Updated. PricewaterhouseCoopers, Suntech Power Holdings' appointed liquidators in the Cayman Islands have claimed that Wuxi Suntech is owned by Power Solar System Co., a direct subsidiary of Suntech Power Holdings, casting doubt on the deal to sell the PV manufacturer's Chinese arm.
Specialist encapsulant supplier, STR Holdings, continues to struggle following the loss of its major customer, First Solar, last year, as third quarter sales continued to decline, forcing further plant closures and restructuring efforts.
Having been granted a provisional liquidation order in the Cayman Islands, Suntech Power Holdings has also appointed PricewaterhouseCoopers to support its restructuring efforts.
Hoku Materials’ never-used polysilicon plant in Idaho has sold at auction for US$5.3 million. The company had invested an estimated US$700 million in the facility.
Despite increased shipments and sales reported in its second quarter (FY) results, China Sunergy has been forced to lower quarterly and full-year guidance due Chinese banks tightening credit facilities, restricting the company’s ability to purchase materials and products for production.
Shunfeng Photovoltaic International has successfully acquired the PV manufacturing operations of Suntech Wuxi with administrator approval for around US$490 million. Suntech Wuxi had debts of more than US$2.3 billion.
Two US PV manufacturers have announced milestones in the outsourced production of their equipment, suggesting the ‘fab-less’ and ‘asset-lite’ business model exist in the PV industry.
