Chinese wind manufacturer A-Power gets cash grant to support non-domestic solar acquisitions |
http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/wind/chinese-wind-manufacturer-a-power-gets-cash-grant-to-support-non-domestic-solar-acquisitions.html
Chinese wind turbine manufacturer A-Power Energy Generation Systems has received an RMB68.17m ($10.35m) cash subsidy from the Liaoning provincial government to support its recent non-domestic acquisitions.
A-Power said the subsidy will fund its acquisitions of Japan-based photovoltaic panel manufacturer Evatech and semiconductor manufacturer Hally’s.
The subsidy is equivalent to around 20 per cent of the total cost of the Evatech acquisition, which was paid for with $49.9m in cash when it was completed in early 2010.
Its acquisition of the solar company qualified it for certain subsidies that the Liaoning government makes available for the acquisition of non-Chinese enterprises that have important technologies and patents.
A-Power, which provides distributed power generation systems in China, said it is steadily expanding into the production of alternative power generation systems.
The company already places a focus on large-scale energy efficiency and distributed power projects, and operates one of the largest wind turbine manufacturing facilities in China.
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