Solargiga Cancels Kinmac Acquisition

Solargiga Energy Holdings Ltd., a China-based developer of monocrystalline solar products, says it has terminated a sale and purchase agreement under which the company was planning to acquire Taiwan-based Kinmac.

The acquisition was contingent on approval from the Investment Commission of the Ministry of Economic Affairs of Taiwan, which did not occur by the Dec. 31, 2009, deadline.

The company plans to partner with Kinmac on developing a downstream solar module and system installation businesses through Jinzhou Jinmao Photovoltaic Technology Co. Ltd., a joint venture company with Kinmac.

SOURCE: Solargiga Energy Holdings Ltd.

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