German module manufacturer aleo solar today announced it has completed the sale of its brand and Prenzlau module factory to Asian joint venture SCP Solar GmbH.
The transfer was possible largely thanks to aleo's parent, electronics giant Bosch Group, agreeing to pump in 31 million (US$42.5 million) with a further 5.4 million to follow to make up an inventory shortfall.
SCP Solar, which will be renamed aleo solar GmbH, is paying a nominal 1 for the module maker and receiving a 10 million sweetener in return from the former Bosch subsidiary, with aleo today confirming it has handed over the initial 7 million.
Having sold the brand, aleo has been renamed AS Abwicklung und Solar-Service AG and has moved its registered office to Oldenburg, from where it will wind up any remaining businesses of the former aleo solar Group.
AS Abwicklung und Solar-Service will help SCP Solar a joint venture between Taiwanese cell maker Sunrise Global Solar Energy, its UK-Hong Kong parent Pan Asia Solar and Japanese company Choshu Industry during the first phase of operations at the Prenzlau plant and will also be the contact point for warranties issued before the transfer to SCP Solar.
A statement issued by AS Abwicklung und Solar-Service today confirming the completion of the deal said 180 former aleo solar employees would transfer to the new owners with more manufacturing staff from Prenzlau to follow ‘assuming positive business performance' from the new aleo solar GmbH.
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