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
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
Real IoT production deployments running at scale are collecting sensor data from hundreds / thousands / millions of devices. The goal is to take business-critical actions on the real-time data and find insights from stored datasets. In his session at @ThingsExpo, John Walicki, Watson IoT Developer Advocate at IBM Cloud, will provide a fast-paced developer journey that follows the IoT sensor data from generation, to edge gateway, to edge analytics, to encryption, to the IBM Bluemix cloud, to Wa...
With the rise of DevOps, containers are at the brink of becoming a pervasive technology in Enterprise IT to accelerate application delivery for the business. When it comes to adopting containers in the enterprise, security is the highest adoption barrier. Is your organization ready to address the security risks with containers for your DevOps environment? In his session at @DevOpsSummit at 21st Cloud Expo, Chris Van Tuin, Chief Technologist, NA West at Red Hat, will discuss: The top security r...
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
"NetApp's vision is how we help organizations manage data - delivering the right data in the right place, in the right time, to the people who need it, and doing it agnostic to what the platform is," explained Josh Atwell, Developer Advocate for NetApp, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Fusic will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Fusic Co. provides mocks as virtual IoT devices. You can customize mocks, and get any amount of data at any time in your test. For more information, visit https://fusic.co.jp/english/.
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 21st Cloud Expo, Lennart Frantzell, a Developer Advocate with IBM, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing devel...
Today traditional IT approaches leverage well-architected compute/networking domains to control what applications can access what data, and how. DevOps includes rapid application development/deployment leveraging concepts like containerization, third-party sourced applications and databases. Such applications need access to production data for its test and iteration cycles. Data Security? That sounds like a roadblock to DevOps vs. protecting the crown jewels to those in IT.
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
Many organizations adopt DevOps to reduce cycle times and deliver software faster; some take on DevOps to drive higher quality and better end-user experience; others look to DevOps for a clearer line-of-sight to customers to drive better business impacts. In truth, these three foundations go together. In this power panel at @DevOpsSummit 21st Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, industry experts will discuss how leading organizations build application success from all...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...