CTDC acquires Linsun Renewable Energy

CTDC acquired a 100 per cent stake in Linsun Renewable Energy Corporation and its wholly-owned subsidiary Linsun Power Technology.

China Technology Development Group Corp. or CTDC has signed a stock purchase agreement from stockholders Goldpoly Co. Ltd. and Liao Lin-Hsiang, CEO of LSP.

According to the China Solar News Digest, the purchase price is US$3.2 million, payable in CTDC's common stock at $3.01 per share. Upon completion of the acquisition, LSP will become a wholly-owned subsidiary of CTDC.
LSP is a Quanzhou, Fujian-based crystalline photovoltaic module manufacturer, with an annual production capacity of approximately 65 megawatts.

“Upon completion, we plan to expand LSP's annual capacity to 100 megawatts. Together with the existing capacity of China Merchants Zhangzhou Development Zone Trendar Solar Tech Ltd. – another subsidiary of CTDC – our annual capacity of crystalline PV modules will increase to 165 megawatts,” said Alan Li, chairman and CEO of CTDC.