Solar Power Inc. to Buy Shanghai All-Zip Roofing for $54 Million

Oct. 29 (Bloomberg) — Solar Power Inc., a renewable-energy
developer backed by China’s LDK Solar Co., has agreed to acquire
Shanghai All-Zip Roofing System Group for about 330 million yuan
($54 million).

Solar Power will use ordinary shares valued at $2.38 apiece
to pay for the purchase, the Roseville, California-based company
said in a statement today. The deal is expected to close 10
working days after Shanghai All-Zip Roofing completes a
reorganization.

The acquisition “will increase our access to an especially
promising market” for rooftop solar energy in eastern China,
Solar Power Chairman Peng Xiaofeng said in the statement.

LDK owned 42 percent of Solar Power as of Aug. 19,
according to a company filing.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Carlos Caminada, Tina Davis

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us