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China Shuifa Singyes Energy Holdings Ltd

Beijing bail-out saved the day for Chinese solar developer

A rebranded Singyes Solar was able to stave off a debt default meltdown last year thanks to a $200 million cash injection from the state but the turnaround appears to have come at a hefty cost in longer-term borrowings and employees.

State-owned China Huaneng still running the rule over which GCL assets to cherry-pick

The Beijing-owned electric utility is still carrying out due diligence of solar project assets in the GCL New Energy portfolio, having walked away from a full state bail-out of the GCL business last month.


Singyes set for name change

Now Chinese state-owned, the developer appears to want to draw a line under a traumatic two-year period which saw its fortunes reversed in dramatic fashion. Effectively now part of China’s Shuifa construction conglomerate, the proposed new name is intended to reflect the fact.

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