Panda Green

Chinese developer Panda Green says it has negotiated exclusive rights to develop a $1.41 billion project in Xinjiang which will feature PV and photothermal generation, hydrogen production and energy storage.

PV manufacturers unable to live with proposed new quality guidelines and project developers alike are set to be squeezed out by the state in the world’s biggest solar market, according to Frank Haugwitz, who has compiled a market update as preparations for the next five-year plan gather pace.

The accountant is expected to announce the results of its investigation into RMB1,022 million of missing solar project development rights payments early next month.

Beijing Energy, which is among a bevy of public entities holding stakes in the developer, is proposing one of its subsidiaries offer $211 million of leasing options to debt-saddled Panda Green.

State-owned solar company Panda Green will miss Friday’s deadline for publishing its audited figures for last year and new owners Beijing Energy have announced the formation of a committee to investigate the payment of $144 million in deposits to secure development rights for projects which never happened.

Bailed-out solar project company Panda Green revealed it did not set any terms for repayment of RMB1 billion paid to third parties in 2017 as deposits to secure potential project rights.

The debt-saddled developer secured $125 million on a three-year basis from China Construction Bank which will help towards the $271 million it owes investors by the end of July.

The Hong Kong-listed PV developer has recorded a RMB3,598 million ($511.6 million) net loss for the year to the end of December, despite a 7% year-on-year uptick in revenue to RMB2,168 million.

The bailed-out Hong Kong-listed PV developer has warned its remaining independent shareholders of a thumping net loss for 2019 as it prepares to reveal its final results at the end of the month.

Zhang Ping, a 30-year coal-fired power industry veteran, has taken the helm at Hong Kong-listed Panda Green, days after a $230 million bail-out by state-owned Beijing Energy Holding Co Ltd.