Centrotec becomes largest shareholder of Sonnenstromfabrik

From pv magazine Germany

Centrotec’s last contact with the PV sector dates back to 2012, when the company – then still known as Centrotec Sustainable AG – sold its shares in German solar developer Centrosolar AG, marking its withdrawal from the industry.

However, Centrotec Sustainable AG renamed itself Centrotec SE this year and has jumped back into the PV business. The company has acquired Switzerland’s Pari Group AG, based in Switzerland, for a price of €43 million ($50.9 million).

The Pari Group is a holding company that owns an 80% stake in CS Wismar GmbH, which is also known by the Sonnenstromfabrik trademark. It produces glass-glass PV modules, among other things. According to Centrotec, these glass-glass panels can be used in buildings where there is a high proportion of self-consumption. The Pari Group’s real estate portfolio includes Sonnenstromfabrik’s production facility in Wismar, Germany.

CS Wismar currently employs 110 people, according to Centrotec. It recorded sales of €19.4 million and an operating profit of €500,000 in fiscal 2019. This year, it expects a significant increase in sales to €29.3 million and an EBITDA of €1.2 million.

Centrotec assumes that the increasing decarbonization in the area of ​​heat generation and steadily falling prices for battery storage systems will lead to greater demand for PV solutions in the building sector – especially for complete systems that generate and store electricity and heat. With the acquisition of a majority stake in Sonnenstromfabrik, Centrotec wants to push ahead with its efforts to use renewable energy to supply heat and fresh air in buildings.

According to Centrotec, the transaction is still subject to a number of conditions, and needs to be approved by Germany’s Federal Cartel Office. It expects to finalize the deal at the beginning of the fourth quarter. The final purchase price will be determined retroactively, based on net financial liabilities and net current assets when the transaction is completed.