China's Shunfeng PV negotiating 4 green acquisitions

Jun 13, 2014 - China-based Shunfeng Photovoltaic International Ltd (HKG:1165) said yesterday it is considering the acquisition of four businesses, including a solar park operator in Europe and a geothermal heat pump specialist in China.

The company, which makes solar photovoltaic (PV) products and also builds and operates solar parks, said it is holding advanced talks on the potential takeover of a company that operates and supervises downstream solar power generation projects in Europe. The move would support the group’s goal to become a fully-integrated solar energy enterprise, it noted.

Shunfeng PV is also negotiating the purchase of a majority stake in a Chinese firm that develops advanced geothermal heat pump technologies and offers management solutions for new energy systems. The parties have already signed a non-binding framework agreement.

Furthermore, the group is holding discussions to buy a minority stake in a US developer of power storage technology for lithium-battery and to raise its interest in a Chinese hydrogen power storage and generation business to 70% from the current 28%.

The names of the four targets were not disclosed. Shunfeng PV noted that it is not certain whether any of the contemplated transactions would be carried out.

At the end of March, Shunfeng PV said that it aimed to achieve grid-connected solar power generation capacity of 4,000 MW in 2014 and 10,000 MW by end-2016. The firm will also seek to boost its solar cell and module production capacities to 2,200 MW and 2,400 MW, respectively, in the current year.

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