Shunfeng Photovoltaic to Take Full Ownership of Shunfeng Materials

Published January 17th 2013 at 2:19pm
Shunfeng Photovoltaic 

Jan 15, 2013 - Shunfeng Photovoltaic International Ltd is to make Shunfeng Materials a wholly-owned subsidiary of the company through the acquisition of the 45.45% stake held by New Capability.

Shunfeng Photovoltaic said yesterday its wholly-owned subsidiary Shunfeng Holdings had agreed to buy New Capability's interest in Shunfeng Materials for CNY 72 million (USD 11.6m/EUR 8.7m), subject to certain conditions precedent.

Set up in 2010, Shunfeng Materials makes silicon ingots and wafers. The other 54.55% in the business is owned by another wholly-owned subsidiary of Shunfeng Photovoltaic. According to the announcement, New Capability has paid approximately CNY 60 million of its CNY-100-million capital commitment for its 45.45% stake and the outstanding amount is to be paid by Shunfeng Holdings following completion.

Shunfeng Photovoltaic produces solar cells and related solar products with a focus on monocrystalline and multicrystalline solar cells. The purchase is in line with its expansion plan to create a value chain from silicon wafers to solar modules. The company said the upstream vertical integration would enable it to better control margins and costs, as well as take advantage of long-term solar power growth, given the volatile silicon wafer prices and fluctuating margins of solar products. "In addition, it allows the Group to have better quality assurance and secure a reliable source of silicon wafer for its solar cells production," the statement says.


Source: ElectroiQ
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