Sunlogics Announces Acquisition of EPV Solar Germany GmbH and New Millennium Solar Equipment Corp.
Sunlogics PLC, a vertically integrated global solar energy systems provider specializing in solar project development and installation, announced that it has acquired privately-held Phoenix Solar Holdings Corp. and its operating subsidiaries, including EPV Solar Germany GmbH and New Millennium Solar Equipment Corp. With the completion of this transaction, Sunlogics now has the ability to manufacture solar panels, using its proprietary technology, in Europe, Asia and North America. The company says that its senior management team has extensive global experience in manufacturing of solar modules and engineering and installing solar power generating facilities.
The acquisition includes the photovoltaic manufacturing facility located in Senftenberg, Brandenburg, Germany. The 55,000 square feet, 30 MW plant entered production in 2008. The company is in the process of finalizing an existing government grant and once resolved will increase production, staffing levels and project development initiatives. The company also intends to invest up to $6 million in additional, proprietary manufacturing technology over the next few years. Moreover, the Senftenberg location will serve as the base for projected expansion in Europe.
The company has announced plans to relocate the acquired U.S. panel manufacturing equipment, representing 20MW of production, from New Jersey to Detroit, Michigan and Ontario, Canada.
The transaction included investments by GLG Partners LP, Tenor Capital, Atlas Investment Fund and Catalyst Investment Management Co LLC. Exact financial terms of the transaction were not disclosed, but did include Sunlogics receiving a $6 million equity investment.
’The successful completion of this strategic transaction, which included investments from GLG, Tenor, Atlas and Catalyst as well as the acquisition of over 50 megawatts of nameplate solar panel manufacturing capacity, is an important step in building Sunlogics into a leading provider of solar energy solutions. It is a strong vote of confidence by a very sophisticated group of investors, and was followed by an additional investment from GM Ventures Inc, a wholly owned subsidiary of General Motors which invested in our Company in July,’ said Michael Matvieshen, Chief Executive Officer of Sunlogics. ’As we expand our global presence and capabilities, we anticipate utilizing New Millennium’s technology and resources to further reduce the costs of solar installations.’ In view of the investment in Senftenberg Michael Matvieshen added: ’We have been extremely well received by the State of Brandenburg and the City of Senftenberg and are looking forward to cooperating to the benefit of all partners.
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