Shunfeng set to offload another 190 MW of solar capacity to pay debts
The proposed sale of seven solar farms in China will raise more than $80 million for the heavily indebted developer, which this morning confirmed trading in its stock had resumed after a nine-day hiatus.
Chinese PV Industry Brief: News of 360 MW project win in Nigeria and TBEA benefits from poly shortage
State-owned China Xinhua Power Development has booked a $53 million discount on seven solar farms as developer Kongsun seeks to pay down debts, and Canadian Solar has landed a 45 MWh energy storage contract in Colombia.
GCL reveals it lost 865 million shares in New Energy business over loan disagreement
The Chinese polysilicon manufacturer said it only discovered this month that the stock in its solar project division – which it had pledged to secure a $60 million loan which GCL says was never delivered – had been claimed by the lender a year ago, on the grounds the finance agreement had been breached.
GCL auditor resigns over silicon project pre-payment probe
Deloitte has walked away from the polysilicon manufacturer, despite the latter having followed the accountant’s recommendation to appoint a third party to investigate why a near-$80 million payment was made in September 2019. Apparently the parties could not agree the detail of the investigation to be carried out.
GCL confirms thumping annual loss for 2020
The polysilicon maker lurched from a $17m profit in 2019 to a $960 million loss last year, according to an unaudited extract from its overdue annual figures. Publication is being held up by an auditor enquiry relating to a $71m abandoned-production-project pre-payment which appears to be either owed by, or to, a GCL subsidiary.
US start-up secures distribution agreement for nickel-hydrogen battery technology
EnerVenue signed its first major distribution agreement with Hong Kong’s Towngas. The deal will pilot the company’s nickel-hydrogen battery technology and serve as an audition for future deals to come.
GCL auditor raises issue with accounts
Trading in the Hong Kong-listed company stock, which was supposed to resume this morning following publication of the overdue 2020 figures, remains suspended.
Further hitch in GCL-Poly annual results
The poly making parent company says it needs extra time to finalize its 2020 figures so trading in the stock appears likely to remain suspended for the rest of the week. GCL is due to complete the paperwork related to a proposed debt restructure this month.
Xinte highlights Chinese polysilicon ‘oligopoly’
The TBEA-owned poly manufacturer has predicted further consolidation as it aims to ramp up output with another 100,000 tons of annual production capacity.
GCL eyeing near-800 MW solar project sell-off to state-owned Three Gorges
The polysilicon maker and solar developer saw its shares suspended from trading this morning after missing the deadline to publish its annual report but has been busy with more planned PV project sales.
