Nanjing-based solar cell manufacturer China Sunergy (CSUN.NASDAQ) said it plans to buy two Chinese solar module manufacturers for a combined price of US$47 million, Reuters reported. The company plans to acquire Shanghai-based CEEG Solar Science & Technology and Nanjing-based CEEG New Energy to bring polycrystalline manufacturing in-house. CEEG Solar Science & Technology has an annual production capacity of 150 megawatts while CEEG New Energy has a capacity of 70 MW. China Sunergy said it will pay the US$47 million in installments although it has enough cash to pay in full. All three companies’ shareholders have approved the deal.
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