A-Power to Buy Japan’s Evatech

16 September 2009 (Last Updated September 16th, 2009 18:30)

Wind turbine maker A-Power Energy Generation Systems said it has signed a definitive agreement to buy Japan's Evatech Co. for $49.9m in cash. A-Power is trying to expand its presence into thin-film solar technology as well as capitalise on Chinese solar subsidies, writes Reuters.

Wind turbine maker A-Power Energy Generation Systems said it has signed a definitive agreement to buy Japan's Evatech Co. for $49.9m in cash.

A-Power is trying to expand its presence into thin-film solar technology as well as capitalise on Chinese solar subsidies, writes Reuters.

The deal with Evatech, which makes industrial equipment for liquid crystal displays, plasma display panels and photovoltaic panels, is expected to begin adding to A-Power's revenue by late 2010.

A-Power said it would fund about 55% of the transaction from its internal financial resources, with the balance coming from foreign-investment grants from various levels of the local government.

A-Power is expected to use Evatech's low-cost, high-efficiency thin-film technology to make PV curtain glass walls and cash in on China's 20 yuan ($2.93) per watt subsidy for building-integrated photovoltaic projects.