SMA Solar technology AG concluded a contract in Shanghai about the acquisition of a majority stake of 72.5% in Jiangsu Zeversolar New Energy Co., Ltd., a inverter manufacturer in China.

Zeversolar offers products specially tailored to the requirements of the Chinese photovoltaic market. SMA said it plans to use the joint venture primarily to aid comprehensive operation in the Chinese market.

Zeversolar's enterprise value based on SMA's stake of 72,5 percent is CNY 319 million or about EUR40 million from which net liabilities are deducted in order to determine the purchase price. The purchase is financed with cash on hand.

The economic start of the joint venture is planned for January 1, 2013. The transaction is still subject to approval by Chinese government authorities and the responsible anti-trust offices.