DGAP-News

S.A.G. Solarstrom AG: Shunfeng Group takes over operative business and assets of S.A.G. Solarstrom AG

DGAP-News: S.A.G. Solarstrom AG / Key word(s): Acquisition
S.A.G. Solarstrom AG: Shunfeng Group takes over operative business and
assets of S.A.G. Solarstrom AG

30.08.2014 / 18:15

---------------------------------------------------------------------

Shunfeng Group takes over operative business and assets of S.A.G.
Solarstrom AG

- Operative business with all business areas will be continued
- New site in Merzhausen will become European headquarters
- Additional jobs under the growth strategy
- Above-average insolvency quota expected

Freiburg i. Br., August 30, 2014. S.A.G. Solarstrom AG (under insolvency
proceedings) (German security identification number: 702 100, ISIN:
DE0007021008) today concluded a contract for the acquisition of operative
business operations of the S.A.G. Group, including all assets, with SF
Suntech Deutschland GmbH, a subsidiary of Shunfeng Photovoltaic
International Ltd. (SF-PV). The purchase price is EUR65 million. As part
of a transferred reorganization scheme, the transaction will enable the
operative business of the S.A.G. Solarstrom Group, together with all its
business areas, to be continued and the further European activities of
Shunfeng to be bundled. S.A.G.'s management, who together with the
insolvency administrator Dr. Jörg Nerlich, of Görg Legal Offices in
Cologne, predominantly drove the investor process, will remain in the new
company at management level. The investor process has been supported by
Roland Berger Strategy Consultants. The S.A.G. Solarstrom Group's creditors
can expect an above-average insolvency quota with the successful conclusion
of the investor process.

With the acquisition, the vertically integrated photovoltaic group Shunfeng
is strengthening its global downstream activities in the market for
renewable energies. "The S.A.G. Solarstrom Group is a perfect fit for our
downstream portfolio and will strengthen our European presence in the
photovoltaic market. The Group has very good access to markets and in
particular, many years of experience in the implementation of international
photovoltaic projects", says Eric Luo, CEO of SF Suntech. "The S.A.G.
subsidiary meteocontrol is also a world market leader in the professional
monitoring of photovoltaic systems and therefore not just a very
interesting extension to our own system portfolio. I am delighted that we
have gained a highly motivated and qualified management and staff team with
this acquisition, and that Dr. Karl Kuhlmann has agreed to lead the company