Shunfeng backs out of geothermal energy deal

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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.

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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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