Beijing’s sudden retreat on electric vehicle subsidies in the summer has caused the value of lithium to hit the floor, with disastrous effects on the balance sheets of Chinese companies which had invested big in supply chains to support anticipated huge demand.
The heavily indebted solar project developer has revealed the state-backed element of two trailed fire sales of 636 MW of solar and wind project portfolios in China. The divestments will generate up to RMB450 million for the company while recognizing RMB200 million in losses on its investments.
The PV project developer and BIPV manufacturer has seen a glowing set of first-half figures published last year become a nightmare of lost income, debt defaults and frozen bank deposits. All eyes now turn to the business’ high court date on Wednesday.
The German Energy Agency has drawn up a list of proposed measures which it says could help the world’s biggest solar market accelerate its clean energy plans through the adoption of subsidy-free – private – power purchase agreements.
Although the Wiki-solar website ranking only gives a snapshot of PV project engineering, procurement and construction contracts outside China, it is nevertheless a useful indicator of the changing shape of the global solar market.
Fundraising activity for solar leaped in the July-to-September period to provide healthy quarterly and year-so-far comparisons on 2018.
The solar developer today announced it will seek permission from the relevant legal authorities in Bermuda – the low-tax haven where it is registered – and Hong Kong, where it is listed, to hold a meeting to present creditors with a rescue plan they can vote on.