Aug. 6 (Bloomberg) -- SMA Solar Technology, the biggest maker of inverters, will buy a unit of Phoenix Solar AG to expand in operating and servicing photovoltaic power plants.
SMA today signed a contract to buy Phoenix Solar’s European operations and maintenance activities including customer contracts in Germany, France, Spain and Italy, the Niestetal, Germany-based company said in a statement. No price was given.
Operating and maintaining solar power plants is an “important driver” of future growth for SMA, Chief Executive Officer Pierre-Pascal Urbon said. “After successfully establishing this business field in North America with 200 megawatts, we are now looking to develop the high-volume European market.”
SMA, which is due to report earnings tomorrow, has cut jobs, is reducing costs and looking for fresh revenue streams to counter falling sales in Europe. Phoenix Solar, which today cut its revenue and earnings forecast, is selling the business because it’s increasingly looking to Asia and the U.S. for growth, Bernd Koehler, the Sulzemoos, Germany-based company’s CEO, said in the same statement.
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