A new report from Bernreuter Research reveals that Wacker Chemie lost its top spot in the 2020 global polysilicon rankings. It was also the only western company among the “Big Six” that are expected to form a new polysilicon super league in the PV industry. Overall, these six reached a total polysilicon capacity of 470,000 MT last year.
Solar cell manufacturer Jiangsu Luneng Energy is planning to deploy more production capacity for both heterojunction and TOPCon products. Battery company CATL and inverter maker Kstar have completed construction of a 1 GW factory in Xiapu economic development zone, in Fujian.
The poly maker yesterday secured approval from unpaid creditors to restructure the company’s debts and will commit the anticipated $115 million windfall from its shares placement towards its financial commitments.
The holders of $500 million of unpaid senior notes which matured last month have agreed to receive 5% of the money now, plus a share of a $17.8 million fund, with the balance to be paid out in three years’ time.
State-owned power company SPIC is all set to contribute to the figures after announcing it wants to add 15 GW of renewables capacity during 2021 and China Glass, fresh from rebuffing Xinyi Glass’ takeover offer, is on the hunt for more manufacturing facilities.
Creditors refused to postpone payment of the three-year notes for another 36-month term and now face receiving less than 5% of the amount due once a proposed debt restructure is completed, with the balance kept back until January 2024 regardless.
The polysilicon manufacturer yesterday extended the deadline for postponing settlement of the investments until Friday – with the notes set to expire on Saturday.
Shunfeng International is already overdue on debts of $381 million and a deadline for investors holding GCL-Poly senior notes worth $500 million to agree to postpone payment is due to expire today as the company prepares to vote on a $309 million, 430 MW solar project sell-off.
Investors sitting on three-year notes worth $500 million have been asked to postpone settlement for another three years and to sign away their rights to oppose the debt restructure plan which would be needed if the company defaults on the commitment, triggering a cross default.
The 275,000 metric tons of annual polysilicon production facilities pushed out of the industry by the expansion of big Chinese producers is more than double the capacity lost in the last great poly market shake-out, between 2010 and 2013.
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