The polysilicon manufacturer yesterday extended the deadline for postponing settlement of the investments until Friday – with the notes set to expire on Saturday.
Shunfeng International is already overdue on debts of $381 million and a deadline for investors holding GCL-Poly senior notes worth $500 million to agree to postpone payment is due to expire today as the company prepares to vote on a $309 million, 430 MW solar project sell-off.
Parent company hopes to raise $535 million from the move with $500 million worth of three-year senior notes owed by its solar project business due to mature on January 30.
At a conference held in Shanghai last week, the three Tier-1 manufacturers explained that the entire Chinese PV industry will continue to adapt to the 182mm wafers over the next months.
China’s largest PV manufacturers claim limits placed on solar glass production two years ago, to prevent over production, are now causing an industry bottleneck.
Solar manufacturers Longi and Tongwei have frozen next month’s prices.
The NEA has revealed more than 1.3 GW of solar capacity was added to Chinese rooftops last month, with more than 500 MW of it in Shandong province. While poly maker Daqo was forced to revise down its latest sales forecast it predicted a quick rebound in the current quarter.
The China Energy Investment Corp is planning to invest RMB22 billion in a facility in the autonomous region. The state-owned mining and energy company has signed a framework agreement with the government of the city of Yijin Holo Banner for the project.
Plus, panel maker Risen began construction of a 15 GW cell and module factory in Yiwu, in the central Zhejiang province of eastern China.
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