The proposed sale of seven solar farms in China will raise more than $80 million for the heavily indebted developer, which this morning confirmed trading in its stock had resumed after a nine-day hiatus.
State-owned China Xinhua Power Development has booked a $53 million discount on seven solar farms as developer Kongsun seeks to pay down debts, and Canadian Solar has landed a 45 MWh energy storage contract in Colombia.
The Chinese polysilicon manufacturer said it only discovered this month that the stock in its solar project division – which it had pledged to secure a $60 million loan which GCL says was never delivered – had been claimed by the lender a year ago, on the grounds the finance agreement had been breached.
Deloitte has walked away from the polysilicon manufacturer, despite the latter having followed the accountant’s recommendation to appoint a third party to investigate why a near-$80 million payment was made in September 2019. Apparently the parties could not agree the detail of the investigation to be carried out.
The polysilicon maker lurched from a $17m profit in 2019 to a $960 million loss last year, according to an unaudited extract from its overdue annual figures. Publication is being held up by an auditor enquiry relating to a $71m abandoned-production-project pre-payment which appears to be either owed by, or to, a GCL subsidiary.
EnerVenue signed its first major distribution agreement with Hong Kong’s Towngas. The deal will pilot the company’s nickel-hydrogen battery technology and serve as an audition for future deals to come.
The poly making parent company says it needs extra time to finalize its 2020 figures so trading in the stock appears likely to remain suspended for the rest of the week. GCL is due to complete the paperwork related to a proposed debt restructure this month.
The polysilicon maker and solar developer saw its shares suspended from trading this morning after missing the deadline to publish its annual report but has been busy with more planned PV project sales.