Suniva has started expansion of manufacturing capacity in an effor to bring its total capacity to over 400MW in the US.
This expansion is facilitated by the acquisition of a 63.13% share of Suniva by leading global integrated clean energy provider, Shunfeng International Clean Energy ("SFCE", Hong Kong-listed (stock code: 1165)).
"High demand for our products continues to validate that as the U.S. solar market matures, sophisticated buyers are increasingly valuing power density and quality," said John Baumstark, chairman and chief executive officer of Suniva. "This expansion was encouraged by the U.S. market’s interest in high-quality, high-value American-made solar products."
Suniva’s continued growth further strengthens its position as the leading American solar manufacturer. 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 an additional 300 jobs to the U.S. solar manufacturing landscape.
SFCE with technology and manufacturing assets and subsidiaries in the United States, Europe, and Asia, joins a roster of shareholders, including New Enterprise Associates (NEA), Goldman Sachs, Warburg-Pincus, and Prelude Ventures. These shareholders represent one of the most financially-strong ownership teams in the renewable energy industry.
"Developing cost-effective, high-efficiency solar solutions is an essential step in solving the world’s energy challenges," said Mr. Eric Luo, chief executive officer of SFCE. "Suniva manufactures the best of American solar innovation, technology, and quality. We are excited to welcome Suniva into the SFCE family, along with its high quality investor group and management team, and work with Suniva to achieve its full potential in serving the U.S. solar market."