Shunfeng returns to profit, increases cell shipments by 79.7%

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Shunfeng International Clean Energy Limited has informed its shareholders that it expects to record a profit for the year 2014 based on a preliminary assessment of its financials.

The Chinese company revealed a significant increase in shipment volumes for its solar cells in 2014, rising 79.7% year-on-year to reach a total volume of 863.4 MW. This performance is in stark contrast to 2013, when just 480.5 MW of cells were shipped by the company.

Playing a key role in this recovery was Wuxi Suntech Power Co., the solar company acquired by Shunfeng last year, which contributed shipments of 663.7 MW for the year. In 2013, struggling Suntech shipped a mere 22 MW of solar cells. Hence, the post-acquisition company increased its shipment volumes by 2,916.8%, Shunfeng said.

Solar’s contribution to Shunfeng’s power generation business was also vast, with aggregrate solar-powered volumes reaching 606,690 MWh throughout 2014. Shunfeng’s improved year-on-year performance still came in below previous guidance figures, however, which had earmarked between 1.3 GW and 1.5 GW shipments for the year.

Shunfeng’s press statement added that this data is only a preliminary assessment by the board and is based on unaudited consolidated management accounts. A full, audited annual review will be published before the end of March, the company confirmed.