Shunfeng to Buy Suntech

Posted on November 7th, 2013 by
   

Shunfeng to Buy Suntech

Once a leader in the PV industry, Chinese solar PV module manufacturer Suntech has declared bankruptcy last March and announced in September that was re-organizing its operations. Now, Suntech is selling its main assets to Shunfeng Photovoltaic for only US $492 Million. According to reports, Suntech’s creditors must first agree to the acquisition in order for it to proceed. If the acquisition goes through, Shunfeng will inexpensively ramp up its manufacturing capacity, given the rock bottom price that Suntech is going for, says SPV Market Research analyst Paula Mints.

Struggling Utilities Selling Clean Energy Assets at Record Rate

Solar Parks and wind farms are being sold at record rates as struggling utilities account for the biggest sellers. Utilities such as GDF Suez, Iberdrola and Dong Energy have let go of plants to build cash cushions due to slumping power prices. Around 43 % of the 275 deals completed in the power industry in the first nine months were for renewables, up from 37% from a year ago. The trend also indicates an increased taste for the assets among pension funds as buyers from insurer Aviva Plc to Danish fund PFA Pension are seeking 6% gains on wind and solar.

Cuomo Announces $1.4 M DOE Award to Reduce Costs in Installing Solar

Gov. Andrew Cuomo has announced that New York State has secured a U.S. Department of Energy SunShot Initiative Rooftop Solar Challenge II Award to support NYSolar Smart, a project to streamline the state’s solar installation process and lower the cost of solar using improved financing mechanisms and IT solutions. NySolar Smart is a collaborative effort among City University of New York, New York Power Authority, New York State Energy Research and Development Authority, 16 cities, towns and villages representing over 50% of New York residents.

1.4 MW Fuel Cell Now Operational at Cal State San Bernardino

A new 1.4-megawatt Direct Fuel Cell® DFC1500 power plant was recently completed and is now integrated into Cal State San Bernardino’s central plant. The university will be able to utilize the waste heat it produces to preheat the campus heating system, resulting in an estimated annual savings of $120,000 from avoided natural gas costs, says Tony Simpson, senior director of facilities services at Cal State San Bernardino. Cal State San Bernardino is the fifth California university with a Direct FuelCell installation, representing eight megawatts in total electricity generation capacity.

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