|By ACN Newswire||
|April 7, 2014 06:11 AM EDT||
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.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Apr. 23, 2017 05:30 PM EDT Reads: 728
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 a lot of 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 reduction in cost ...
Apr. 23, 2017 05:30 PM EDT Reads: 3,562
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
Apr. 23, 2017 05:15 PM EDT Reads: 1,432
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 23, 2017 03:30 PM EDT Reads: 2,398
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
Apr. 23, 2017 03:30 PM EDT Reads: 3,252
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Apr. 23, 2017 03:30 PM EDT Reads: 1,885
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Apr. 23, 2017 03:15 PM EDT Reads: 1,804
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyor belt between the Software Factory and production stages. Artifacts are ...
Apr. 23, 2017 03:15 PM EDT Reads: 740
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Apr. 23, 2017 02:45 PM EDT Reads: 1,361
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
Apr. 23, 2017 02:15 PM EDT Reads: 2,325
SYS-CON Events announced today that Grape Up 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. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Apr. 23, 2017 02:00 PM EDT Reads: 1,560
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 23, 2017 01:45 PM EDT Reads: 1,778
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 23, 2017 01:15 PM EDT Reads: 4,664
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Apr. 23, 2017 01:00 PM EDT Reads: 3,157
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Apr. 23, 2017 01:00 PM EDT Reads: 1,916