Shareholders of Shunfeng Photovoltaic International Ltd., a China-based PV manufacturer, announced that they have voted and unanimously approved to acquire Wuxi Suntech.
Last year, Shunfeng bought Wuxi for RMB 3 billion (approximately US$ 483 million) when Wuxi Suntech was undergoing the bankruptcy proceedings. After this approval, Shungeng will not only acquire Wuxi Suntech but also takeover related financial restructuring to completely adopt the company.
According to SolarServer, Shunfeng will acquire 2.4GW of PV module capacity and 1.6GW of cell capacity through this acquisition. Additionally, Shunfeng plans to supply the 35 PV plants in its development pipeline by the newly adopted capacity.
“Our future aim is to make Shunfeng a global renewable energy provider,” said Zhang Yi, chairman of Shunfeng. “Suntech’s experience in global presence and management will become a strong expertise for the cooperation to upgrade its advantages.” He explained a clearer picture as an integrated PV supplier because this acquisition can help Shunfeng to move from a manufacturer to a power provider.
“Suntech has a solid financial foundation with almost no debt,” indicated Eric Luo, CEO at Wuxi Suntech. “In the future, the company will try to become a PV solution provider through further strategic investment in products, technology and related services.”
