The acquisition comes after Scheuten officially filed notice in March that it was unable to pay its creditors, due to an oversupply of PV modules in Europe that caused unit prices to crash.
As a result of the sale, Scheuten will now be exhibiting at Intersolar Europe in Munich this week.
Guangdong-based Aikosolar, which has 600 MW of installed solar capacity, also owns solar farm developer Powerway Renewable Energy, which will now use Scheuten’s products in the US, South Africa, Japan and Southeast Asia.
“By executing this partnership, Powerway will integrate its R&D and optimised supply chain management with Scheuten’s brand image, commercial network and project experience, to serve the customers in the best way,” said Benson Wu, chief executive of Powerway.
He added: “With this partnership we are able to create a one stop shop where all steps of the supply chain come together to deliver a turnkey solution.”
With Aikosolar’s financial backing secured, Scheuten now plans to re-launch its services as a provider of solar distribution and project solutions.
“This east meets west partnership combines the strengths of both continents in a unique organisation. Scheuten Solar’s robust brand, innovative product portfolio and 10 years of experience combine perfectly with the financial strength of Aikosolar and the international EPC experience of Powerway Renewable Energy,” said Perry Verberne, chief commercial officer of Scheuten Solar.
The past year has seen a rapid rise in solar sector bankruptcies in Europe, as unit prices tumbled and the economic crisis in the eurozone saw subsidies slashed. Among the companies to file for insolvency so far are Q-Cell, Solarhybrid, Odersun, and Ralos.
However, Chinese companies have been quick to buy up floundering European solar firms, in an effort to secure cutting edge technology and a European platform. Earlier this month Chinese firm Hanergy said it would be buying Germany’s Solibro, while in January LDK Solar bought a stake in Sunways.