Suntech Power
Chinese solar photovoltaic manufacturer known for large-scale international growth, building-integrated photovoltaics, and a major 2013 debt default and insolvency.
Last updated October 9, 2026
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Overview
Suntech Power was founded in 2001 by Shi Zhengrong in Wuxi, Jiangsu, who was a photovoltaic engineer trained at the University of New South Wales. The company received early support from the Wuxi municipal government and related investment institutions; before its IPO, state-owned shares were replaced by private and foreign investments. In 2005, Suntech listed on the New York Stock Exchange, becoming one of the internationally renowned Chinese clean technology companies. Its expansion paralleled the rapid growth of global solar demand and the development of large-scale photovoltaic manufacturing bases in China. The company owned or operated production and commercial facilities in China and overseas, including Wuxi, Luoyang, Qinghai, Shanghai, Germany, Japan, and Goodyear, Arizona, USA. The product portfolio centered on crystalline silicon cells and solar modules, and also ventured into building-integrated photovoltaics. Suntech Energy Solutions participated in project deliveries, including a 1.6 MW installation for Google in 2007. Suntech modules were used in several large or notable projects, such as the Beijing National Stadium, Nellis Air Force Base, Masdar City solar farm, Ketura Sun in Israel, Alamosa power plant, and installations related to the 2010 Shanghai World Expo. The company's Wuxi headquarters featured a large solar curtain wall, symbolizing its architectural and technological positioning. Suntech's growth accelerated before the global photovoltaic market entered a period of overcapacity and rapid price declines. The reference materials consider 2008 as the company's peak, and report shipments of approximately 1.49 GW in 2010, with annual production capacity of about 2000 MW by the end of 2011. The company also faced project financing and investment risks. Suntech invested in the Global Solar Fund, which participated in solar projects in Spain and Italy. In 2010, Suntech provided guarantees of approximately 554.2 million euros for financing arrangements for companies associated with the fund, with purported German government bonds as collateral. In July 2012, Suntech disclosed that these bonds did not exist and were suspected to be forged. This disclosure led to a sharp drop in the company's share price and intensified questions about its financial controls and investment relationships. In March 2013, Suntech defaulted on approximately 541 million in convertible bonds. Wuxi Suntech subsequently entered bankruptcy proceedings in China. Suntech's American securities were delisted from the NYSE, and the company later sought Chapter 15 protection in Manhattan to address U.S. creditors. Shunfeng International Clean Energy acquired Suntech in 2014. The provided materials do not confirm whether the Suntech corporate entity, brand, or all former operations still exist in their original form, so the current status remains uncertain.
History
Suntech Power was established in Wuxi, Jiangsu, by Shi Zhengrong, a photovoltaic engineer trained at the University of New South Wales. Shi's background connected the company with Australian photovoltaic research, including researchers Martin Green and Stuart Wenham. The business received early backing from the Wuxi municipal government and associated investment vehicles, before state-held interests were replaced by private and foreign investment ahead of the company's public offering. Suntech's 2005 New York Stock Exchange offering made it one of the best-known Chinese clean-technology companies internationally. Its expansion coincided with rapid growth in global demand for solar power and the development of China's large-scale photovoltaic manufacturing base. The company built or operated production and commercial infrastructure in China and overseas, with reported manufacturing locations including Wuxi, Luoyang, Qinghai, Shanghai, Germany, Japan, and Goodyear, Arizona. It also established or maintained representative offices in major markets such as the United States, Australia, Japan, Germany, Italy, Spain, Switzerland, and Dubai. The company's portfolio centered on crystalline silicon cells and solar modules. It also pursued building-integrated photovoltaics, in which solar-generating elements are incorporated into building façades or other architectural structures. Suntech Energy Solutions participated in project delivery, including a 1.6-megawatt installation for Google completed in 2007. Suntech modules were used in a range of large or visible projects, including the Beijing National Stadium, Nellis Air Force Base, the Masdar City solar farm, Ketura Sun in Israel, the Alamosa power plant, and installations connected with Expo 2010 Shanghai. The company's Wuxi headquarters featured a large solar façade and served as a symbol of its architectural and technology positioning. Suntech's growth accelerated before the global photovoltaic market entered a period of excess capacity and rapid price declines. Reference material identifies 2008 as a peak period for the company and reports approximately 1.49 gigawatts of shipments in 2010 and about 2,000 megawatts of annual production capacity by the end of 2011. It competed against other rapidly expanding Chinese manufacturers as module prices fell and international supply increased. The company also became exposed to project-finance and investment risks. Suntech invested in Global Solar Fund, which was involved in solar power projects in Spain and Italy. In 2010, Suntech guaranteed a financing arrangement of approximately 554.2 million euros for companies connected with the fund, with purported German government bonds offered as collateral. In July 2012, Suntech disclosed that the bonds were not present and were apparently forged. The disclosure led to a major fall in the company's share price and intensified questions about its financial controls and investment relationships.
- 2014
Acquisition by Shunfeng International Clean Energy
[1]Shunfeng International Clean Energy acquires Suntech after the bankruptcy and restructuring process.
- 2013
Convertible-bond default
[1]Suntech announces a default on approximately US$541 million of convertible bonds.
- 2013
Wuxi Suntech files for insolvency
[1]The company's main operating subsidiary enters insolvency proceedings in Jiangsu.
- 2012
Forged collateral disclosure
[1]Suntech reports that the German government bonds pledged in connection with Global Solar Fund financing apparently did not exist.
- 2011
Production capacity reaches approximately 2,000 megawatts
[1]Reference material reports annual production capacity of about 2,000 megawatts by the end of 2011.
- 2011
Wafer contract with MEMC terminated
[1]Suntech announces termination of a long-term wafer contract with MEMC and a payment of approximately US$120 million.
- 2010
Reported module shipments reach 1.49 gigawatts
[1]PVinsights is cited as reporting Suntech's 2010 module shipments at approximately 1.49 gigawatts.
- 2010
Suntech guarantees Global Solar Fund financing
[1]Suntech guarantees a financing arrangement of approximately 554.2 million euros for entities linked to Global Solar Fund.
- 2008
Peak period and industry recognition
[1]Suntech is described as reaching a business high point around this period and receives Frost & Sullivan's Solar Energy Development Company of the Year recognition.
- 2007
Google solar installation completed
[1]Suntech Energy Solutions completes a reported 1.6-megawatt solar installation for Google.
Products and positioning
A globally oriented photovoltaic manufacturer positioned around scalable, cost-competitive solar modules, crystalline PV technology, and customized building-integrated solar applications.
Solar cells
Crystalline silicon solar cells
Suntech's core technology base included crystalline silicon photovoltaic cells used to convert sunlight into electricity and incorporated into its own module products. The company was recognized for developing crystalline PV cells alongside broader efforts to reduce the cost of solar-energy conversion.
Solar photovoltaic modules
Suntech photovoltaic modules
The company's principal commercial products were solar modules assembled from photovoltaic cells for residential, commercial, institutional, and utility-scale systems. Suntech modules were supplied internationally and used in projects ranging from rooftops and architectural installations to large solar power plants.
Building-integrated photovoltaics
Building-integrated photovoltaic systems
Suntech developed customized building-integrated photovoltaic systems that incorporated solar-generating surfaces into façades and other building elements. This work differentiated the company from a purely commodity-module manufacturer and was associated with its large solar façade at its Wuxi headquarters.
Solar project services
Suntech Energy Solutions
Suntech Energy Solutions handled project-oriented solar work in addition to module manufacturing. A cited example is its completion of a 1.6-megawatt installation for Google in 2007. The division supported the company's role as both an equipment supplier and a participant in delivered solar systems.
Solar photovoltaic panel · 2009
Andalay AC Solar PV Panel
Suntech was a major component manufacturer for the Andalay AC Solar PV Panel sold by Akeena Solar. Akeena granted Suntech a subsequent license to distribute Andalay products in Europe, Japan, and Australia. The panel was recognized in 2009 for installation and usability innovations.
Controversies
2012
Global Solar Fund collateral controversy
Suntech disclosed that purported German government bonds used as collateral for a financing arrangement involving companies associated with Global Solar Fund were apparently forged or nonexistent. The disclosure triggered a severe loss in investor confidence and became a central event in the company's financial decline.
Brand decisions
2014
Acquisition by Shunfeng International Clean EnergyM&ABackground
Suntech entered insolvency and restructuring proceedings after its bond default.
Action taken
Shunfeng International Clean Energy acquired Suntech.
Aftermath
Suntech became part of Shunfeng's renewable-energy portfolio, although the supplied material does not establish the complete subsequent structure or operating status of the brand.
2013
Closure of Goodyear, Arizona manufacturing plantStrategyBackground
The United States imposed tariffs on Chinese solar cells, while Suntech's Arizona plant assembled modules using cells produced in China.
Action taken
Suntech announced that it would close its Goodyear, Arizona panel manufacturing facility.
Aftermath
The closure reduced the company's U.S. manufacturing footprint during its broader financial deterioration.
2013
Convertible-bond defaultOtherBackground
Suntech faced industry overcapacity, falling module prices, investment losses, and weakened liquidity.
Action taken
The company announced that it had defaulted on approximately US$541 million of convertible bonds.
Aftermath
The default was followed by insolvency proceedings for Wuxi Suntech, the delisting of the company's American Depositary Receipts from the NYSE, and later restructuring and acquisition by Shunfeng International Clean Energy.
Convertible-bond default. Approximately US$541 million in defaulted bonds (March 2013)
2011
Termination of long-term MEMC wafer contractOtherBackground
The photovoltaic industry was experiencing falling component prices and changing supply economics.
Action taken
Suntech announced that it would terminate a long-term wafer contract with MEMC and pay approximately US$120 million.
Aftermath
The decision reflected the pressure on manufacturers to adjust procurement commitments during the solar-sector downturn.
Contract termination payment. US$120 million payment (2011)
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