Atersa Sells 100-Percent Shareholding to AstroPower

September 24, 2002 by Jeff Shepard

Aplicaciones Tecnicas de la Energia SA (ATERSA, Spain) announced the sale of its 100-percent shareholding to its main solar cell supplier, AstroPower Inc. (Newark, DE). The operation will consolidate the position of both companies in the market of photovoltaic solar energy. The transaction also includes Astra Solar S.A. (Valencia, Spain), the cell manufacturing company that had belonged to ATERSA and AstroPower on a 50-percent basis. The deal was settled for 4,000 million pesetas, 58 percent of which will be settled in cash and the remaining 42 percent in AstroPower shares.

ATERSA Chairman and General Director and Chairman of Astra Solar Fernando Monera will continue in his positions at both companies. Monera stated, "My colleagues and I are very satisfied to become part of one from the world's leading companies in the photovoltaic solar energy sector. AstroPower has played a key role in the development of ATERSA in the past and we believe that their support guarantees the future development of ATERSA and Astra Solar within the spectacular growth of the global photovoltaic market."

Allen Barnett, chairman and general director of AstroPower, commented, "We are very happy to end up officially combining forces with ATERSA since we recognize the capacity and solidity of the ATERSA and Astra Solar equipment. We welcome them to becoming part of AstroPower."