• URE aims to sell the unit for USD 35.3 million.
  • URE also plans to sell USD 5.8 million of Neo Cathay Power.

One of the most reputed Taiwan-based solar module and cell manufacturer, United Renewable Energy (URE), has reportedly declared that it plans to offload one of its production units in the nation so as to bring about a certain consolidation in its manufacturing efforts.

As per sources familiar with the knowledge of the matter, the firm’s board of directors have approved of offloading the manufacturing facility at Jhunan Kebei for a valuation of USD 35.3 million (NT$1.04 billion) to the Taiwan Mask Corporation. For the record, the latter is a prominent mask manufacturer semiconductor production processes. The company anticipates the closure of the transaction to be completed by the end of the year. However, URE will continue to produce solar cells and modules in all of its other sites spanning Taiwan and adjust production depending on market demand.

Apparently, URE (called Neo Solar Power Corporation earlier), has also declared that its board of directors have given the green signal for the sale of around USD 5.8 million (NT$170 million) of Neo Cathay Power – incidentally a joint venture established between Cathay Insurance and URE, to Cathay Insurance. This particular transaction is expected to be completed by the third quarter of 2020.

For the uninitiated, Neo Cathay Power was founded in 2016 and is centered on investing, building, and managing operations of domestic solar projects. Presently, it is responsible for holding a mammoth 98 solar projects in the firm.

The solar module developer also claimed that it will be working with Cathay Insurance in the future so as to invest and develop even more number of solar projects, since it works with other insurance companies for developing large solar projects in the country.

Source Credits: https://mercomindia.com/ure-sells-solar-manufacturing-unit/