January 4, 2012 / 12:00 PM / in 6 years

Ascent Solar says China's TFG Radiant doubles stake

(Reuters) - Ascent Solar Technologies Inc said it will sell an additional 21 percent stake to TFG Radiant Group, in a move that will double the Chinese group’s ownership in the U.S. photovoltaic cell maker to 41 percent.

TFG, a joint venture between Radiant Group and Tertius Financial Group, will purchase the additional stake in Ascent for $4 million, or about 50 cents per share, a 19 percent premium to the stock’s Tuesday close of 42 cents on Nasdaq.

Last August, TFG snapped up a 20 percent stake in Ascent and the two parties agreed to set up manufacturing facilities in east Asia, in a deal valued at about $450 million.

The deal is expected to close within the next 90 days, Ascent Solar said in a statement on Wednesday.

Reporting by Swetha Gopinath in Bangalore; Editing by Supriya Kurane

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