Suntech takes over GSF fund ownership

Share

At the end of last July, Suntech announced it had launched an investigation into the possibility that a security interest it received in May 2010 in connection to its GSF investment totaling €560 million, was fraudulent.

In mid-August, the company obtained a court order to freeze both GSF Capital’s and Javier Romero’s – the former manager of the general partner of the fund – global assets, and remove Romero from his managerial role in the Global Solar Fund, S.C.A., Sicar.

In a statement released today, Suntech said the court orders would be discharged and that GSF Capital would dispose of its entire ownership of the fund. "Suntech’s equity interest in the Fund will increase from 79.3% to 88.15% and the equity interest owned by Best (Regent) Asia Group Ltd., a company ultimately held by Dr Zhengrong Shi, will increase from 10.7% to 11.85%," said the company in a statement released.

CEO, David Kind added, "We are very pleased to have reached this settlement. The new ownership structure will ensure that Suntech has full control of the Global Solar Fund and can manage and operate the Fund’s portfolio of solar plants to maximise the value for our stakeholders."

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.