Herbert Smith Freehills has advised Shunfeng Photovoltaic International Limited on the acquisition of 100% interests in Wuxi Suntech Power Co. Ltd. from its administrator for RMB3 billion (US$482 million).
The Herbert Smith Freehills team was led by Hong Kong partner Jason Sung, who was supported by associates Ruth Lau, Eugene Lau and Jessica Leung in Hong Kong. Partners Veronica O’Shea (Singapore), Graeme Preston (Tokyo), Lewis McDonlad (Seoul) and Tony Damian (Sydney), who were assisted by Kwok Hon Yee (Singapore), Ashley Carlstein (Sydney), Steven Harwood (Tokyo) and Dana Kim (Seoul), provided support on the transaction.
Shunfeng is one of the largest independent private solar products providers of solar energy in China. It focuses on the research and development, manufacturing and sales of wafers, solar cells and solar modules. The company also develops and finances solar power station projects in China.
Herbert Smith Freehills also acted as advisor to Shunfeng on its issue of convertible bonds which raised HK$3.58 billion most recently used to fund the acquisition of Wuxi Suntech.
Before Wuxi Suntech went into administration, it was an operating subsidiary of New York Stock Exchange-listed Suntech Power. The Wuxi Intermediate People’s Court approved the restructuring plan in relation to Wuxi Suntech in November last year and the shareholders of Shunfeng approved the acquisition on 7 April 2014.
