Shunfeng swoops for Sunways assets
Insolvent German solar business Sunways has sold its PV inverter and building-integrated (BIPV) units to a subsidiary of Shunfeng Photovoltaic International – the Chinese group that swooped for Wuxi Suntech last year.
Sunways did not disclose the terms of the deal, made under its insolvency proceedings at a regional court in Konstanz, southern Germany.
Hong Kong-listed Shunfeng will pick up related patents, equipment, inventory and staff as part of the agreement, but will not take on any existing liabilities.
Its purchase marks the latest stage in Shunfeng’s rapid emergence as a major force in the PV sector – not least through its acquisition of Wuxi Suntech, the main Chinese manufacturing arm of the fallen PV module giant.
In April, Shunfeng revealed plans to issue roughly $297m worth of five-year convertible bonds to fund 10GW of PV capacity it plans to develop by late 2016.