China-based PV Energy Provider, Shunfeng Photovoltaic International (SF-PV) said it expected to report a profit for the first six months of 2014, primarily due to the increased solar cell sales coming from its manufacturing subsidiary, Wuxi Suntech Power Co.
According to a financial statement, SF-PV had “experienced significant improvement in its financial performance for the six months ended 30 June 2014,” due to a “significant increased shipment volume of solar cells during the period”. The company had been loss making during the last few years.
It was not clear whether the company referred to ‘solar cells’ as sold separately from being integrated in to modules as this would suggest a change in business for the former Suntech Power Holdings manufacturing arm.
Japanese PV project pipeline
In a separate financial statement, SF-PV noted that it would build a total of 100MW of PV projects in Japan, the first PV projects being undertaken outside China.
The company said that had formed a private equity fund in the Cayman Islands to handle the financing and operations of the projects with an expected capital injection of approximately HK$574.84 million (US$74.157 million).
The term of the fund was expected to be for 10 years, upon which Shunfeng Holdings would be admitted as its limited partner. Further details on the planned Japanese projects were not disclosed.
In a third financial statement issued by SF-PV, the company announced a RMB2 Billion (US$322.3 million) three-year integrated credit facility from China Merchants Bank, which could be allocated between its current 16 subsidiaries.
SF-PV said that the proceeds would be used for the development and construction of PV power plant projects.