Shunfeng aims for 9GW in China
Shunfeng intends to build 9GW of PV capacity in China over the next three years, while exporting up to 1GW of modules a year to other customers after finalising its acquisition of Wuxi Suntech.
Shunfeng anticipates building 3GW of utility-scale PV annually over the next three years, chairman Zhang Yi tells the South China Morning Post.
“By the end of 2016 we will have 10GW,” Zhang says.
Last week Shunfeng, which claims to be in the final stages of acquiring bankrupt Suntech’s manufacturing arm, announced that it has taken 890MW of PV capacity on line in China, making it one of the world’s largest generators of solar electricity.
Shunfeng intends to set Wuxi Suntech’s factories humming once again to feed its voracious need for modules, while also shipping 500MW-1,000MW each year to external customers in Europe, Zhang says.
Hong Kong-listed Shunfeng is not acquiring the Suntech brand name.
The up to 27bn yuan ($4.46bn) that Zhang says will be needed to build out the next 9GW of capacity will be roughly 80% funded with debt, with the remainder coming off Shunfeng’s own balance sheet.