SFCE subsidiary Suniva is poised for growth as U.S. lawmakers agree to extend solar and wind tax credits.
HONG KONG, Dec. 21, 2015 /PRNewswire/ -- Following the U.S. congress passes extension on solar investment trade credits (ITC), Shunfeng International Clean Energy Limited ("SFCE" or the "company", HK stock code: 1165) reaffirms their commitment to the U.S. solar market and their subsidiary Suniva Inc. is well positioned as the second largest solar manufacturer in US with the right track of capacity expansion plan that SFCE announced at the time of acquisition in August 2015.
Last Friday, the U.S. lawmakers approved a five-year extension to the solar and wind investment trade credits (ITC) as part of omnibus spending bill, and it is believed the extension of the solar ITC will provide a significant boost to the industry and greatly facilitate the deployment of clean and affordable energy throughout the United States. According to GTM Research, it would result in 25GW of additional solar capacity over the next five years, which representing a 54 percent increase over a no-extension scenario.
"This is a fantastic development for clean energy in the United States," says SFCE CEO, Eric Luo. "This decision follows the truly transformative U.S.-led global agreement on climate and energy at COP21, reaffirming America's dedication to the clean energy revolution. The extension of the tax credits will help solidify the growing U.S. solar industry and establish clean energy as a real and affordable alternative to outdated reliance on fossil fuels. Suniva is a clear example of American leadership in the sector and the need for renewed investment in American manufacturing and products. Suniva's leading products are helping supply the growing appetite for well-made and efficient solar panels, and its capacity expansion to 400MW of Buy American Act (BAA) compliant solar products will further strengthen our competitiveness in the U.S. market."
Shunfeng International Clean Energy Limited (SFCE) is committed to becoming the largest low-carbon, integrated, clean energy generation provider globally. Through strategic acquisitions and integration, SFCE owns a number of well-known product and technology brands in the industry. SFCE fosters a continuous improvement in energy generation including in solar, sea water power and ground source heat pumps, combined with energy management and storage capabilities. SFCE aims to provide clean energy solutions to large scale public facilities and commercial users such as business facilities, office buildings, schools, hospitals sports stadiums and households. SFCE's energy solutions can achieve energy cost reductions of 50% - 70%, creating energy generation choices for its customers to reduce both carbon emissions and energy costs. To learn more about the company, please visit www.sfcegroup.com/en/.
Suniva® is the leading American manufacturer of high-efficiency crystalline silicon photovoltaic (PV) solar cells and high-power solar modules. The company is known for its high-quality products, industry-leading technology, reliability and high power density. Headquartered in metro-Atlanta, Georgia, with manufacturing facilities in Georgia and Michigan, Suniva sells its advanced PV modules globally. For additional information on how Suniva is making solar sensible, visit www.suniva.com.
SOURCE Shunfeng International Clean Energy Limited