Renova - Rusnano JV acquires Avelar Solar Technology
MOSCOW. Aug 27 (Interfax) - LLC Hevel, a joint venture between state nanotech company Rusnano and billionaire Viktor Vekselberg's Renova Group, has acquired 100% of LLC Avelar Solar Technology from a Renova Group company.
An entry to this effect was made in the Unified State Register of Legal Entities on August 11, the SPARK-Interfax database shows. The deal was earlier approved by the Federal Anti-Monopoly Service.
Hevel was previously 99.9% owned by Avelar Energy, a Swiss-based unit of the Renova Group. The other 0.1% of shares was owned by Natalya Pevchikh.
Hevel is a joint venture in which Renova owns 51% and Rusnano holds 49%. The company is building a plant in Novocheboksarsk to manufacture photovoltaic modules. Avelar Solar Technology designs and builds solar power plants.
Hevel shareholders approved the deal to buy 100% of Avelar Solar Technology at a general meeting in July. The deal is worth less than 10 million euros, a source familiar with the company's plans told Interfax. The ownership structure of Hevel will not change after the deal.
The consolidation of assets will make it possible to create the largest vertically integrated company in Russia's solar energy industry, Hevel said earlier, commenting on its plans to acquire Avelar. The combined company plans to build power plants with combined capacity of 500 MW by 2020, which will enable the Hevel plant to operate at full capacity.
Rusnano said that Hevel's business model will broaden after the deal. "The company will participate in projects to build and launch solar parks, the highest-margin segment of the photovoltaic market. Avelar is the asset that will enable Hevel to competently work on such projects," Rusnano's press service told Interfax.