Ambitious Shunfeng eyes Clean start

Chinese PV group Shunfeng Photovoltaic International (SPI) announced plans to change its name to reflect its huge ambitions in the global clean-energy industry, as it unveiled half-year results that show how quickly it has grown in 12 months.

SPI will change its identity to Shunfeng International Clean Energy, it told investors today, as part of its “strategy to become a leading and distinctive renewable and clean energy enterprise” with interests spanning solar, storage and other renewable sources.

The company made the announcement as it unveiled half-year financial figures that show how it has been transformed by the April acquisition of Wuxi Suntech, the China-based manufacturing rump of the former global PV module market-leader Suntech.

SPI saw its revenue for the January to June period leap 608% to 2.95bn yuan ($480m), from just 416m yuan at the same stage in 2013.

Gross profit grew to 750m yuan from a year-earlier 51m yuan. SPI posted a net profit of 504m yuan, reversing a 673m yuan loss.

The big change was “primarily due to the significant improvement in shipment volume of solar products manufacturing and trading as a result of the completed acquisition of Wuxi Suntech”, SPI told investors.

It added: “With the recovery of Wuxi Suntech’s operation, the group expects to achieve a total manufacturing capacity of 2.2GW of solar cell and 2.4GW of solar modules in 2014.”

The company has also emerged as a major solar developer, as well as buying into technology-focused companies in the US and Europe.

However, its short-term development ambitions were more muted in the latest results than in earlier, highly bullish statements.

SPI said it ended the first half with 890MW grid-connected, the same figure as it ended 2013 with, and another 876MW under construction.

The name change is subject to shareholder approval.