Shunfeng wins bid to buy Suntech Wuxi; reveals state of production plants

November 4, 2013
Facebook
Twitter
LinkedIn
Reddit
Email

Shunfeng Photovoltaic International has successfully acquired the PV manufacturing operations of Suntech Wuxi with administrator approval for around US$490 million. Suntech Wuxi had debts of more than US$2.3 billion.

In a statement issued at the weekend, Shunfeng said the payment would be made to the Wuxi Intermediate People’s Court within a month and would also pay Wuxi Guolian Development Group, which had been a bidder for Suntech Wuxi US$25 million within three months, as part of the deal.

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

The solar wafer company expects to raise the capital for the acquisition via internal resources and debt finance from unidentified financial institutions.

The deal will also need to be approved by Shunfeng’s shareholders at a general meeting to be held in the first quarter of 2014.

Suntech Wuxi manufacturing update

As Suntech Power Holdings last provided full financial reports in April, 2012 with its 2011 annual report, little if any insight has been provided by the company about its Wuxi manufacturing operations,

In the full year 2012, preliminary results indicated that Suntech had shipped approximately 1.8GW of PV modules, with revenue said to be around US$1.62 billion, a year-over-year decline of 48%.

Shunfeng noted in the acquisition statement that one of the three Suntech Wuxi production plants for solar cells had ceased production at some time due to being obsolete.

A second manufacturing plant with a nameplate capacity of 1.6GW had production suspended in August, 2012. However, the plant could resume production but would have an effective nameplate capacity of 1.2GW.

The third plant was said to be operating with two production lines providing a nameplate capacity of 2.4GW. However, one production line with an annual nameplate capacity of 1GW had been temporarily suspended since November 2012, while the second production line with a nameplate capacity of 1.4GW was currently in operation.

Shunfeng did not say what the actual production figures were for the 1.4GW line that was actually in production.

The acquisition of Suntech Wuxi by Shunfeng is designed to enable the company to expand into solar cell and module production so that it can move downstream and build PV power plants primarily in the booming China market.
 

Read Next

October 27, 2025
Chinese engineering firm Shanghai Electric has signed an engineering, procurement, and construction (EPC) contract with independent power producer (IPP) Econergy to build a 342MW solar PV plant in Romania.
October 27, 2025
Engie has signed additional PPAs with Meta, expanding their partnership to more than 1.3GW across four solar projects in Texas.
October 27, 2025
Waaree Energies has secured four solar module supply contracts totalling 692MW – three for projects in India and one in the US through its subsidiary.
October 27, 2025
Chinese polysilicon producer Daqo New Energy saw an increase in sales and profits in Q3 2025, as the sector looks to address ongoing oversupply and financial losses.
October 27, 2025
Global corporate financing in the solar industry reached US$6.5 billion in the third quarter of 2025, a 14% increase from the same period a year ago.
October 27, 2025
Premier Energies has acquired a 51% stake each in transformer maker Transcon and inverter producer KSolare Energy. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany
Solar Media Events
March 24, 2026
Lisbon, Portugal