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 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 construction group, which indirectly owns 67% of the solar developer will pay the funds to complete the $98m sale of two 50 MW solar farms in China to a third-party soon to also be controlled by Shuifa.
The solar developer today announced it will seek permission from the relevant legal authorities in Bermuda – the low-tax haven where it is registered – and Hong Kong, where it is listed, to hold a meeting to present creditors with a rescue plan they can vote on.
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