SolarWorld AG announced yesterday that it has sold 65% of the company’s shares of the Swedish module subsidiary Gällivare PhotoVoltaic AB (GPV) to the Swedish Borevind AB.
An IPO is planned for 2008. SolarWorld AG will remain a share holder in the Scandinavian module manufacturer with a stake of 35%.
About Borevind
Borevind AB (publ) is Sweden’s first and only investment company in the renewable energy sector to go public. Borevind invests in unlisted companies developing products or services within renewable energy.
The company says its strategy is long-term and based on acquiring interests in low risk companies. Borevind says it will invest in companies active within energies such as wind, solar, bio-fuels, fuel cells, waste heat, geothermal energy, wave power.
About SolarWorld AG
The SolarWorld Group (ISIN: DE0005108401) is among the top three companies in the solar power industry worldwide. The group is dedicated mexclusively to the core business of solar energy, combining all stages of the solar value chain, from the raw material silicon to turn-key solar mpower plants. The company operates production facilities in Germany, Sweden and the USA.
Currently the company is developing a solar module production site in California and a facility for producing solar wafers and cells in Oregon. According to the company, both facilities will be the largest of their kinds in the U.S.
SolarWorld AG says it is also becoming more involved at the social-policy level in order to push ahead the principle of sustainability and to sharpen public awareness of resource and climate protection.
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