Sunpower enters China joint venture with Xuzhou Shengtonghe Heat

Hong Kong money-changer with yuan symbol signHong Kong money-changer with yuan symbol sign. Photo taken pre-Covid

Sunpower Group’s wholly owned subsidiary Sunpower Clean Energy Investment (Jiangsu) has entered a joint venture with Xuzhou Shengtonghe Heat for supplying heat and electricity to businesses, the Singapore-listed company said Monday.

The joint venture, called Xuzhou Sunpower Clean Energy, is 85 percent-owned by Sunpower Clean Energy Investment (Jiangsu) and 15 percent-owned by Xuzhou Shengtonghe Heat, Sunpower said in a filing to SGX.

The registered capital of the joint venture is US$20 million, the filing said.

The investment will be funded by internal resources and/or the net proceeds from the company’s convertible bonds, Sunpower said.

Sunpower said the joint venture wasn’t expected to have any material impact on earnings per share of the company for the current fiscal year.

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