Singapore’s SBI Offshore has announced that it will acquire a 51% stake in four solar photovoltaic power plants and systems, and two operating companies from its German partner Gräss Group for S$13.97m ($10.12m).
The assets will be injected into Graess Energy, its 51% owned joint venture. SBI Offshore acquired the assets through cash payment and a new share issue.
The assets acquired are four solar PV power plants at various locations in Bulgaria and a 51% stake in Gräss Engineering and Gräss Maintenance.
Chan Lai Thong, executive chairman of SBI Offshore, said: “This acquisition will provide us the track record and capabilities to accelerate SBI Offshore’s foray into solar energy, and enable Graess Energy to tap strategic growth opportunities in Asia.”