Shunfeng

As reported by pv magazine, BDO was not permitted access to the paperwork on 11 solar project companies sold by Shunfeng International in 2020 and, therefore, could not offer an opinion on the financial prospects of the business based on last year’s performance either, given the lack of comparative numbers.

Covid-19 has left Shunfeng International’s accountants unable to publish its official 2021 numbers on time, but its estimated figures announced a net current liability of almost $155 million and a “capital deficiency” of near $140 million.

Polysilicon maker Xinte is forging ahead with a huge expansion strategy just as solar developers at the opposite end of the industry continue to bleed cash.

The developer is aiming to resume trading in its stock tomorrow ahead of a shareholder vote this month which could remove more than half of the $220 million it owes creditors in overdue payments.

Heavily-indebted Shunfeng International could be set for another big sell off of solar assets as it tries to pay down a near-$300 million overdue debt pile.

Creditor Chongqing, which has been owed more than $100 million by the embattled developer for 14 months, will force through a sale of 180 MW of solar capacity to a third party. Shunfeng had originally wanted to sell the projects to Chongqing six years ago.

The company is planning another sell-off of solar projects, with two solar farms with a total generation capacity of 93 MW earmarked for divestment to state-owned China National Nuclear Power – provided the sites can come up with their rent arrears.

The solar farm owner is having to juggle creditors as it tries to drum up further interest in its assets despite a ‘lack of marketability.’

The proposed sale of seven solar farms in China will raise more than $80 million for the heavily indebted developer, which this morning confirmed trading in its stock had resumed after a nine-day hiatus.

Shunfeng International wants shareholders to wave through the sale of a business unit which offered a rare positive update in its last set of annual accounts. The parent wants to accept an offer for the operation from a company controlled by one of the directors of the seller.