Solland Solar group sells its cell production facilities to the Pufin Group (equipment and property) and secures employment for over 70 employees

Posted on Wednesday, 04 January, 2012

Heerlen/Frigento (Av), 3rd January 2012 - Solland Solar Group (as assisted by WLP-Law, Amsterdam by Neill E. André de la Porte and Arika Nagy) and Pufin Group (assisted by ‘Studio Legale Prof. Avv. Michele Sandulli e Associati’, by ‘Prof. Avv. Paolo Carbone’, by ‘studio Fiscale e Tributario Gnudi e Associati’ and by dutch ‘FJP Advocaten’ and “Russo Van Der Waal’) have reached an agreement about the sale of Solland Solar’s activities in the field of cell manufacturing to Pufin Group. Pufin Group is involved in the PV industry through its affiliates EL.ITAL. (Avellino, IT) and ELIFRANCE (Saint Etienne, FR). Employment of around 70 employees of Solland Solar’s staff engaged in cell manufacturing, is expected to be continued under the new ownership and will be increased in the future according to the production’s increase.

The agreement will enable Solland Solar to fully focus on its Sunweb^® module and PV system business. At the same time Pufin Group will get a stronger position in the value chain, by integrating cell production into its existing PV manufacturing assets. Solland Solar Cells is one of the leading European polycrystalline cell producers, with a yearly output of up to 130 MW.

The two companies already have a close relationship as the Solland Solar Group is the main cells supplier to both EL.ITAL. and ELIFRANCE. Pufin Group, through Solland Solar Cells, will continue cell production at the same location not only for EL.ITAL. and ELIFRANCE, but the group will also try to increase its market share both in Europe and in non-European countries. At the same time Pufin Group will supply Solland’s proprietary Sunweb^® cells to Solland for the production of its high efficiency Sunweb^® modules.

Henk Roelofs, Solland Solar CEO, says: ”Considering the difficult situation the PV industry finds itself in we are extremely happy to have found a good solution for our cell activities. It enables Solland to speed up the transition from cell manufacturer to solar solutions provider while still securing the jobs of people involved in cell production”.

“The European market still offers important development and growth opportunities and with the creation of this group, which will represent one of the major European players in the photovoltaic industry, also by virtue of the significant investments made for several million euros of which much made by Solland Solar Cells, we are ready to capture these opportunities. - says Massimo Pugliese, CEO of Pufin Group - We believe that product quality will be the future differentiator to overcome Far East low cost production”.

“Create a totally Europe product is our target, where know- how and innovation are differentiating factors valued by critical customers in a mature market.

This acquisition - Massimo Pugliese ends - will create one of the major European players in the photovoltaic sector with profitable activities in Italy, France, the Netherlands and Germany, and this will allow us to enter non-European markets as well”.