Germany-based solar module manufacturer aleo solar AG has entered into an agreement to sell significant parts of its operating business to SCP Solar GmbH for one euro. SCP Solar GmbH is a joint venture of Asian companies Sunrise Global Solar Energy Co. Ltd., CHOSHU Industry Co. Ltd. and Pan Asia Solar Ltd.
Under the deal, the joint venture will buy aleo's module production facility in Prenzlau, Germany, including fixed assets, inventories, trademarks and intellectual property rights, as well as its shares in a subsidiary. SCP Solar GmbH also intends to retain 200 aleo employees. For its part, aleo solar agrees to pay the purchaser a negative purchase price of EUR 10 million.
Robert Bosch GmbH, the main shareholder in aleo solar, has agreed to pay a compensation of EUR 31 million to aleo in connection with the sale of the operative business.
The closing of the purchase agreement is subject to various approvals.