Chongqing International

The developer is aiming to resume trading in its stock tomorrow ahead of a shareholder vote this month which could remove more than half of the $220 million it owes creditors in overdue payments.

Heavily-indebted Shunfeng International could be set for another big sell off of solar assets as it tries to pay down a near-$300 million overdue debt pile.

The company is planning another sell-off of solar projects, with two solar farms with a total generation capacity of 93 MW earmarked for divestment to state-owned China National Nuclear Power – provided the sites can come up with their rent arrears.

The solar farm owner is having to juggle creditors as it tries to drum up further interest in its assets despite a ‘lack of marketability.’

The proposed sale of seven solar farms in China will raise more than $80 million for the heavily indebted developer, which this morning confirmed trading in its stock had resumed after a nine-day hiatus.

Shunfeng International wants shareholders to wave through the sale of a business unit which offered a rare positive update in its last set of annual accounts. The parent wants to accept an offer for the operation from a company controlled by one of the directors of the seller.

The solar developer is preparing to sell off its most profitable operation and is reliant on the goodwill of creditors as it plans to divest more of its Chinese solar projects.