29 Apr '14, 3pm

Shunfeng Acquires Suntech in Bid to Become Largest Solar Supplier

Shunfeng Acquires Suntech in Bid to Become Largest Solar Supplier

Suntech confirmed the purchase in a statement yesterday. The Wuxi, China-based company expects to ship at least 2.5 gigawatts of panels this year, exceeding the 2.1 gigawatts it delivered in 2011 that made it the world’s biggest supplier. Suntech was hard-hit by a global solar slump that dragged down prices and ate into margins. The corporate parent failed to pay $541 million in U.S. bonds last year and its Wuxi manufacturing unit was pulled into bankruptcy in China. Shunfeng is seeking to become a renewable-energy powerhouse and shareholders approved the deal April 7. Shunfeng’s goal is to “become the world’s largest integrated clean-energy supplier,” Suntech Chief Executive Officer Eric Luo said in a video on his company’s website. A Hong Kong real estate tycoon, Zheng Jianming, owns a 30 percent stake in Shunfeng. Through holding companies, he also owns about 22 percent...

Full article: http://www.renewableenergyworld.com/rea/news/article/2014...

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