The Swiss equipment supplier already needed to shore up its bottom line and is now taking measures to help combat the spread of an epidemic which has also claimed November’s planned climate summit in Glasgow and an estimated 19% of this year’s demand for energy storage.
A Solargiga subsidiary has handed over $2.5 million to almost double its stake in a 1.2 GW capacity module manufacturing business set up in June by investors which include the local government.
Investors in debt-saddled PV developer GCL New Energy will have to wait at least another month before a vote on a proposed project sale to a Chinese state-owned entity which would bring benefits of $526 million.
As part of the deal, buyer Svea Solar will expand its installation of panels bought at furniture giant Ikea from its homeland to Germany, Belgium and the Netherlands. Offloading the residential business will enable London-based Solarcentury to focus on its global project ambitions.
The Middle Eastern kingdom has ordered the shutdown of solar wheeling facilities which use the grid to connect to energy offtakers. The move has come in response to tumbling electricity demand after the nation halted all non-essential industries as it tries to limit the spread of Covid-19.
The board of bailed-out Singyes Solar has bought back $18.4 million worth of notes issued in Singapore in late December and also hoovered up $240,000 worth which were unclaimed in the fundraising round.
The company has warned shareholders about the potential affect of the virus on its operations in the first half of the year but said Chinese operations had almost returned to normal.
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