Solar Thin Films Finalizes BudaSolar Acquisition

Solar Thin Films Inc. says it is in the final stages of its negotiations to acquire 100% ownership of BudaSolar Technologies Co. Ltd., a Hungary-based technology company that develops thin-film solar module manufacturing technologies, including building-integrated photovoltaics, related equipment, and critical components of turnkey production lines and associated computer software.

The parties have agreed on a five-year earn-out arrangement and believe that their agreement will be finalized within 30 days.

In addition, Solar Thin Films says BudaSolar Technologies has signed a contract with China City Investments Ltd. as technology provider for the delivery of turnkey production lines at the capacity of 85 MW/year using silicon-based thin-film PV technology.

The agreement is the first phase of the Dalian City Industrial Park Project targeting the development of a complex, vertically integrated production center with a cumulative PV production capacity of 1 GW, to be achieved in 10 phases.

SOURCE: Solar Thin Films Inc.

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