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Chinese PV company to acquire 30 percent of Conergy

According to reports, 30 percent of Hamburg-based Conergy AG will be acquired by a Chinese photovoltaic company. Conergy would not confirm the news.

Will Germany's Conergy become part Chinese?

Conergy AG

The Thursday edition of the Financial Times Deutschland (FTD) has reported that over the past few months, discussions with several interested parties from Asia have taken place. Now, it continues, a contract is about to be signed with a Chinese photovoltaic company, which would see it acquiring almost 30 percent of Conergy’s shares.

The deal is expected to be closed by this summer. "It is no longer a question of if, but when," an insider told the German newspaper. He declined to name the Chinese company, however did say that it involves a photovoltaic manufacturer, which is part of a corporate conglomerate. They added that the Chinese government is not involved in the company.

Conergy executives and board members are said to have met several times with the Chinese buyers. The negotiations, however, are being taken in slow steps.

Conergy declined to comment on the matter. "We are interesting to a number of Asian companies," spokeswoman, Antje Stephan told pv magazine. "Inquiries are often received and are confidential." She added, "To clarify, it should be said clearly that there is no imminent deal."

For a long time, speculation over whether a Chinese investor would join Conergy has been rife. The currently market value of the company is said to be low. Therefore, it would only cost around €30 million for a Chinese investor to step in, continued the FTD. This could be done through a capital increase and, for Conergy, it would offer up fresh money to finance large-scale photovoltaic projects.

Translated by Becky Stuart.