Nov 18 2010
CTDC (China Technology Development Group Corporation) declared that the company has signed a stock purchase agreement (SPA) with LSR (Linsun Renewable Energy). Their stockholders Mr. Liao Lin-Hsiang and Goldpoly Company were to obtain 100% equity in LSR and also in its subsidiary company LSP (Linsun Power Technology) for US$3.2 million, to be paid in CTDC common stock shares. The LSP would later be one of CTDC’s subsidiary companies.
The LSP, situated in the Jinjiang Economic Development Zone in China’s Fujian Province, manufactures crystalline photovoltaic (PV) modules with a 65MW capacity per year. These modules have been given a TUV certification, and are exported to the European markets in Italy, Czech, Germany and so on.
According to Mr. Alan Li, CEO and Chairman of CTDC, LSP’s acquirement would go a long way in developing the solar energy industry. Plans are on to increase LSP’s capacity to 100 MW. This when added to the capacity of China Merchants Zhangzhou Development Zone Trendar Solar Tech, CTDC’s subsidiary, would take the total tally to 165 MW, which would outreach the target of 150 MW set for the end of 2011.
It would also help in creating a liason with Goldpoly, a PV cells supplier, for an assured supply of raw material. He remarked that the united efforts of both the companies would convert the Xiamen Bay into a major PV production base.
LSP’s CEO, Mr. Liao Lin-Hsiang, stated that LSP was delighted to work in tandem with CTDC, and this connection would help LSP’s speedy growth. He also mentioned that the focus would be on providing improved quality products and superior customer service to their valued clients along with forays into the international markets.