KACO new energy GmbH has reached agreement with OCI on the sale of its South Korean subsidiary, KACO new energy Inc. The President of OCI, Mr. Woohyun Lee, announced that OCI Power 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.
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." KACO new energy GmbH will continue to fulfil and honour existing contractual obligations for already delivered central inverters.
Ralf Hofmann gives the same outlook for KACO new energy GmbH: "With Energy Depot, we recently acquired a company ourselves. With this step, we have positioned ourselves strongly in the market for energy storage systems and brought suitable accompanying products for our PV string portfolio on board."
"OCI has extensive experience in large solar power generation plants. With the acquisition of KACO new energy Inc. in South Korea, we now also have the core competence to develop inverters. We will also play our part in expanding the domestic solar market in line with the government's renewable energy policy," says the President of OCI Power, Mr. Kimoo Heo.