SolarIndustryMag.com: JA Solar Enters Share-Transfer Deal With M.SETEK

JA Solar Enters Share-Transfer Deal With M.SETEK

by SI Staff on Monday 30 July 2012

comments: 0

JA Solar Holdings Co. Ltd. has entered into a share-transfer agreement with M.SETEK Co. Ltd., a Japan-based polysilicon and solar wafer manufacturer controlled by AU Optronics Corp.

M.SETEK will transfer its 65% equity interest in Hebei Ningjin Songgong Semiconductor Co. Ltd. to JA Solar Hong Kong Ltd., a wholly owned subsidiary of the company, for RMB247.0 million (approximately $38.9 million).

Ningjin Songgong is a producer of solar-grade monocrystalline silicon ingots with an annual production capacity of 2,000 metric tons. Its production of monocrystalline silicon ingots is expected to complement the company's existing monocrystalline silicon wafer slicing capabilities.

The parties expect to complete the share transfer by the end of this year, subject to possible government approval. The parties have been liaising with the Anti-Monopoly Bureau of the Ministry of Commerce of the People's Republic of China (PRC) to evaluate the necessity of an anti-trust filing of the transaction under PRC law.

The share transfer is part of an arrangement with M.SETEK to settle outstanding prepayments made by the company to M.SETEK for polysilicon supply. Due to a magnitude-9 earthquake in Japan and a consequent tsunami, M.SETEK failed to make the majority of the scheduled delivery of polysilicon to the company, JA Solar says.

Latest Top Stories

Test Centers Report On PV Module Durability Initiative

Fraunhofer test laboratories have issued their first report on PV module durability based on a new test regime meant to simulate real-world conditions in a variety of climates over time. What does it take to be world-class solar?

Global PV Thrives As Reports Say Renewables Hit $244 Billion In 2012

Two international reports on global renewable energy spending say investments dipped last year due in part to falling solar prices. However, overall demand remained strong, notably in developing economies.

Report Says Solar Was 48% Of New U.S. Electric Capacity In Q1 Of 2013

According to a new industry report, the U.S. installed 723 MW of new solar capacity in the first quarter of this year, a 33% increase over the same quarter of 2012. What does the future hold?

EU Publishes Duty Rates On Chinese Solar Products

The European Commission reveals the duty rates it plans to impose on Chinese solar firms come Aug. 6. Which companies will face the highest tariffs?

EU Imposes Chinese Solar Tariffs: A Prod Rather Than A Slap?

The European Commission has decided to impose long-expected tariffs on solar products from China. However, the rate is lower than initially anticipated, with increases slated if trade talks break down. Will the program produce a deal or spark a trade war?

Submit comment