- Press Releases
May 16 (Renewables Now) - Shunfeng International Clean Energy Ltd (HKG:1165) said today the petition for relief against solar imports to the US, filed by its 63.13% subsidiary Suniva Inc, is not in the best interests of the global solar industry.
The Chinese company has submitted a letter to the International Trade Commission (ITC) reaffirming that it upholds global free trade principle over the petition for global safeguards under Section 201-202 of the Trade Act of 1974. That petition has been filed by the Chief Restructuring Officer of Suniva. The US solar company recently filed for Chapter 11 bankruptcy protection, because of the significant downward pricing pressures in the photovoltaic (PV) industry.
“[..] the US solar market would not thrive if the fundamental principles of free market economy were not abided by,” Shunfeng said.
Suniva’s call is for rules for solar imports to the US from all geographic sources, including cell import tariffs starting at USD 0.40 (EUR 0.36) per Watt. It said in April that the ongoing and increasing influx of foreign imports is hurting the US solar industry, with market prices plunging to levels that challenge responsible economic operations for US manufacturers.
The petition only applies to crystalline silicon (c-Si) products.
Shunfeng International bought 63% in Suniva in early 2016. Since then, the loss-making US business has been hurting Shunfeng's performance. The Chinese companies also acquired bankrupt PV products maker Wuxi Suntech Power several years earlier. At the time it was the principal unit in China of then solar major Suntech Power Holdings.