Nanjing Sunpower Holdings to acquire the M&S business of Sunpower Group for $351m.

Nanjing Sunpower Holdings, a special purpose vehicle led by Sunpower management, agreed to acquire the M&S business of Sunpower Group, a China-based investment holding company engaged in the development and manufacture of energy saving, energy efficient and environmental protection products and the provision of solutions, for $351m. The M&S segment involves the manufacturing and provision of high-end customised environmental protection products and solutions. Sunpower intends to focus on its core green investment business and pursue opportunities in China’s anti-smog sector. It said it has a stable asset-based business where it owns and operates industrial infrastructure projects that generate recurring income and cashflow through typically exclusive long-term concessions of about 30 years.