Welcome!

News Feed Item

Shunfeng Shareholders Approve "Wuxi Suntech" Acquisition



Shunfeng Dramatically Expands its Footprint in the Global Green Energy Market

Hong Kong, Apr 7, 2014 - (ACN Newswire) - Shunfeng Photovoltaic International Limited ("Shunfeng" or the "Group";stock code: 1165) announced today the full acquisition of the Wuxi Suntech Group. Company shareholders and their proxies, present at an Extraordinary General Meeting (EGM), voted to approve the 24 October 2013 re-organisation agreement (the "Agreement") entered into between Jiangsu Shunfeng Photovoltaic Technology Co., Ltd., ("Jiangsu Shunfeng") and Wuxi Suntech Power Co., Ltd., ("Wuxi Suntech") and the administrator of Wuxi Suntech in relation to the acquisition of the entire equity interests in Wuxi Suntech. As 100% of the votes cast at the EGM were in favour of the Resolution, which is more than 50% of the votes cast at the EGM were in favour of the Resolution, the Resolution was duly passed as ordinary resolution of the Company at the EGM. Following the passing of the Resolution, Wuxi Suntech has become a wholly-owned subsidiary of the Group.

Jiangsu Shunfeng successfully won the bid for this acquisition and re-organisation of Wuxi Suntech with an aggregate consideration of RMB3, 000,000,000 for the acquisition of the entire equity interests in Wuxi Suntech. The financial results of Wuxi Suntech will be consolidated into the Group's accounts. Wuxi Suntech has two production plants in Wuxi: one with an annual designed production capacity of 1.6GW for solar cells; the other with an annual designed production capacity of 2.4GW for solar modules.

Mr. Zhang Yi, Chairman of Shunfeng Photovoltaic International Limited said, "Looking forward, we aim to be a global green energy supplier and are excited by the opportunity to capitalize on the cutting-edge R&D, technological advantages and superb solar products of Suntech. Its global presence and management expertise will allow us to strengthen our own offering. Our Group is expanding its services from upstream solar products manufacturing to downstream power generation, making it a one-shop for solar energy power needs. As a leading solar power generation enterprise in China, we are exploring further strategic acquisition opportunities around the world to expand our footprint in the global clean energy market."

Wuxi Suntech CEO Eric Luo said. "With this acquisition, Wuxi Suntech begins a new era filled with opportunities. Suntech now has a solid financial footing with almost zero debt, and we are well placed to reclaim our position as a global leader in the solar PV market. Our future expansion will come through strategic investments in our products, technology and services. Together with Shunfeng we will become a "total solar solutions" provider making the future of our companies and of the solar industry very bright."

About Shunfeng Photovoltaic International Limited

Shunfeng Photovoltaic International Limited focuses on the research & development, manufacturing and sales of wafers, solar cells and solar modules. The company also develops and finances solar power station projects in the PRC. It owns and provides operation and maintenance services to dozens of project all over the PRC.

The company is the largest Independent private solar provider of solar energy in China and has delivered on-grid connection with a total annual designed capacity of 890 megawatt in 2013.

About Wuxi Suntech Power Co., Ltd.

Wuxi Suntech Power Co., Ltd. is a company incorporated in the PRC in January 2001 produces industry-leading solar products for residential, commercial, industrial, and utility applications. Suntech has delivered more than 30,000,000 photovoltaic panels or 8 GWs to over a thousand customers in more than 80 countries. Suntech's pioneering R&D creates customer-centric innovations that are driving solar to grid parity against fossil fuels. Suntech's mission is to provide reliable access to nature's cleanest and most abundant energy source.

The company currently has a designed production capacity of 1.6GW for solar cells and two production lines with an aggregate annual designed production capacity of 2.4GW for solar modules.

Source: Shunfeng Photovoltaic International Limited

Copyright 2014 ACN Newswire. All rights reserved.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Most organizations prioritize data security only after their data has already been compromised. Proactive prevention is important, but how can you accomplish that on a small budget? Learn how the cloud, combined with a defense and in-depth approach, creates efficiencies by transferring and assigning risk. Security requires a multi-defense approach, and an in-house team may only be able to cherry pick from the essential components. In his session at 19th Cloud Expo, Vlad Friedman, CEO/Founder o...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...