Singapore-listed offshore services provider SBI Offshore has partnered with GSS Renewables (GSSR) to pursue a solar photovoltaic energy business.
The two companies have incorporated a joint-venture company – Graess Energy – in Singapore with an initial paid-up capital of USD100 divided into 100 ordinary shares, of which SBI Offshore and GSSR hold 51 and 49 shares, respectively.
GSSR shareholders have been involved in renewable energy solutions, particularly in solar photovoltaic energy, in various parts of the world since 2000 under the Gräss Group of Germany.
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Graess Energy will be involved in the design, engineering, construction, development, ownership, operation, maintenance, and storage of photovoltaic projects. In addition, all new photovoltaic projects will be undertaken exclusively by Graess Energy with the growth focused on the Asia Pacific region. Graess Energy will serve as the headquarters for the Gräss Group.
“The expected acquisition of these assets and any subsequent photovoltaic projects secured by Graess Energy may lead to a new core business for the group. In view of this, the company will seek shareholders’ approval for the diversification into this new business,” said SBI Offshore in its filing to the Singapore Exchange.