Gintech Energy has agreed to merge with Solartech Energy and Neo Solar Power (NSP).

The decision follows a resolution adopted by the company’s boards of directors to execute a related letter of intent (LoI) signed on 16 October this year.

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The proposed merger will be implemented on an equal and mutually beneficial basis, without allowing any of the three companies to act as the acquiring or acquired party. The merged entity will be named United Renewable Energy (UREC).

Once formed, UREC expects to expand both domestic and overseas investment in solar cell modules, as well as build a self-owned module brand and enter new power plant development businesses.

“UREC expects to expand both domestic and overseas investment in solar cell modules.”

The company is also expected to help develop and grow Taiwan’s green energy industry.

Gintech Energy, Solartech Energy, and NSP have already started working with relevant government agencies to boost the competitiveness of UREC and to gain support for their industrial upgrade plan.

The companies are also planning to file an official investment proposal with the National Development Fund and other organisations appointed by the Government of Taiwan.