The Hong Kong listed polysilicon manufacturer is selling off solar assets to fund its thirst for production capacity expansion. The proposed sale would net the company almost $290 million to reduce its debt pile.
Some 168 projects will be developed across 16 provinces free from central government subsidy. The fact the average capacity of such projects has tumbled indicates Beijing’s plan to accelerate the arrival of subsidy free solar may be on track.
The latest stock market update from Hong Kong enables investors with sufficient patience to follow the money merry-go-round at the polysilicon producer.
The Chinese polysilicon producer appears to be navigating a steady path to much bigger output without loading too much debt onto its shoulders – no wonder it feels able to cock a snook at its rivals.
The Chinese solar manufacturer is set to transfer independent shareholders’ stakes into a special purpose vehicle while one of its affiliate businesses seeks a listing on Beijing’s A-share index. Inevitably, though, the process has not been a smooth one.
The European Bank for Reconstruction and Development has acquired a $100 million stake in a Turkish renewable energy company as part of its ongoing efforts to diversify clean energy in the country away from hydro power.
With the deadline set by the Trump administration for avoiding a rise in further penalties on Chinese imports having passed without resolution last night, the Ministry of Commerce in Beijing reportedly warned of countermeasures, a threat which will raise fears among members of the Norwegian firm’s U.S. workforce.
The company has reported declining revenues and increasing losses in its first-quarter update. A plan to reduce polysilicon production will begin in a week’s time and if access to the Chinese market is not restored, a complete shutdown could be in place by the end of June.
Flat Glass wants shareholders to back a $213 million convertible bond issue to provide the cash to raise its PV glass production capacity to 1.65 million tons per year. The company has already ramped up output so fast it is running short of funds.
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