The debt-saddled developer secured $125 million on a three-year basis from China Construction Bank which will help towards the $271 million it owes investors by the end of July.
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 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.
The heavily indebted solar project developer has revealed the state-backed element of two trailed fire sales of 636 MW of solar and wind project portfolios in China. The divestments will generate up to RMB450 million for the company while recognizing RMB200 million in losses on its investments.
With a $3bn debt pile, gearing of 73.1% and $127m due for repayment in around three months’ time, the directors of the former United PV Group want shareholders to dilute their investment by issuing shares worth more than 40% of an enlarged company, with a chunk of the proceeds coming from public funds.
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