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.
The debt-saddled developer has announced it is now almost 63% owned by Chinese state entities and is seeking to refinance its debt pile with new long-term arrangements, take on fresh debt and issue more shares.
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