Shunfeng Photovoltaic in Talks to Acquire Clean-Energy AssetsJustin Doom
Shunfeng Photovoltaic International Ltd., 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.