Aug 28 (Reuters) - Westinghouse Solar Inc, which is being bought by CBD Energy, said it will form a joint venture with the Australian renewable energy company to design and build projects in Italy.
Shares of California-based Westinghouse rose as much as 19 percent to a week’s high of 25 cents in morning trade on the Nasdaq.
Westinghouse will invest $1.5 million and get a 25 percent stake in profit from CBD’s project pipeline in Italy. Westinghouse has the option to raise its stake to 50 percent by investing another $1.5 million, the companies said.
Once the merger closes, most likely in the third quarter, the two companies will pursue other projects in the United States and Europe.