True Value Solar Joins Hands With Leading Global Engineering Firm M+W Group

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(1888PressRelease) November 19, 2011 - Australia - True Value Solar is the largest solar specialist in Australia. Since commencing True Value Solar has installed over 31,000 residential solar systems. Recently, True Value Solar was acquired by German engineering firm M+W Group.

M+W Group is a leading global engineering and construction company with turnovers of €1.79 billion (A$2.36 billion) and more than 6,000 employees. The company is the winner of the prestigious global 'Solar Award 2010' recognizing the leading position in this market. Additionally M+W Group is a founding member of the Desertec Industrial Initiative (DII) which aims to pave the way for large-scale production of electricity from sun in the deserts.

Mr Jürgen Wild, the Chief Executive Officer of M+W Group today said, "We are very excited about our investment in True Value Solar. With our experience of more than ten years in the photovoltaics business, we believe strongly in the long term benefits of solar power and that we can bring significant expertise and scale to True Value Solar. Australia is one of the most solar appropriate markets in the world; we have now acquired a strong platform into photovoltaics in Australia."
True Value Solar CEO, Suren Chandrajit said, "This transaction was a core part of our organisational strategy, it will help us take our business to the next level. The objective of this transaction was to grow our experience and broaden our capability in solar. M+W Group has deep experience in solar globally and we will share in that experience through this partnership."

The story of True Value Solar is one of exponential growth, founded in 2009the business will turnoverin the region of $200M in CY2011 and employs over 140 staff and 250 installation contractors. True Value Solar is the joint major sponsor of the Essendon Football Club and is one of the only unlisted companies to own a space on an AFL jumper. By transaction value, the M+W acquisition of True Value Solar is the largest transaction in the solar industry in Australia.

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