Suntech, under new ownership, plans a comeback

The Suntech brand is staging a comeback, according to a press release from the company. Wuxi Suntech (colloquially referred to as Suntech but actually one subsidiary of Suntech Power Holdings Ltd) was at one point the largest manufacturer of solar panels in the the world until financial hardships forced it into insolvency. The company was rescued when acquired by Shunfeng Photovoltaics International Ltd, a Hong Kong Stock Exchange-listed manufacturer of solar modules & solar module components.

The press release notes that Wuxi Suntech is now fully independent of its former parent company and says that the company is aiming to reestablish its brand–once synonymous with solar panel quality and one of the most trusted in the world–across Europe. They will focus on the UK first, but will eventually expand its reach across the continent by opening new sales, marketing & service outposts there. 

Suntech’s director of sales for Europe, Ping Xu, cites a robust solar market as the company’s reasoning for starting with the UK, which was number 6 in Europe in 2013 for in terms of new capacity. “During the first quarter of 2014 we expect the UK to become the largest solar market inEurope for the first time ever. This is a great opportunity and we believe we have the right resources to support the UK solar market,” Mr Xu said in the press release.

“As a reemerging company with minimal debt and a healthy balance sheet, we are focused on increasing our capacity and staff in key markets and are also looking closely at several strategic acquisitions inEurope in 2014,” said Suntech’s new CEO Erik Luo.

He is also optimistic about Suntech’s prospects for this year, anticipating that the company will ship up to 2.5GW of solar modules–over 20% more than the amount the company shipped in 2011, its peak year. The company will also introduce 3 new products at sustainability trade show EcoBuild, all of which have been designed to work well in low-light environments. There are: a microinverter-integrated AC solar module, a high-efficiency black module and a 1500V module for use in utility solar projects.

Suntech founder & former head Dr Zhenrong Shi recently paid a visit to the Solar Choice office to talk about Suntech’s restructuring and the company’s return to Australia.

© 2014 Solar Choice Pty Ltd