German photovoltaic firm SolarWorld said Tuesday it has signed an agreement to buy parts of Robert Bosch GmbH's solar energy business in Germany.

Under the terms of the deal, SolarWorld will take over cell production capacity of 700 megawatt as well as module production capacity of 200 megawatt from Bosch Solar Energy in Arnstadt in eastern Germany, the company said in a statement.

Financial details were not disclosed.

Bosch, a maker of electronic car parts, announced in March that it is pulling the plug on its solar panel manufacturing business because overcapacity in the industry has caused prices to nosedive.