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
While many government agencies have embraced the idea of employing cloud computing as a tool for increasing the efficiency and flexibility of IT, many still struggle with large scale adoption. The challenge is mainly attributed to the federated structure of these agencies as well as the immaturity of brokerage and governance tools and models. Initiatives like FedRAMP are a great first step toward solving many of these challenges but there are a lot of unknowns that are yet to be tackled. In hi...
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 cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.