SMA, the worlds leading photovoltaic inverter manufacturer announced the news today. It added that around 40 million had been paid in cash for the Zeversolar share, and that the transaction has been backdated to January 1, 2013.
Zeversolar is said to be a leading Chinese inverter manufacturer, and capacity at its production site in Yangzhong is reportedly ready to be scaled-up, if necessary.
The transaction has secured SMA access to China, a market it says is the "most important photovoltaic market of the future."
CEO Pierre-Pascal Urbon explains, "Just recently, the Chinese government has significantly raised its photovoltaic expansion targets again. The new target is to install a further 10 gigawatts each year over the next three years making China the largest photovoltaic market worldwide.
"Therefore, the majority stake in Zeversolar, which makes it possible for SMA to gain access to this growth market, is of great strategical importance."