German PV equipment provider Manz AG announced it has secured all official approvals for its strategic cooperation with Chinese companies Shanghai Electric and the Shenhua Group in the field of the CIGS solar technology. The authorizations unlock several CIGS orders worth €263 million ($281.9 million), the company said. This sum includes the €50 million purchase price for Manz CIGS Technology GmbH and the agreed downpayment of €70 million for orders expected to be made to Manz in May.
Following the granting of the approvals, Manz CIGS Technology GmbH, which was the company’s CIGS research company, will become of unit of NICE PV Research Ltd., which will now start its activities as planned, according to Manz.
Manz signed an agreement to set up NICE PV Research, of which it now holds a 15% share, with its Chinese partners in January.
Manz added that in addition to the existing innovation line for CIGS thin-film solar modules at the company’s facility in Germany, a further pilot production line with a capacity of 44 MW will be built in Beijing.
The released approvals, the company stated, have also led to the start of operations at the second newly established company Suzhou Manz New Energy Equipment Co.,Ltd., of which Manz owns a majority stake of 56%. Suzhou Manz provides engineering services for future projects and is responsible for sale activities in China.