The heavily indebted solar project developer has revealed the state-backed element of two trailed fire sales of 636 MW of solar and wind project portfolios in China. The divestments will generate up to RMB450 million for the company while recognizing RMB200 million in losses on its investments.
The heavily indebted developer has cashed in two eight-project portfolios for an immediate $28 million windfall but accepted the sales recognize heavy losses as it continues to try and pay down debt.
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