The margin of support for the proposed $198 million takeover by a Beijing entity came as no surprise and the deal now hinges on the holders of $430 million of defaulted debts supporting a delayed settlement of their claims. First up, though, is a date with a winding-up petition on Monday.
The latest date for hearing the petition will fall just four days after shareholders vote on a proposed Chinese state-backed HK$1.55 billion bail-out of the business.
The heavily-indebted Chinese BIPV manufacturer has warned the petition issued by the German lender to recover a disputed $6.27 million debt could threaten the survival of the business as it would halt a planned bail-out by Beijing.
The collapse in business for the solar EPC provider after last year’s 5/31 policy announcement by Beijing has left the company’s future depending on the progress of a Chinese state bail-out. Provided that is, the business does not end up being wound up by Deutsche Bank first.
The subsidy free mega project is entering the next stage of its development. Funding is expected to be finalized in 4Q 2018 and commissioning in 2020. The project, funded by the European Fund for Strategic Investments (EFSI) will retail its electricity on the spot market, but will be secured through a financial hedge.
After securing a financial hedge for its Talasol solar plant in January, Israeli solar company Ellomay has now entered agreement with Deutsche Bank for the structuring of non-recourse senior debt financing for the project.
Chilean company Cerro Dominador have announced the signing of a $758 million deal to finance the first combined concentrated solar power-PV project in Latin America – a 210 MW scheme in the Atacama desert
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