M&As this week: Alpiq Holding and Comtec Solar Systems Group

9 June 2016 (Last Updated June 9th, 2016 18:30)

Alpiq Holding AG has sold the 96.7% stake it holds in Alpiq Versorgungs in order to reduce its net debt.

Alpiq Holding AG has sold the 96.7% stake it holds in Alpiq Versorgungs in order to reduce its net debt.

It was sold to a consortium of EBM Netz, Stadtische Betriebe Olten (SBO), and UBS Clean Energy Infrastructure Switzerland in exchange for CHF312m ($315.64m).

The remaining 3.3% stake will be held by 14 concession authorities.

Comtec Solar Systems Group and its subsidiaries have signed a letter of intent (LoI) to acquire a Chinese downstream solar power projects development company.

Comtec has 60 business days to complete the due diligence and valuation against the company, which is undisclosed. It plans to commission approximately 70MW downstream solar projects in 2016 and a minimum of 300MW by 2018.

The acquisition will help Comtec Solar Systems fulfill its target of integrating downstream business with its photovoltaic (PV) equipment manufacturing division. The company is primarily involved in the production and sales of solar wafers and ingots.