China Electric Equipment Group looks to buy Sunergy Shanghai

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The deal, set to conclude in Q2 2014, will see CEEG pay $13m in cash, with the balance settled by a forgiveness of debts between China Sunergy and Sunergy Shanghai. Under the transaction, CEEG has agreed that it will not utilize Sunergy Shanghai or its assets to compete business-wise with China Sunergy.

Sunergy Shanghai was established by China Sunergy for producing solar cells and conducting solar power research alongside other developmental activities but has under-performed since its inception in 2007. The reasons given by the company for this under-performing were market conditions and strategic planning by China Sunergy.

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