The board of Xinyi Solar has announced it expects to have to install energy storage at its Chinese solar projects from July onwards, as a result of the recently launched five-year plan.
The polysilicon maker lurched from a $17m profit in 2019 to a $960 million loss last year, according to an unaudited extract from its overdue annual figures. Publication is being held up by an auditor enquiry relating to a $71m abandoned-production-project pre-payment which appears to be either owed by, or to, a GCL subsidiary.
The polysilicon maker and solar developer saw its shares suspended from trading this morning after missing the deadline to publish its annual report but has been busy with more planned PV project sales.
The Chinese PV company, which is preparing to move its headquarters to Changzhou city this month, has revealed details of the legal dispute which prompted its auditor to resign a fortnight ago.
The poly maker is making significant investment pledges into new production lines in Sichuan and Inner Mongolia.
The tide of clean energy facilities planned under the city’s next five-year strategy was revealed by Hong Kong-listed polysilicon maker Xinte Energy, which has signed a framework agreement to construct 200,000 tons of manufacturing capacity near Inner Mongolia’s largest city.
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 Chinese solar manufacturer has finally addressed lingering uncertainty about its future with the release of the audited version of its 2019 financial results.
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