Shunfeng eyes funding for growth

Shunfeng is working with a number of undisclosed financial institutions to secure funds for solar development.

The ascendant PV group said in a filing to the Hong Kong stock exchange that it is considering debt or equity financing, but did not identify specific projects.

In early April, Shunfeng’s shareholders approved its 3bn yuan ($480m) takeover of Wuxi Suntech, breathing new life into the former manufacturing arm of fallen PV giant Suntech Power Holdings.

Shunfeng also issued roughly $297m worth of five-year convertible bonds last month to fund development of the 10GW of PV capacity it plans to finish by late 2016.

Early this month, it acquired the PV inverter and building-integrated (BIPV) units of Sunways, an insolvent unit of debt-laden Chinese manufacturer LDK Solar. The deal underscored Shunfeng’s rapid emergence as a major player in the PV industry.

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