Germany-based PV module manufacturer and project developer, Solarwatt has acquired two operation centres of bankrupt PV project developer CentroSolar to further boost its European expansion plans. Financial details were not disclosed.
Having undergone its own financial restructuring, Solarwatt said that it was operating its manufacturing plant at full capacity, having gained market share in the shrinking German market over the last 12 months.
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The acquisition of CentroSolar’s operations in the Netherlands and France also covers the entire European international trademark properties of CentroSolar. The acquired subsidiaries were said to have not been affected by the bankruptcy proceedings and were therefore able to continue operating as PV system providers in their given markets.
Carsten Bovenschen, CFO at SolarWatt said: “We are now fully restructured and financed with a healthy shareholder structure. Although the market is shrinking, we were able to quadruple our sales in the past twelve months compared to the same period last year. Our market share in installations for residential use and small commercial systems, we have now increased to over ten percent – and we are working on other innovative products and systems to bring Solarwatt even further forward.”
Solarwatt is based in Dresden, Germany and employs around 150 people.