Hongyuan Green Energy (Hysolar) says it plans to take control of Wuxi Suntech Solar Power through a court-led restructuring, transferring core assets to a new entity while isolating old debts.
Hongyuan Green Energy has signed a restructuring investment agreement to acquire control of Wuxi Suntech Solar Power, according to a filing with the Shanghai Stock Exchange. The plan, which was approved by creditors on March 24, still requires formal court approval before it can take effect.
The transaction uses a ‘new entity plus asset transfer’ structure. A new company will be established, called New Suntech, with a registered capital of CNY 1 billion ($144.9 million). Hongyuan Solar Energy (Wuxi) Co. Ltd., a subsidiary of Hongyuan Green Energy, will invest CNY630 million for a 63% stake, while other investors will contribute CNY270 million for 27%. Wuxi Suntech will retain a 10% stake through a contribution of CNY 100 million, which will be used for debt and equity repayment.
Following court approval, New Suntech will also provide CNY 142 million in restructuring funds to Wuxi Suntech, including a CNY 50 million down payment already paid. These funds will be used to acquire key company assets, including the Suntech trademark, patents, selected subsidiaries and solar cell and module manufacturing assets, and to cover bankruptcy-related costs and creditor claims.
The restructuring will isolate the liabilities within the original Wuxi Suntech entity. Historical debts will remain subject to judicial restructuring and will not be transferred to New Suntech or Hongyuan Green Energy.
Wuxi Suntech remains deeply insolvent. As of May 2025, it reported total assets of CNY537 million against liabilities of CNY4.58 billion. Despite this, the company maintains a manufacturing capacity of 5.5 GW for modules and 2 GW for cells, along with an established global brand and cumulative shipments of more than 55 GW.
Hongyuan plans to restart and upgrade these assets, including converting production lines to n-type TOPCon technology and expanding capacity in accordance with market demand. The deal gives Hongyuan access to downstream manufacturing and international sales channels, supporting its strategy to expand beyond its core wafer business.
For Suntech, the restructuring provides new capital and supply chain support, providing a potential path back to market after years of financial difficulties. Founded in 2001, the company was once the world’s largest supplier of solar panels before filing for bankruptcy in 2013 and undergoing a second restructuring process in 2025.
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