Shunfeng set to pay $57.8m for stake in Suniva

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

Shunfeng intends to integrate Suniva's high-efficiency products into its own and expand into the US market, the Changzhou, Jiangsu province-based company said on Thursday in a statement.

The company, which will own 64 percent of Suniva, has been expanding production capacity as it seeks to become the world's biggest renewable energy provider, including the portfolio of companies owned by its parent, Asia Pacific Resources Development Investment Ltd.