ib vogt GmbH, a Germany based integrated solar developer, has agreed to acquire the majority of shares of nv vogt Singapore Pte, another solar developer.
The aim of this merger is to sync the activities of both the companies under the umbrella of ib vogt GmbH, and to better meet the requirements for solar markets in India and southeast Asia.
“We are very optimistic with regard to developments in these regions and intend to further expand our position in the future. The bundling of forces now initiated will help us to increase our market presence and access to investment opportunities,” said Anton Milner, CEO of ib vogt GmbH in a press release.
Deepak Verma, MD of nv vogt India said, “Both India and Southeast Asia have become regions of strategic importance for any global player in the solar industry and require a strong focus on the challenging requirements of each region. We are confident that we will be in an even stronger position to take advantage of these opportunities in the future with the now completed step and an increase in our resources and investments”.
The joint venture was founded in 2012 as a development platform for the Indian and southeast Asian regions. Both companies are planning to complete the formal acquisition of the joint venture in the fourth quarter of 2018.
Many companies are eyeing the Indian and South East Asian solar markets.
Only a few days ago, ThomasLloyd, a global investment and advisory firm dedicated to the infrastructure sector in Asia, announced the acquisition of a significant stake in the Delhi-based solar project developer SolarArise India Projects Pvt Ltd.
Previously, Mercom also reported that Greenko Group has entered into a definitive purchase agreement to acquire Skeiron Green Renewables. The deal will add approximately $200 million to Greenko’s EBITDA in the first full year after close, with further accretion and growth anticipated thereafter. When completed, this will be Greenko’s third acquisition in India, and the second in this year alone.
Mercom has also reported previously that Macquarie Capital’s global green investment platform, Green Investment Group (GIG), acquired a solar development portfolio from Conergy Asia and Middle East. The portfolio has solar development assets in the Asia Pacific region and includes commercial, technical and energy storage capabilities, and an asset monitoring centre.
Earlier, Mercom reported that BlackRock Real Assets acquired the entire equity interest in a 59-MW solar portfolio comprising of 28 projects in Taiwan from J&V Energy Technology Co. (J&V Energy), a solar energy producer headquartered in Taipei.
Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer