Shunfeng $491m for Wuxi Suntech

Suntech has not reported a profit since the first quarter of 2011

Shunfeng will inject cash to upgrade Suntech's assets

Shunfeng Photovoltaic International (SPI) confirmed it has struck a deal for the 3bn yuan ($491m) acquisition of Wuxi Suntech – the insolvent main Chinese unit of struggling PV manufacturer Suntech.

The agreement, which has been mooted for several weeks, means Hong Kong-listed SPI has emerged from relative obscurity to take a central role in the painstaking rescue of one of the biggest names in the global solar industry.

Under the terms of the deal with Wuxi Suntech’s administrator, SPI will also pay $25m to Wuxi Guolian, a company part-owned the municipal authorities in the city where Suntech is based which has been instrumental in the process.

Guolian was one of the other bidders for Wuxi Suntech and last week Log in to read complete article.

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