Deutsche Bank

Deutsche Bank has revealed that China’s green finance market surpassed CNY 20 trillion ($2.9 billion) in value in the first half of 2022. Haitai Solar has listed shares in Beijing, while Shangji has revealed plans for a new polysilicon project in Inner Mongolia.

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 holders of almost six million shares in the company voted against the reappointment of chairman and CEO Liu Hongwei as a non-executive director. On Liu’s watch the company has had to turn to a state bail-out from China to help ensure its survival.

Deutsche Bank’s attempt to shut down the Chinese solar developer and BIPV maker, due to be heard this morning, has been adjourned for two weeks.

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 German lender has issued a winding up petition over a $6.27 million debt and could scupper the manufacturer’s plans to restructure its defaulted payments and be taken over by a Chinese state-backed entity.

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.