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Suntech, finalising takeover details, officially announces its return

After a restructuring period, Wuxi Suntech has officially announced that the details of its acquisition by Shenfung Photovoltaic International have been finalised as of 7 April, and the company is fully back in business. In an email announcing the news, Suntech CEO Erik Luo expressed excitement and optimism about the development, which has been in the works for several months now, saying that the company enters 2014 with a strong balance sheet and more efficient practices that he says will enable them to be more competitive.

“I speak for the entire Suntech family when I say that we couldn’t be more excited about our new path and upcoming journey. The recent acquisition of Suntech has instilled in us a sense of pride, not only in our brand and our outstanding products, but in what we’re trying to achieve as an industry – making this world a better, cleaner and more sustainable place for our children,” wrote Mr Luo.Suntech filed for insolvency after existing financial hardships were exacerbated upon the discovery in late 2012 that a company working with Suntech on projects in Europe had used fraudulent bonds. Until that time, the Suntech was the largest manufacturer of solar panels in the world and had a strong reputation both as a company and for the quality of its products. Suntech’s solar panels were a popular choice for Australian consumers given their good reputation and home-grown image; Suntech founder Dr Zhenrong Shi is an alum of UNSW and an Australian citizen.

In its new form, Suntech will build on the brand’s strength, expanding operations beyond its core functions of panel manufacturing, R&D and project development. “Suntech will be able to offer our clients any service on the solar value chain that you may need,” said Mr Luo. We will become a turnkey solution provider with capabilities in design, engineering, manufacturing, construction, finance, insurance, operation and maintenance. As we continue to regrow our business internationally, we will be able to provide you with all solar solutions under one roof, anywhere in the world.”

“As we look to our future, we do not forget our past commitments. I want to assure you that your Suntech products will continue to enjoy the same support and warranties they have always received. We are proud of the Suntech brand and the quality of our products which have always made us leaders in this industry,” Mr Luo wrote.

In a glimpse of what is to come this year, the company said it plans to increase its staff, announce strategic acquisitions and launch new products. It also anticipates that it will set a new internal record for shipments, moving 2.5GW of modules in 2014–more than its own 2011 peak.

© 2014 Solar Choice Pty Ltd