Solar Billionaire-Backed Shunfeng Buys Majority Share of Suniva

Shunfeng International Clean Energy Ltd., the Hong Kong-based solar company controlled by billionaire Zheng Jianming, agreed to acquire a majority share of U.S. solar manufacturer Suniva for $57.8 million.

Shunfeng intends to integrate Suniva’s high-efficiency products into its own and expand into the U.S. market, the Changzhou, China-based company said Thursday in a statement announcing the deal.