Shunfeng International Clean Energy (SFCE) has inked to acquire 63.13% equity interest in Suniva Inc., an American manufacturer of high efficiency PV cells and modules. The agreement will involve in investing in Suniva for expand its PV manufacturing capacity to over 400MW and helping SFCE to establish its position in the U.S. solar market.
Demand for high efficiency PV products continues to validate as the U.S. solar market matures. Suniva’s expansion plan, which will double its production capacity from 150MW to over 400MW, is half facilitated by the U.S. market’s interest in high-quality, high-value American-made solar products, and half facilitated by SFCE’s share acquisition, explained John Baumstark, chairman and chief executive officer of Suniva.
“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,” noted Baumstark. The expansion is also expected to create 300 additional jobs over Suniva’s current 350 employees.
As a U.S.-born, U.S.-operated company, Suniva has proven itself a reliable supplier of solar products in the U.S. market. On the other hand, SFCE is accelerating its strategic investments and partnerships for creating a world-class clean energy portfolio including clean technologies, applications and platforms that provides comprehensive solutions. The acquisition marks SFCE’s entrance into the advanced U.S. solar market, representing the company’s latest move toward its goal.
"Developing cost-effective, high-efficiency solar solutions is an essential step in solving the world's energy challenges,” 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. We welcome Suniva to the SFCE family."
(Photo Credit: SFCE)