FLABEG Group has been sold to Sun&Life, a subsidiary of the Saudi Arabian ACWA Holding Company
FLABEG Holding GmbH and FLABEG GmbH sold all assets related to concentrated solar power (CSP) and concentrated photovoltaic (CPV) (“FLABEG Solar“) to Sun & Life LLC, a subsidiary of the Saudi Arabian ACWA Holding Company (“ACWA“). Following the dramatic slump of demand in its established sales markets Spain and the US, FLABEG Solar, despite its no. 1 market position, had to file for insolvency under self-administration in April 2013. With ACWA, FLABEG Solar gets a strong strategic owner that will support the company’s future global development. The parties agreed not to disclose any financial terms.
With this acquisition ACWA secures leading technological competence for the construction of CSP and CPV power plants. ACWA will take advantage of the FLABEG Solar management team and staff, their technical know-how and especially of its unique production expertise for solar mirrors. ACWA intends to continue the production by keeping the majority of the employees.
FLABEG Solar is the global leading developer and manufacturer of solar mirrors for CSP and CPV power plants. Due to the long-standing experience in the use of most modern bending and coating technologies, the company is able to produce solar mirrors with an energy reflection of ≥ 95.5%, a worldwide unique result. Next to its undisputed expertise in glass bending, FLABEG Solar differentiates itself by numerous innovations, such as its own parabolic trough technology or a non-soiling coating.
ACWA is a diversified Saudi Arabian group of companies with globally operating subsidiaries in the areas of power and water, manufacturing, utilities and services, construction and contracting, transportation as well as reals estate and is headquartered in Riyadh. Via its subsidiary Sun & Life LLC, the group offers engineering and contracting services in the areas of concentrated solar power and photovoltaic.
Lincoln International was mandated by FLABEG Holding GmbH and FLABEG GmbH, represented by the trustee Mr Thomas Oberle, as exclusive financial advisor in the preparation and execution of the transaction.
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