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.

Sunways, a unit of debt-laden Chinese manufacturer LDK Solar, was as recently as as mid-2012 spelling out plans to become one of the world’s top three suppliers of PV inverters.

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.