Wuxi Suntech filed for bankruptcy protection in March, after its parent defaulted on a $541 million convertible bond - one of the biggest defaults by a Chinese company. The deal could increase Shunfeng's solar cell capacity by five times to over 2,000 MW. Analysts warn of financial, regulatory and technical risks. Previous investments in Chinese projects have been hurt by issues like delays in subsidy payments and poor infrastructure. Like their overseas peers, Chinese panel makers may eventually spin off their power plants by listing them or selling them to funds and insurers to take profit and alleviate potential funding strains, analysts say. China's top 10 solar makers have 100 billion yuan in debt, with an asset to debt ratio above 70 percent on average, state media say.