SFCE set to acquire majority stake in Suniva

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Shunfeng International Clean Energy (SFCE) is set to acquire majority share of Suniva, an American manufacturer of solar photovoltaic cells and modules.

Under the agreement signed by the companies, SFCE is to acquire 63.13 percent equity interest in Suniva.

SFCE CEO Eric Luo says: “Our partnership with Suniva will strengthen our global position as manufacturer of affordable, high-efficiency solar panels while also providing the company with access to the US market.”

Suniva’s Chairman and CEO John Baumstark says the company was looking at increasing its manufacturing capacity to more than 400MW within the next 12 months, “while simultaneously bringing meaningful job growth in the United States”.

According to the statement, energy solutions of SFCE can achieve reduction in energy cost in the 50 percent to 70 percent range, creating energy generation choices for its customers to reduce carbon emissions and energy costs.

Ajith Kumar S

[email protected]

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