More Italian headaches for Suntech

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With the Suntech-GSF saga rumbling on, Friday brought another unwelcome update for Suntech investors with the news of more Italian solar parks being seized by the authorities.

With the Brindisi court having already ordered the seizure of 37 solar parks developed by private companies with funding from the scandal-hit Global Solar Fund (GSF), Friday brought the announcement a further 5.3 MW of GSF-backed parks had been seized by the authorities on September 23 with another 1.9 MW on October 4.

The latest tally revealed by Suntech – which owns 88% of GSF – amounts to 47 confiscated solar parks adding up to 37.8 MW, or 26.9% of GSF-backed generating capacity.

Administrators appointed

Suntech – in a press release to investors on Friday – added the Brindisi court had agreed to appoint administrators to run the 27 sites seized on September 19 and will consider a request from the developers of the sites seized four days later for the same procedure.

The developers of the sites seized ten days ago are still considering whether to request the appointment of administrators, which will permit the parks to keep generating and receive FITs.

The Brindisi court has taken action over alleged permitting, planning and environmental crimes associated with the seized assets as well as the suspected improper collection of FIT payments.

The ongoing problems of the GSF unit are an unwelcome distraction for its Suntech majority shareholder as negotiations over a sale of Suntech‘s insolvent main Chinese manufacturing unit continue.

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