Shunfeng swoops for Sunways assets

Sunways HQ in Germany

Sunways HQ in Germany

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.

Glennmont round raises €500m

01 September 2014 04:34 GMT

Scatec signs up for African projects

01 September 2014 03:57 GMT

Mainstream switches strategy

01 September 2014 12:29 GMT

Shunfeng snaps up Solarstrom

01 September 2014 10:13 GMT

IN DEPTH: The yieldco effect

01 September 2014 09:17 GMT

Sonnedix nabs first Japan PV funds

01 September 2014 04:49 GMT

China sales fail to help SolarOne

28 August 2014 02:04 GMT

US backs 300MW Myanmar solar

28 August 2014 01:05 GMT

Hareon unveils 600MW solar plan

28 August 2014 05:39 GMT

RET plan to 'smash investment'

28 August 2014 10:08 GMT

IEA warns of RE headwinds

28 August 2014 07:33 GMT

Kepco may build Korea-Japan cable

28 August 2014 06:22 GMT

NY governor weighs RE tax break

27 August 2014 10:48 GMT

Become a Recharge subscriber!

Or try our free trial.

Order Subscription

Already a member?


Recharge Monthly Magazine