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Polysilicon maker predicts 5-year shortage of solar raw material

TBEA-owned Xinte Energy says it cannot produce polysilicon quickly enough to meet demand and wants shareholders to back its bid to quadruple its manufacturing capacity by mid 2024.


Shunfeng set to sell off another 130MW of solar farms

The developer is aiming to resume trading in its stock tomorrow ahead of a shareholder vote this month which could remove more than half of the $220 million it owes creditors in overdue payments.


Chinese solar developer suspends trading in stock

Heavily-indebted Shunfeng International could be set for another big sell off of solar assets as it tries to pay down a near-$300 million overdue debt pile.


Analyst revises up zero-emission vehicle forecast after bumper year

A report published by BloombergNEF for the COP26 climate change summit has listed global commitments by cities, states, provinces and nations to end the sale of new fossil-fueled vehicles but, with 2035 estimated as the cut-off date for zero-emission roads by mid century, policymakers need to be more ambitious.

GCL has no record of performing due diligence on lender which walked away with $120m of its stock

An investigation into internal controls at the polysilicon maker found the company permitted deals to be signed off solely on paper in certain circumstances and also unearthed no evidence anyone had done their homework before handing over 865 million shares to secure a loan which, GCL says, never materialized in full.

Shunfeng set to offload another 190 MW of solar capacity to pay debts

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.

Chinese PV Industry Brief: News of 360 MW project win in Nigeria and TBEA benefits from poly shortage

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.


GCL reveals it lost 865 million shares in New Energy business over loan disagreement

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.

GCL auditor resigns over silicon project pre-payment probe

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.

GCL confirms thumping annual loss for 2020

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.


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