‘Solar Module Super League’ (SMSL) member, LONGi Solar has signed a framework agreement to buy Vietnam-based solar cell and module OEM (Original Equipment Manufacturer), Vina Solar for RMB 1.78 billion (US$253 million).
Vina Solar is a subsidiary of Chinese industrial company East Group. The deal to purchase Vina Solar comes straight after China-based PV manufacturer, Jiangsu Akcome Science & Technology Co would have seemed to have pulled out of deal to purchase Vina Solar and its subsidiaries for the same amount as LONGi Solar has agreed.
After further detailed due diligence, LONGi Solar hopes to complete the purchase before the end of June 2020.
However, in a financial filing the company gave no reasons for the planned purchase of Vina Solar, or its future plans for the company, which has had number of rival PV manufacturers from China as customers.