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sfce 9/17
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Shunfeng signals new strategy as acquisition spree ends
Sep 17, 2015 | Recharge
By Karl-Erik Stromsta
Shunfeng International Clean Energy, the Changzhou-based owner of Suntech, has finished its flurry of acquisitions, and hopes to begin spinning off some of its myriad businesses in early 2017, its chief executive tells Recharge. -
Suntech, with UK Partner Alternergy, Offers New Generation PERC Solar Modules
Sep 17, 2015 | PR Newswire
Suntech, announced today its renewed partnership with Alternergy, Ltd., Suntech's green energy supplier and long-term UK partner. -
to-the-point: Suntech to offer new PERC module in UK via Alternergy
Sep 17, 2015 | SeeNews Renewables
By Ivan Shumkov
Chinese solar products maker Wuxi Suntech said today it will be supplying its new HyPro series of PERC (Passivated Emitter Rear Cell) solar modules to the UK residential market through long-term partner Alternergy Ltd. -
Small, Early Investors in Suniva Washed Out in Shunfeng Acquisition
Sep 17, 2015 | Greentech Media
By Eric Wesoff
Last month we reported that Shunfeng International Clean Energy, the new owner of 2012's largest solar company, Suntech, had acquired a 63 percent stake in high-efficiency solar cell and module firm Suniva. -
Suniva to ramp up cell capacity in 2016, supports monocrystalline trend
Sep 17, 2015 | PV Magazine
By Becky Beetz
Following China-based Shunfeng’s injection of US$57 million into the high efficiency crystalline silicon U.S. cell and module manufacturer, Suniva said it would increase its manufacturing capacity to 400 MW. -
Solar Shines in Florida with Suniva
Sep 16, 2015 | PVSolarReport
In the midst of Florida’s solar struggles, Fernandina Beach has found a way to harness the sun. The city has contracted with Suniva to power the wastewater treatment plant with solar. -
Suniva Celebrates Eight Years as America’s Leading Solar Manufacturer
Sep 16, 2015 | BusinessWire
Suniva, Inc., a metro-Atlanta based manufacturer of high-efficiency crystalline silicon solar cells and modules, celebrated its eight year anniversary as America’s leading U.S.-born, U.S.-operated solar manufacturer on September 2nd. Last week Suniva announced the expansion of its manufacturing capacity at its Georgia headquarters to 400MW. This expansion came just one year after the opening of its second U.S.-based facility in Saginaw Township, Michigan. -
Suniva’s Ground-Mounted Solar Technology Powers Another Wastewater Facility
Sep 16, 2015 | Solar Industry
Manufacturer Suniva has made the use of ground-mounted solar technology to power wastewater-treatment facilities something of a cottage industry. In fact, add Fernandina Beach, Fla., as the latest municipality to use its technology. -
Calzadilla de los Barros PV plant to generate 1,800 during construction
Sep 17, 2015 | La Cronica Badajoz (Spanish)
By J. Ignacio Martinez
The city of Calzadilla de los Barros will employ 1,800 workers for the construction of the PV plant in the city, managed by SAG Solarstrom and SFCE. 150 workers will be employed to operate the 400MW plant once construction has been completed.
SFCE News
Press Release - Suntech, with UK Partner Alternergy, Offers New Generation PERC Solar Modules
Suntech News
Suniva News
SAG Solarstrom News
Full Text of Stories Below
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Shunfeng signals new strategy as acquisition spree ends
Sep 17, 2015 | Recharge
By Karl-Erik Stromsta
Shunfeng International Clean Energy, the Changzhou-based owner of Suntech, has finished its flurry of acquisitions, and hopes to begin spinning off some of its myriad businesses in early 2017, its chief executive tells Recharge.
The IPOs will come as part of a strategic shift that will see Shunfeng largely abandoning its current model focused on manufacturing solar panels and feeding them into its own large PV projects in China.
Instead, the company will adopt a two-pronged approach, offering EPC and O&M services to other owners of large renewables assets, while also providing clean-energy services to clients like schools and hospitals – profiting as they reduce their power bills and carbon emissions.
Shunfeng will also continue manufacturing solar cells and panels, though largely for sale to external customers.
Shunfeng's changing strategy comes amid a steep decline in its share price. The company's market valuation has fallen 66% this year to HK$7.1bn ($920m), and its share price recently dipped below HK$2 – its lowest level since its acquisition of Suntech.
Shunfeng – backed by Chinese billionaire Zheng Jianming – has over the past few years engaged in one of the biggest shopping sprees in the history of the renewables industry, acquiring a sprawling portfolio of businesses and technologies, often with seemingly little rhyme or reason to outside observers.
While its most high-profile acquisition remains Wuxi Suntech, the company has also invested in or partnered with suppliers of batteries, ground-source heat pumps, electric vehicles, light-emitting diodes, and other technologies.
But the company is finished making acquisitions, says chief executive Eric Luo.
"Our priority is to solidify our business model," Luo said in an interview on the sidelines of the Solar Power International conference.
Shunfeng's strategic pivot – moving to an "asset-light" model – will strike many in the solar industry as abrupt. The company raised eyebrows early last year when it set a goal of installing 10GW of PV capacity in China by the end of 2016.
But those ambitions have changed significantly.
As of mid-2015, Shunfeng had about 2.3GW of operating PV capacity in China, with another 1.9GW under construction.
It's "maybe not true" that Shunfeng will own 10GW of operating capacity by the end of next year, Luo says, but it hopes to get there "in aggregate" – or taking into account all of its capacity in development, under construction and in operation.
In July, Shunfeng unexpectedly scrapped a deal to buy its first-ever wind projects in China "because of some issues we found during due diligence", Luo says.
Owning and operating big renewables projects – an "extremely capital-intensive business" – has become less of a priority for Shunfeng, Luo says. Some solar assets the company currently owns will likely be sold soon.
The company's focus will instead shift to two other central business models, Luo says.
First, Shunfeng will offer EPC and O&M services to other renewables owners, allowing it to maximize the value of acquisitions like Meteocontrol, a highly successful asset-monitoring company within Germany's S.A.G. Solarstrom, which Shunfeng acquired last year.
Second, it will rapidly swell its portfolio of energy-management contracts (EMCs), wherein Shunfeng will design holistic ways for building owners to cut their electricity costs and carbon emissions, and then build and manage those systems for them.
Luo highlights one recent example – the Hongqiao International School in Shanghai – where Shunfeng married its rooftop PV, ground-source heat pump, energy-management, and LED lighting offerings, cutting the building's energy bill and carbon emissions by two-thirds.
Shunfeng will look to sign 20-25 year EMCs with building owners and even cities, taking a cut based on their overall energy and carbon savings. Luo cites China's pressing need to reduce its greenhouse gas emissions as a major opportunity for the company.
While such contracts could harness the many companies Shunfeng has acquired, they represent a nascent business for the company – which is profitable today – and a largely unproven business model.
One business Shunfeng does not intend to give up is PV manufacturing. Last month it spent nearly $60m acquiring a majority stake in US-based PV manufacturer Suniva, in what may prove one of its last acquisitions.
As Shunfeng has suggested previously, the company intends to eventually spin off some of its recently acquired businesses, with Luo pointing to early 2017 as a likely target date.
New York or mainland China would be the location for the IPOs, he says, contrasting with Shunfeng's own Hong Kong listing.
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Suntech, with UK Partner Alternergy, Offers New Generation PERC Solar Modules
Sep 17, 2015 | PR Newswire
Suntech, announced today its renewed partnership with Alternergy, Ltd., Suntech's green energy supplier and long-term UK partner.
Following a series of new PV module upgrades and introductions to the market this year, Suntech, via Alternergy, will be supplying its latest model, HyPro series, a new generation PERC solar module, to the UK solar market.
"Despite all the recent negative announcements made by the DECC, we still consider the UK as a primary market for solar PV development," says Victor Xiong, president of Suntech. "We are excited about the recent, large investment that was made in our new PERC Technology. This particular module, with its output of 285W, will cater mainly the UK residential market."
Together, Alternergy and Suntech are able to pursue a common mission. By providing affordable, solar energy solutions that meet the customers' every need, while offering reliable access to nature's cleanest and most abundant energy source, the sun.
Alternergy and Suntech are collaborating to strengthen the PV market. The PERC technology is part of Suntech's new product offering of PV panels that are both cost effective and energy efficient. The HyPro module sustains a higher power output in weak lighting conditions. The module reaches an average mass production cell efficiency of up to 20.5%, compared to the conventional module which reaches an average production cell efficiency of 19%.
"We have been Suntech's proud partner in the UK for years. Our long-standing partnership is rooted in the provision of high efficiency solar products and the continual module enhancements made by Suntech's stellar R&D team. We look forward to adding the new PERC module to our portfolio which will help us meet the solar needs of the UK market," said Rajiv Bhatia, founder and director of Alternergy.
At peak performance, the PERC HyPro 60 cell module can produce an optimal 290W, whereas the HyPro 72 cell module can produce up to a high 345W. The panel is a four-busbar design, affording the HyPro model a lower probability of micro-cracks and hotspots, while simultaneously offering a lower susceptibility to malfunctions that lead to significant power degradation.
The HyPro model caters to markets such as the UK and Japan that require high efficiency and durability under dynamic solar conditions. The optimal efficiency levels of the panel, which are meant to serve low-lighting markets, will support Alternergy's efforts to better service the UK market. Parallel to Alternergy's high standards in customer care, Suntech holds the same standard of providing excellent customer service by offering the PID free HyPro modules with a 10-year product warranty.
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to-the-point: Suntech to offer new PERC module in UK via Alternergy
Sep 17, 2015 | SeeNews Renewables
By Ivan Shumkov
Chinese solar products maker Wuxi Suntech said today it will be supplying its new HyPro series of PERC (Passivated Emitter Rear Cell) solar modules to the UK residential market through long-term partner Alternergy Ltd.
Suntech says that the HyPro module sustains a higher power output in weak lighting conditions and reaches an average mass production cell efficiency of up to 20.5%. At peak performance, the PERC HyPro 60-cell module can generate up to 290 W, whereas the HyPro 72-cell unit can produce up to 345 W.
The company, a unit of China-based Shunfeng International Clean Energy Ltd, said that the HyPro model is designed for markets such as the UK and Japan.
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Small, Early Investors in Suniva Washed Out in Shunfeng Acquisition
Sep 17, 2015 | Greentech Media
By Eric Wesoff
Last month we reported that Shunfeng International Clean Energy, the new owner of 2012's largest solar company, Suntech, had acquired a 63 percent stake in high-efficiency solar cell and module firm Suniva.
Shunfeng joined Suniva's venture investors NEA, Goldman Sachs, Warburg Pincus, and Prelude Ventures. A document obtained by GTM illustrates the high stakes and risks involved in VC investing. This case is complicated by the presence of Advanced Equities, a now-closed and then-disreputble investment house, which acted to aggregate the small investments (less than $1 million) of high-net-worth individuals to fill out VC rounds.
Here are excerpts from a letter sent by the manager of the LLC representing Advanced Equities to an investor in Suniva's B round.
Dear Advanced Equities Suniva Investments I, LLC Members:
On August 12, 2015, Suniva announced it agreed to a merger with Shunfeng International Clean Energy Limited, a Hong Kong Stock Exchange company. In connection with the merger, the Company will also receive equity financing funded through the issuance of a Simple Agreement for Future Equity (“SAFE”). The Board of Directors (including the independent directors) of Suniva unanimously approved the merger after considering various strategic and financing alternatives and believe the merger transaction is in the best interest of the stockholders of Suniva.
As the Managing Member of the Investor we elected to vote for the Merger, but after reviewing the fundraising documentation chose not to have the Investor participate in the additional equity financing. As an alternative, the Company has agreed to accept direct investments from individual Members if they are prepared to act quickly and fund by the Closing. If you are interested in directly investing in the SAFE, please reply back to sdif@spruceinvest.com by close of business tomorrow and we will put you in contact with the Company directly.
The Merger is structured as a stock-for-stock merger. The merger consideration will consist solely of shares of Shunfeng Common Stock, and shares of the Surviving Company’s Class A Common Stock. While the initial ratio of Shunfeng shares to Surviving Company shares was 60/40, fluctuations in the price of publicly traded Shunfeng stock will affect the final ratio; nevertheless, all stockholders receiving merger consideration will receive the same ratio of Shunfeng shares to Surviving Company shares. All outstanding shares of preferred stock and common stock of the Company will be canceled in exchange for the right to receive the amount of Merger Consideration to which each stockholder is entitled.
These liquidation preferences provide for distribution of proceeds to be made in the following order (presented by class based upon the expected number of shares of each class at Closing):$42 million to the Series F Preferred Stock$21.3 million to the Series E (pari passu with the Series D)$127.3 million to the Series D (pari passu with the Series E)$74.5 million to the Series C Preferred Stock$37.3 Million to the Series B Preferred Stock; and$5.6 to the Series A Preferred Stock.
Given the deal valuation and the current price of Shunfeng stock, it is anticipated that only holders of Series F Preferred Shares will receive their full liquidation preference and that only Series E Preferred Shares and Series D Preferred Shares will receive a portion of their liquidation preference. No other classes would receive Merger Consideration, and those Company Stockholders that receive a portion of the Merger Consideration will not participate equally in the distribution of the Merger Consideration but only in accordance with the liquidation distribution provisions of the Company's Certificate of Incorporation.
In connection with the Merger, the Surviving Company is to receive equity contributions totaling $20 million. Shunfeng, through a subsidiary, is to contribute $12 million of the $20 million total equity contribution at Closing in exchange for shares of Surviving Company Common Stock. The Company is required to secure commitments for the remaining $8 million ("SAFE Contribution"). The Company is funding its requirement through the issue of SAFEs, executed by certain investors ("SAFE Investors"). So far, certain investors have funded approximately $5 million of the required $8 million.
As part of the SAFE investment, each investor in the SAFE will receive one share of the Company's Series F Preferred Stock at a purchase price of $5,416.03 per share. The SAFE Contribution is to be applied to the Surviving Company immediately following Closing, and the Surviving Company is to issue to SAFE Investors shares of Class A Common Stock in the Surviving Company, to be divided among the SAFE investors on a pro rata basis.
Sincerely,
Spruce Direct Investment Fund I, LP
Although the recipient of this letter was alarmed to learn that early investment rounds were lost in this transaction, VC sources suggest that "it’s pretty typical that new rounds get senior preference over previous rounds."
Suniva lost $15 million in 2014, less than the $44 million it lost in 2013, according to this document.
GTM Research solar analyst Jade Jones notes that Suniva is the No. 2 U.S. c-Si manufacturer in terms of total capacity. Suniva claims that it "employs the highest percentage of American workers among all other major solar module manufacturers." The expansion is supposed to create 300 jobs.
U.S. module manufacturing capacity is now on track to surpass 3.5 gigawatts by 2018, up from 1.6 gigawatts today. Cell manufacturing capacity could increase to 2 gigawatts, up from 0.7 gigawatts, over the same period, according to GTM Research's PV Pulse.
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Suniva to ramp up cell capacity in 2016, supports monocrystalline trend
Sep 17, 2015 | PV Magazine
By Becky Beetz
Following China-based Shunfeng’s injection of US$57 million into the high efficiency crystalline silicon U.S. cell and module manufacturer, Suniva said it would increase its manufacturing capacity to 400 MW.
Responding to questions from pv magazine, Matt Card, VP, global sales & marketing said the company plans to expand its solar cell manufacturing from around 150 MW to just over 400 MW at its Georgia facility. "Architectural / engineering is already underway, with construction expected to commence this fall," he said. Up to 500 full time jobs are expected to be created, including management, manufacturing, engineering and administration.
In Michigan, meanwhile, Suniva is currently ramping up to the full 200 MW solar PV module capacity. "Expanded capacity for the Saginaw facility is currently being evaluated," continued Card.
He would not comment on whether or not Suniva will eventually ramp up to 1 GW, as Shunfeng CEO Eric Luo was quoted as saying by Bloomberg. "We are not prepared to address expansion beyond this current phase already made public," he said, adding, "That said, both Suniva and Shunfeng management are in agreement with regards to scaling Suniva’s U.S. manufacturing capacity to be a significant platform of support for the U.S. solar market.
"As the U.S. market continues to mature, sophisticated buyers are increasingly valuing power density and quality. Increasing demand for our technology continues to outpace supply. We will work aggressively to continue to grow capacity to serve all those customers that are asking to buy our products."
In addition to the U.S., Card said the North, Central and South American markets are of interest to Suniva, as is Japan. "We continue to primarily focus on Commercial, Residential, Micro-Utility, and Government markets, and enjoy great success in those spaces," he added.
Increasingly, companies are indicating that demand monocrystalline silicon solar products is increasing, and that their role is growing in importance. Recently, China’s Longi Silicon said that despite the fact monocrystalline silicon currently holds less than 20% market share in China, it is aiming to significantly expand its monocrystalline silicon capacity, believing that in five years, there will be no market for multicrystalline silicon due to cost performance. Comtec, also based in China, echoed these sentiments.
Responding to whether Suniva agreed with this prognosis, Card commented, "The market for monocrystalline, power-dense, modules is very strong, and growing stronger. We believe that power density will continue to grow in importance, especially as distributed generation and micro-utility/utility solutions in urban/near-urban areas continue to grow.
"As high-quality/ease-of-construction land becomes more developed, and therefore less available and more expensive, power density becomes the driving consideration. Monocrystalline continues to prove that it is easily the best solution for power-dense technology."
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Solar Shines in Florida with Suniva
Sep 16, 2015 | PVSolarReport
In the midst of Florida’s solar struggles, Fernandina Beach has found a way to harness the sun. The city has contracted with Suniva to power the wastewater treatment plant with solar.
Suniva installed a small beta system at the plant in 2010. Fernandina Beach saw the light, and now the city is going full-scale. Suniva will be installing a ground-mounted array at the treatment center.
“These high-powered Suniva panels are an excellent asset to our solar generation facilities at our wastewater treatment plant,” said John Mandrick, utilities director for The City of Fernandina Beach. “The City of Fernandina Beach Utilities Department is committed to practicing good environmental stewardship and continually looks for ways to reduce their carbon foot print.”
Suniva has been involved in powering wastewater treatment facilities before. In Florida, Suniva provided the panels for the Coleman facility. Suniva also powers the 5 MW array at the Washington Suburban Sanitary Commission (WSSC) wastewater treatment center in Maryland and the 1.9MW array at the water reclamation facility in Cary, North Carolina.
“Suniva’s reputation for powering water reclamation centers is growing nationwide,” said Matt Card, vice president, global sales and marketing of Suniva. “We’ve seen incredible interest in this space and we’re proud that as the country’s largest US-born, US-operated module manufacturer, we are generating clean power in The Sunshine State.”
Suniva has been involved in Florida solar projects before. Earlier this summer, the company was involved in the largest commercial rooftop solar installation in the state, at Great Bay Distributors.
As Suniva’s installations grow, it is expanding its manufacturing capabilities in the U.S. This summer, the company expanded its operations in Georgia, adding 400 MW of manufacturing capacity and 5,000 jobs.
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Suniva Celebrates Eight Years as America’s Leading Solar Manufacturer
Sep 16, 2015 | BusinessWire
Suniva, Inc., a metro-Atlanta based manufacturer of high-efficiency crystalline silicon solar cells and modules, celebrated its eight year anniversary as America’s leading U.S.-born, U.S.-operated solar manufacturer on September 2nd. Last week Suniva announced the expansion of its manufacturing capacity at its Georgia headquarters to 400MW. This expansion came just one year after the opening of its second U.S.-based facility in Saginaw Township, Michigan.
Since Suniva’s inception in 2007, the company has seen a steady increase in both technology advancements and manufacturing capacity. The expansion in Georgia will increase the production of its high-powered Optimus modules, with power ratings up to 290W (60-cell format) and 340W (72-cell format).
“Suniva’s primary focus is to offer the highest quality solar products at maximum value, while achieving the highest power possible,” said Matt Card, vice president, global sales and marketing of Suniva. “The maturing U.S. market continues to validate the value of our high-density solar modules. We are very pleased that we can continue to give back to the US solar marketplace and the domestic economy, through the continued creation of U.S. jobs. We are proud of our eight years of growth in Georgia and now, Michigan.”
As a U.S.-born, U.S.-operated company, Suniva prides itself on its role of American job creation. Suniva employs the highest percentage of American workers among all other major solar module manufacturers. The new expansion will bring up to an additional 500 jobs to Georgia including management, administrative, supervisory and production positions.
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Suniva’s Ground-Mounted Solar Technology Powers Another Wastewater Facility
Sep 16, 2015 | Solar Industry
Manufacturer Suniva has made the use of ground-mounted solar technology to power wastewater-treatment facilities something of a cottage industry. In fact, add Fernandina Beach, Fla., as the latest municipality to use its technology.
According to Suniva, the municipality installed a small beta system on its wastewater treatment center in 2010. After realizing the benefits of the system, Fernandina Beach decided on a larger Suniva ground-mounted array to further reduce its electricity costs and safeguard a long-term, stable power source.
The concept of using clean energy to power wastewater facilities has gained a lot of interest, notes Suniva. The company recently installed the Sunshine State's first-of-its-kind solar-powered water treatment plant in Coleman, Florida.
In addition to the two wastewater treatment centers in Florida, Suniva powers the 5 MW array at the Washington Suburban Sanitary Commission wastewater treatment center in Maryland and the 1.9 MW array at the water reclamation facility in Cary, N.C. -
Calzadilla de los Barros PV plant to generate 1,800 during construction
Sep 17, 2015 | La Cronica Badajoz (Spanish)
By J. Ignacio Martinez
The city of Calzadilla de los Barros will employ 1,800 workers for the construction of the PV plant in the city, managed by SAG Solarstrom and SFCE. 150 workers will be employed to operate the 400MW plant once construction has been completed.
The full text in Spanish can be found here: http://www.lacronicabadajoz.com/noticias/provincia_de_badajoz/planta-fotovoltaica-generara-1-800-empleos-construccion_198173.html
Additional Coverage: http://www.elperiodicoextremadura.com/noticias/provinciabadajoz/planta-fotovoltaica-calzadilla-barros-generara-1-800-empleos-construccion_891664.html
SFCE News
Press Release - Suntech, with UK Partner Alternergy, Offers New Generation PERC Solar Modules
Suntech News
Suniva News
SAG Solarstrom News
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