Shunfeng International Clean Energy announced today that the company has entered into an agreement to acquire a majority share of Suniva Inc. SFCE will acquire 63.13% equity interest in Suniva.
"As clean energy continues to be a prevalent global issue, SFCE's vision to reshape the clean energy sector through affordable and accessible alternatives to traditional energy sources has become even more important. We welcome the Obama administration's initiative and stringent emissions cuts in the power sector, and envisage that there will be a strong demand for clean energy alternatives and solutions across all business sectors," explains SFCE CEO, Eric Luo. "Our strategic partnership with Suniva will further strengthen SFCE's global position as an affordable, high efficiency manufacturer, while providing SFCE with US market access. Thanks to Suniva's renowned PV scientists and manufacturing experts, coupled with a leadership team of seasoned high-tech industry veterans, Suniva has built cutting edge solar technologies. Suniva holds a solid track record of delivering high efficiency solar cells and high-power modules, while reducing the cost of the PV value chain. We welcome Suniva to the SFCE family."
Suniva's Chairman and CEO John Baumstark says, "We are very pleased to form this partnership with SFCE. To have an industry leader, such as SFCE, invest in Suniva validates the quality of our products and technology. As part of a shared strategy, we believe in the importance of having a strong U.S. manufacturer serve the U.S. market. We are excited to collaborate with SFCE's vast portfolio of companies and integrated solutions to enhance products, services, and production capacity to our current customers and to attract a stronger customer base. The U.S. solar industry will see a significant return on this global investment – as Suniva is pleased to announce our plans for the expansion of our U.S. production. We look to increase our manufacturing capacity to over 400MW within the next 12 months, while simultaneously bringing meaningful job growth in the United States."