Mayer Brown JSM advises Hanergy in acquisition of Solibro from Q-Cells
26 June 2012
Mayer Brown JSM is pleased to announce that it has advised Hanergy Holding Group Limited (Hanergy), the largest privately-owned clean-energy developer in China on its acquisition of Solibro, a manufacturer of copper indium gallium diselenide (CIGS) co-evaporation technology and thin-film unit of insolvent German solar group Q-Cells SE (QCE).
Hanergy is one of the major operators in China's hydropower and solar photovoltaic industries. Solibro is based in Solar Valley Thalheim, Germany and has a subsidiary in Sweden (Research & Development). The company has a work force of 430 staff. After the completion of the acquisition, Hanergy is to significantly increase solar-panel production capacity .
"We are delighted to have advised Hanergy on this strategic acquisition in Europe and we expect the China outbound trend will continue for some time." said Xiangyang Ge, partner and Head of Projects of Mayer Brown JSM.
Mayer Brown lawyers recently advised Indian-Arab company Microsol, a producer of solar cells, on its acquisition of key assets of the insolvent Solon SE and its subsidiaries in Germany, Italy and United States (See press release). Solon is one of the leading German producers of solar modules and systems. Christof Gaudig, partner in the Düsseldorf office (Germany) said: "The increased number of deals reflects the current phase of consolidation of the German solar market."
The transaction was led by corporate partners Xiangyang Ge in Beijing, Christof Gaudig in Düsseldorf, and Ulrike Binder in Frankfurt.