Neo Solar Power Energy Corp (NSP) has received government support to finance the three-way merger in the latest restructuring efforts worth NTD5 billion (USD168.92 million) to boost profitability by penetrating all levels of the solar supply chain, says local newspaper »Taipei Times«. As reported, in October the three Taiwanese solar cell manufacturers Gintech Energy Corporation, Solartech Energy Corp. and Neo Solar Power Corp. announced their intention to merge into one company. NSP will be the surviving company after it merges with the other two partners and will be renamed to »United Renewable Energy Co., Ltd.« (UREC). The merger should be completed in the third quarter of this year.
Within five years after the merger, UREC seeks to generate between NTD90 billion and NTD100 billion in revenue, almost doubling current revenue of NT$50 billion. UREC aims to build solar power plants with a capacity of 1 GW each year past the initial five-year period.
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