Opel Technologies and its subsidiary,Opel Solar,have entered into an agreement with Northern States Metals(NSM)of West Hartford,Connecticut(US),involving the sale of most of the company's solar assets.
The agreement is subject to NSM completing its due diligence review and execution of definitive legal documentation.The completion of a definitive agreement is conditional,among other things,upon Opel being able to enter into satisfactory repayment arrangements with its solar creditors and satisfactory arrangements with certain of its employees and consultants.
Assuming that all conditions to closing are satisfied,the transaction is expected to be completed in late September.
Tom Meola,president and CEO of NSM,said Opel's Solar Tracker broadens his company's Solar FlexRack product line and is ideal for the kind of utility-scale projects that NSM is targeting.
The Opel Tracker technology is designed to increase the yield of a PV system by up to 30%.
Opel says the completion of this sale will enable the company to achieve its objective,announced on 20 June 2012,of divesting its Solar Division in order to focus on the Poet platform technology of Opel's Odis Division.
