As reported by pv magazine, BDO was not permitted access to the paperwork on 11 solar project companies sold by Shunfeng International in 2020 and, therefore, could not offer an opinion on the financial prospects of the business based on last year’s performance either, given the lack of comparative numbers.
David Riester of Lacuna Sustainable Investments, looks at how, on the journey from concept to monetized power plant, renewables and energy storage projects tend to get tugged toward ‘zero’ margin, from either direction. The further the rubber band is stretched, the stronger the pull back toward zero.
The polysilicon manufacturer, which is bent on slimming down its capital-intensive project development business, has generated another windfall to go towards servicing its onerous debt pile.
The Chinese solar manufacturer today admitted it is in talks with its lenders and strategic investors about a break up of the company after its 2018 annual accounts revealed an apparently unserviceable debt pile. Any strategic investor is likely to constitute a Chinese state-backed bail-out.
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