Hong Kong-based Shunfeng International Clean Energy (SFCE) has entered into an agreement to acquire a majority share of PV solar cell and module manufacturer Suniva Inc., which will now expand its manufacturing capacity.
SFCE, a clean energy technology company and integrated service solutions provider, will acquire 63.13% equity interest in metro-Atlanta-based Suniva, which will increase its U.S. manufacturing capacity to more than 400 MW over the next 12 months, according to John Baumstark, chairman and CEO of Suniva.
Suniva, which sells its products to the global market, has manufacturing locations in both Georgia and Michigan. The expansion, facilitated by SFCE's acquisition, will also bring an additional 300 jobs to the U.S., the company says.
SFCE – with technology and manufacturing assets and subsidiaries in the U.S., Europe and Asia – joins other Suniva shareholders, including New Enterprise Associates, Goldman Sachs, Warburg-Pincus and Prelude Ventures.
According to Bloomberg, SFCE acquired the share for $57.8 million. The companies' plan is to eventually bring Suniva's manufacturing capacity up to 1 GW, the report says.
‘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," says Baumstark.
Eric Luo, CEO of SFCE, says, ‘Our strategic partnership with Suniva will further strengthen SFCE's global position as an affordable, high-efficiency manufacturer while providing SFCE with U.S. market access."