The twice-postponed $230 million investment which will see Chinese state-owned Beijing Energy acquire a 32% stake in Hong Kong-listed developer Panda Green has finally gone through. The developer now has five months to drum up enough to pay off two more of its other three state-owned backers.
Shareholders planning to vote on whether to sell off 294 MW of Chinese solar capacity to Beijing-owned utility China Huaneng will have to wait a little longer to find out how.
The board of the lithium miner and refiner has revealed how the outbreak has hit its Chinese production after noting ‘unusual’ share price gains this week.
China, Hong Kong and Vietnam are the top three nations exporting batteries to India. Chinese imports were worth $773 million in the last fiscal year with Hong Kong shipping $267 million worth and Vietnam $114 million, according to the Ministry of Commerce.
The debt-saddled PV project developer appears to again be piling up credit lines as it awaits the outcome next week of its latest, $231 million Chinese state-backed bail-out.
The debt-saddled developer now has to hope its latest, $230 million state bail-out goes ahead before summer or it will be left $260 million in hock to its Beijing-owned main shareholder.
The state-owned electric utility is preparing to acquire seven project companies in China, generating $156 million for the developer and removing a further $385 million of liabilities from its books.
The construction group, which indirectly owns 67% of the solar developer will pay the funds to complete the $98m sale of two 50 MW solar farms in China to a third-party soon to also be controlled by Shuifa.
The debt-saddled developer has turned to another of its state-owned backers to dig it out of a hole as it scrambles to raise $242 million in eight days.
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