Are you sure?

Novotrade purchases Genesis Solar of Spain

Hungarian holding company Novotrade Nyrt said it purchased 100% of Genesis Solar (Espana), a company registered in Spain which had attempted to utilize Andalusian regional-development funds to set up a solar panel plant similar to that envisioned in the company's Hungarian plans.

The total cost of acquisition did not exceed Ft 100 million, Novotrade said. Novotrade is 70.57% owned by Genesis Capital Management, a wholly owned unit Genesis Investment Fund. The latter manages the Genesis Technology Fund, which invests in high-tech, environmentally friendly technologies such as solar panels. Genesis plans to change Novotrade's profile, transforming it into a company focusing on renewable energy in the future. Genesis announced in late September a public offer to buy for the outstanding shares of Novotrade.