SolarWorld AG has raised 233.7 million EUR in liquid funds for the company by issuing 1.3 million shares to institutional investors.
The company also announced it will acquire a 29 per cent stake in Solarparc AG (ISIN: DE0006352537), a specialist in the construction, operation and placement of large solar power plants.
As a result of issuing the new shares outstanding shares will rise to 13.965 million shares in SolarWorld.
The proceeds of the issue will be used, among other things, to “to intensify our supplier-independent silicon production in order to consistently implement the full capacity utilization of our new production locations in the USA and the rapid expansion in Germany”, said CEO Frank Asbeck.
“The business activities of Solarparc AG constitute an ideal complement to our own sales possibilities against the background of the clear-cut future growth in the production potential of our company. With this acquisition SolarWorld AG is integrating another part of the solar value chain on the distribution side.”
Solarparc AG is planning the construction of solar power plants both in Germany and abroad. These will be innovative so-called Suntrac tracking plants that are designed to follow the movement of the sun. “Our tracking solar power plants that follow the movement of the sun like sunflowers generate up to 45 per cent higher solar yields than fixed plants. They are ideal for the construction of solar parks in sun-rich regions like for example Spain or California,” explains Frank Asbeck.
As a result of the recent take-over of Shell’s PV-silicon-related operations, SolarWorld will have an advanced production location in California. In 2005 SolarWorld and Solarparc together sold a total 10 megawats of solar capacity in the large scale power plant business.
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