CORRECTED - China's Shunfeng PV drops plan to buy geothermal heat pump co

Jul 4, 2014 - China-based Shunfeng Photovoltaic International Ltd (HKG:1165) said today the talks to purchase a majority stake in a Chinese firm developing advanced geothermal heat pump technologies have fallen through.

The two parties had signed a non-binding framework agreement but Shunfeng decided not to continue negotiations, company’s board of directors announced.

As part of Shunfeng’s strategy to become a fully-integrated solar energy enterprise and to also expand to other alternative energy sectors includes three other green deals. The company intends to acquire a solar park operator in Europe and a US developer of power storage technology for lithium-battery. It also plans to grow its stake in a Chinese hydrogen power storage and generation business. These three deals and the now-abandoned buy of the geothermal heat pump specialist were first announced on June 12.

Previous expansion initiatives of Shunfeng included the CNY-3-billion (USD 483m/EUR 351m) purchase of solar panel maker Wuxi Suntech Power Co, which was Chinese solar group Suntech Power Holdings’ (OTCMKTS:STPFQ) main unit in China. Recently it was announced that Shunfeng is also after German solar modules maker Sunways AG's (ETR:SWW) solar inverter and building-integrated photovoltaics (BIPV) operations in China.

(CNY 1 = USD 0.161/EUR 0.119)

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