StockMarketWire.com - Kazatomprom sold its 75% stake in the KazPV project, including Astana Solar, Kazakhstan Solar Silicon and KazSilicon assets, to a consortium of strategic investors.

The sale of Kazatomprom's non-core subsidiaries and affiliates was being carried out following the Kazakhstan government's approval of the complex privatization plan for the years 2016-2020, the company said.

Under the terms of the deal , the consortium of strategic investors, including Yadran Solar company (Russia), ECM Greentech (France) and Kasen/Canadian Solar, would maintain the companies' business profile, staff numbers and current salary levels, as well as perform to the companies' existing contracts.

In three years' time, the consortium would also purchase from Kazatomprom the remaining 25% ownership interest in the KazPV project, the company said.

'The Consortium intends to restart the purchased companies and produce solar cells in Kazakhstan, using the high-purity quartz of the Sarykol deposit from the Almaty region, also in Kazakhstan,' the company said.




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