company closed at $4.05 Monday on Nasdaq.

Source: Glass International
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