Aqualis a Norway-based marine and engineering consultancy service has announced it has signed a memorandum of understanding (MoU) for the 3 million ($3.4 million) purchase of a 49.9% stake in German solar service provider Adler Solar.
The deal also provides the option for Aqualis to acquire a further 10.1% stake in Adler Solar by April 2019 for the same price as the initial outlay agreed in the MoU. Once the transaction has been completed, Adler Solars shareholders will comprise Aqualis at 49.9%, the Adler Solar CEO and co-founder Gerhard Cunze with 42%, and D2D4 (a company owned by windmill tycoon Klaus Meier) owning 8%.
Adler Solar, based in Germany but active across the leading global solar markets, provides EPC, O&M, technical and engineering expertise for solar PV plants, employing more than 100 staff in Europe, the Middle East, the U.S., Asia and South Africa.
"The solar energy sector is rapidly growing and we want to be part of it," said Aqualis chief executive David Wells following the signing of the MoU. Wells added that the acquisition gives Aqualis a "strategic third leg to stand on in another attractive market", following the companys successful activity in the offshore wind and fossil fuel markets.
The CEO also remarked how Aqualis sees "great potential" in Adler Solar, and will use this acquisition to grow its presence in Germany and the emerging solar power markets internationally.
The transaction is scheduled for closure and completion later this week.