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.
The Hong Kong-listed, Chinese state-owned solar developer is in a race against time to settle a US$350 million bond which is due to mature on January 25. The bail-out, which will be put to the vote on December 30, will leave the company a further US$125 million shy.
It is back to the meeting room for beleaguered shareholders in the debt-saddled solar project developer, ahead of a proposed shares purchase by a Chinese coal and real estate company.
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