Shunfeng is selling Wuxi Suntech and other manufacturing operations to reduce debts

Facebook
Twitter
LinkedIn
Reddit
Email
The agreement includes a total of 500MW of solar wafer production capacity, 4,900MW of solar cell capacity and 3,000MW of module assembly capacity. Image Wuxi Suntech

Diversified renewables firm Shunfeng International Clean Energy (SFCE) is close to an agreement to sell its manufacturing operations, which include Wuxi Suntech, as well as other international operations, including power plant monitoring firm, meteocontrol to reduce debts of RMB12,295.3 million (US$1.83 billion).

A new deal has been struck with major shareholder in SFCE and Hong Kong property tycoon, Kin Ming Cheng for RMB 3,000 million (US$446.94 million). Two previous valuations had put the purchase price at US$760 million in mid-2016, lowered to RMB4.7 billion (US$684.24 million), in 2018. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

However, the new Sale and Purchase Agreement will include part of a loan facility provided by Sino Alliance to SFCE that was assigned to manufacturing operations, including Wuxi Suntech. Kin Ming Cheng’s new business entity is expected to assume HK$1,200 million (US$152.8 million) of the total debt of HK$ 2,500 million (US$318.5 million).

The agreement includes a total of 500MW of solar wafer production capacity, 4,900MW of solar cell capacity and 3,000MW of module assembly capacity. Also included are PV power plants in four countries outside China with a total capacity of 21.09MW. 

PV Tech recently reported that SFCE expected to report a loss in 2018 of approximately US$254 million, due to PV product ASP declines and impairment charges to its manufacturing operations. 
SFCE had losses of RMB 67.2 million (US$10.65 million) in 2017, down from RMB 1,717.6 million in 2016.

The deal is subject to an EGM being held. 

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

September 18, 2025
CERC is finalising guidelines for virtual power purchase agreements (vPPAs) to unlock financing for over 40GW of uncontracted renewable capacity.
September 18, 2025
Researchers have called for enhanced international standards to detect ultraviolet-induced degradation (UVID) in PV modules after identifying “severe” levels of the problem in operational n-type panels.             
September 18, 2025
Indian PV makers have welcomed the government’s plan to add solar wafers to its ALMM List-III from June 2028.
September 17, 2025
Spanish renewables developer and operator Acciona Energía has commissioned its 412MWp Juna solar PV plant in Kawani village in the western state of Rajasthan. 
September 17, 2025
Nexamp has secured US$350 million through a long-term financing facility to expand its 6GW utility-scale solar and battery storage pipeline in the US. 
September 17, 2025
Chinese module producer DAS Solar is planning a 5GW manufacturing facility focused on producing high-efficiency back contact cells.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA