© Kaco new energy Business | January 18, 2019
KACO sells its South Korean business to OCI Power
KACO new energy GmbH has reached agreement with the South Korean chemical and renewable energy group OCI on the sale of its South Korean subsidiary, KACO new energy Inc.
On 15 January, the President of OCI, Mr. Woohyun Lee, announced that OCI Power – a subsidiary responsible for the PV business – had completed the acquisition as an asset deal. As a result, OCI Power is expanding its existing PV solutions business with manufacturing technologies for central inverters and other power electronics. In addition, OCI and KACO new energy have agreed to continue to work closely together at a strategic level on global projects and the distribution of string inverters in South Korea and Japan, a press release detailing the deal reads. For the Neckarsulm-based manufacturer, the sale comes from strategic considerations. KACO new energy wants to position itself as the key player in the string inverter orientated market, with additional complimentary offerings around hybrid and reactive power solutions. As CEO Ralf Hofmann states: "We see both major cost advantages and benefits for our customer base in the implementation of string inverters, even in multi-megawatt sized solar parks. We can offer appropriate system solutions for this purpose, which at the same time integrate the advantages of central system designs, but with the additional benefit of speed of installations, massively improved logistics and the potential slashing of operations and maintenance costs.” Mr. Hofmann also adds: “OCI is well positioned to accelerate sales of both central inverters and also supply of our German manufactured string inverters in South Korea and Japan through its strong local presence." With the acquisition of KACO new energy’s South Korean subsidiary, OCI Power expects to achieve major synergies in order to strengthen its presence in the domestic solar energy market. The company plans to use the many years of experience gained by KACO new energy Inc. to increase the energy efficiency of solar power plants. The company also expects to expand its business with energy storage systems.
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