Following a difficult 2013 that culminated in the company’s acquisition by Shunfeng, Chinese clean energy supplier Wuxi Suntech Power Co., Ltd began 2014 shakily but has now set its sights on a return to the lucrative U.S. solar market following a successful reshuffle.
Suntech’s new ownership is, according to CEO Eric Luo, pursuing a new business strategy aimed at reclaiming its seat at the top table of global, fully integrated solar suppliers. The company intends to fully integrate its manufacturing objectives as well as its ownership of clean energy producing assets, aiming for a one-stop shop delivering services in solar design, engineering, manufacturing, construction, finance, insurance, operation and maintenance, energy storage, solar products, and applications.
To achieve this goal, said Luo, Suntech must once again turn to the U.S. market. "Intersolar North America is the perfect venue to let our U.S. customers know that Suntech is here and we are stronger than ever," said the CEO. Our recent acquisition by Shunfeng has given us the strongest financial footing in the solar industry, with nearly zero debt.
"The U.S. solar market is strong with plenty of room for growth; 74% of all new energy generation in the U.S. in the first quarter of 2014 came from solar energy," continued Luo. "Additionally, the U.S. Environmental Protection Agency’s ambitious Clean Power Plan will affect all methods of financing around solar projects, providing a great opportunity to allow more solar work in the U.S. marketplace."
Suntech will use the platform of Intersolar North America to seek out further expansions of its sales, marketing and services team in the U.S., as well as exploring further acquisitions.
Earlier in 2014 Luo was instrumental in Suntech’s purchase of German inverter company Sunways an announcement that was swiftly followed by the news that the company intends to enter the growing U.K. market in a big way: its partnership with German EPC Greenfield Solar International is targeting the development of 900 MW of PV projects in the country by the end of 2015.