Solarfun Power Holdings has announced the increase in the stake of
ownership of the company by Good Energies, raising Good Energies’ stake
in Solarfun from 6.3% to 34.7%. Good Energies today signed an agreement
to purchase 66,745,638 ordinary shares and 281,011 American Depository
Shares, including 50% of CEO Yonghua Lu’s shares.
While these reshuffles are expected to be completed
by the end of 1Q08, Good Energies has appointed an additional Director
to the Board, while Good Energies’ Chief Investment Officer Dr. Sven
Hansen will remain on the Solarfun Board.
“We view Solarfun as
one of the best manufacturing platforms for PV products in Asia and we
believe there are tremendous opportunities for growth,” said Richard
Kauffman, Chief Executive Officer of Good Energies. “We are pleased
that Mr. Yonghua Lu and the largest shareholders of Solarfun have
selected Good Energies to work with management to help the Company
strive to reach a new level of international growth and success. The
investment reflects our confidence in the long-term prospects of
Solarfun and is a testament to management’s achievement in turning the
Company into one of the leading global manufacturers of photovoltaic
cells and modules.”
Solarfun is a PV cell and module manufacturer based in China.
By Síle Mc Mahon