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| Lays an important foundation to become a leading one-stop player in the solar energy market |
HONG KONG, Nov 12, 2013 - (ACN Newswire) - Shunfeng Photovoltaic International Limited ("Shunfeng" or the "Group"; SEHK :1165) is pleased to announce that Wuxi Suntech Administrator has informed Jiangsu Shunfeng Photovoltaic Technology Co., Ltd. ("Jiangsu Shunfeng"), a wholly-owned subsidiary of the Group, the Wuxi Suntech restructuring plan is approved on 12 November 2013.
The Administrator will proceed to submit the Restructuring Plan to the Wuxi Intermediate People's Court for final approval.
Mr Zhang Yi, Chairman of Shunfeng Photovoltaic International Limited said, "The approval of Wuxi Suntech Restructuring Plan further strengthens our upstream and midstream capabilities in fulfilling our massive demand in construction of our downstream solar power generation plants. With the trust gained from the equity interest holder and creditors, we are confident to become a leading player in the solar power market in China and in the world, as well as aiming to become a leading integrated clean energy enterprise. Upon the successful acquisition of Wuxi Suntech, we can further strengthen our overall cost control ability and provide stable supply of solar products for the construction of solar power plants."
The aggregate consideration for the acquisition of the entire equity interests in Wuxi Suntech is RMB3,000,000,000, of which the amount of RMB500,000,000 has already been paid by Shunfeng as deposit during the bidding process; and the amount of RMB2,500,000,000 shall be paid by Shunfeng to the Administrator within one month upon the approval by the Wuxi Intermediate People's Court for the Restructuring Plan.
About Shunfeng Photovoltaic International Limited
Shunfeng Photovoltaic International Ltd is mainly engaged in solar power generation, development, operation and maintenance of solar power plants. The company also manufactures and sales of solar cells, solar modules, solar wafers and related solar products. The company takes the operating principle of the vertical integration from upstream to downstream industry chain derivative development. To the upstream, the company develops production of ingot and wafer; to the downstream, they build up the manufactures of solar modules. The Group is also involved in the development of solar power station projects in the PRC in order to improve the Company's operating performance and increase the Company's profitability.
Currently, the quality of certain products within the company had reached the leading position of PRC similar products. Some products have reached international advanced level, market share and popularity ranks forefront of the industry and the products are exported to Europe and North America. For more information, please visit www.www.sf-pv.com.
About Wuxi Suntech Power Co., Ltd.
Wuxi Suntech Power Co., Ltd. is a company incorporated in the PRC in January 2011 and is a wholly-owned subsidiary of Suntech Power, a company listed on the New York Stock Exchange. Wuxi Suntech is principally engaged in the research and development, manufacturing and sales of solar cells and modules.
Before Wuxi Suntech went into administration, it had three production plants in Wuxi, the PRC. Currently, production in one of the production plants for solar cells has ceased since the facilities at such production plant are obsolete. In respect of the other two production plants, one of them has an annual designed production capacity of 1.6GW for solar cells but its production had been temporarily suspended since August 2012 and it is estimated that its annual designed production capacity could reach 1.2GW once the operation of Wuxi Suntech resumes back to normal.
The other production plant has two production lines with an aggregate annual designed production capacity of 2.4GW for solar modules. Amongst these two production lines, one production line with an annual designed production capacity of 1GW has been temporarily suspended since November 2012. The other production line with an annual production capacity of 1.4GW is currently under normal operation. According to the offering memorandum prepared by the Administrator, the sales volume of Wuxi Suntech reached 1,500MW in 2012 and its products were sold around the world, including European countries, United States of America, Asia Pacific countries, Japan and Australia.
Contact:
LBS Communications Consulting Limited
Joanne Chan +852-9616 2676, Ian Fok +852-9831 3226
Tel: +852 3752 0431 / 852 3679 3671
Fax: +852 3753 2899
Email：jchan@lbs-comm.com / ifok@lbs-comm.com
Topic: Shareholders Meeting
Source: Shunfeng International Clean Energy Limited
Sectors: Alternative Energy
https://www.acnnewswire.com
From the Asia Corporate News Network
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