After beginning a search two months ago to find a major investor that would enable Suntech Wuxi to exit bankruptcy proceedings in China, two candidates have been selected in a final face-off.
Described as a ‘competitive bidding process’, Suntech Power Holdings said in an SEC filing that Shunfeng Photovoltaic Technology, which had previously announced its interest, had indeed been selected in a final round.
Also included in the final round was Wuxi Guolian Group, the local Wuxi Government’s commercial enterprise.
Suntech noted that its acting Wuxi operations administrator was awaiting a draft of the company’s reorganisation plan and accelerated restructuring process for approval before the final selection of an investor would be made.
Finlay Colville at NPD Solarbuzz, in a blog on the market research firm’s website, highlights that Shunfeng is looking to move downstream and follow the majority of the industry into an integrated business model. The company has so far been predominantly a leading Chinese solar cell manufacturer.