China's troubled Suntech Power Holdings reported on Monday that an Italian court had ordered the seizure of additional solar farms constructed by investees of the Suntech-controlled Global Solar Fund (GSF).
In total, Italian authorities have seized a total of 37 GSF solar parks with a total capacity of some 30 MW, representing approximately 21% of the combined power capacity of solar parks held by GSF. Suntech owns 88% of the fund.
The Court of Brindisi also ordered the seizure of feed-in-tariffs received by GFE investee companies that own the seized solar parks.
Suntech, which confirmed that several people had been served pre-trial detention orders, said GSF is currently in the process of reviewing the ruling to determine the next appropriate steps. The company added that it was working with GSF to maintain operations while operating in a manner compliant with the court's ruling.
Italian authorities filed criminal charges against GSF last year claiming the company illegally built solar farms in the country in order to take advantage of available subsidies. In March, Suntech said it had reached a settlement regarding the fraud dispute, taking over ownership of the fund in the process.
Suntech's main unit filed for bankruptcy protection in China in March.
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