Shunfeng backs out of geothermal energy deal



Shunfeng Photovoltaic, the owner of module maker Wuxi Suntech, has announced that it has backed out of a proposed deal for a geothermal heat pump company.

It had previously announced in June that it was in advanced talks with a number of companies in different technology fields from lithium-based energy storage to a European PV project developer.

In a statement to the Hong Kong stock exchange Shunfeng said it had decided against the investment but that the other opportunities revealed in the 12 June announcement remained on the table.

In December 2013, Shunfeng’s president Zhang Yi told PV Tech the company was focused on expanding its PV project business but that it would remain open-minded on other clean energy acquisitions.

“We are not going to refuse any opportunities for introducing any new ideas, like hydropower, wind turbines, or bio-energy. But solar energy will remain as the major business,” he said.

Shunfeng, previously a wafer and cell manufacturer only, has a stated aim of becoming a green energy provider.

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