Shunfeng will pay $57.8m for a 63.13% stake in privately owned Suniva, through a mixture of cash and shares.
Suniva will become a non-wholly owned subsidiary of Shunfeng, although Suniva’s existing shareholders – among them Goldman Sachs, Warburg-Pincus, New Enterprise Associates, and Prelude Ventures – will all continue to own stakes.
With Shunfeng behind it, Suniva will more than double its production capacity in the US, from 150MW to 400MW, creating 300 new jobs.
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