Shunfeng Photovoltaic in Talks to Acquire Clean-Energy Assets

Shunfeng Photovoltaic International Ltd. (1165), which is planning a HK$6 billion ($770 million) share sale to build solar plants, said it is in negotiations to buy additional clean-energy assets as the company expands.

Shunfeng is in “advanced” talks to buy geothermal-pump, energy-storage and hydrogen-power technologies in addition to a solar services provider, the Hong Kong-based company said in a filing today.

Shunfeng in April bought Wuxi Suntech Power for 3 billion yuan ($482 million) as part of its bid to become “the world’s largest integrated clean-energy supplier,” Suntech Chief Executive Officer Eric Luo said at the time. Shunfeng’s purchasing non-solar assets may be part of that plan, said Jenny Chase, head of solar analysis for Bloomberg New Energy Finance in Zurich.

“Shunfeng seems to be investing in a broad portfolio, perhaps believing valuations of clean technologies to be low after a few years of poor performance from quoted clean energy stocks,” Chase said in an e-mail today.

Shunfeng is controlled by Hong Kong real estate tycoon Zheng Jianming, who owns a 30 percent stake and has spent or pledged more than half a billion dollars to buy solar assets once worth almost $20 billion.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Robin Saponar, Jim Efstathiou Jr.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.