Bankrupt German-based PV firm, Sunways has sold its PV inverter and BIPV businesses to Shunfeng Photovoltaic for an undisclosed sum.
Shunfeng has acquired over 30 entities since plans and investors supported the transformation of the company from a tier-2 solar wafer supplier to an integrated downstream PVEP (Photovoltaic Energy Provider), notably with the recent acquisition of Wuxi Suntech, which will supply modules for its downstream project pipeline that already exceeds 4GW and counting.
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Sunways said that Shunfeng had acquired the PV inverter and BIPV businesses brand names, patents and IP as well as equipment, inventories and related employees as well as certain selling and administrative areas, but outstanding liabilities from these business segments are excluded.
The deal was also said to not provide Sunways with sufficient capital cover a “repayment of shareholders' investment in Sunways after conclusion of the insolvency proceedings.”
