Shunfeng prepares to sell golden goose to keep creditors at bay
The solar developer is preparing to sell off its most profitable operation and is reliant on the goodwill of creditors as it plans to divest more of its Chinese solar projects.
Chinese solar developers scramble to pay down debts
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.
Deloitte abandons Chinese solar company SFCE because of going-concern fears
The auditor cited the threat posed to the debt saddled business as the reason for resigning its role, effective from today.
Trump’s trade war tweets badly timed for Chinese solar manufacturers
Latest tirade may simply be a crude bid to up the ante with a high-profile Chinese deputation due to visit the U.S. in the latest round of trade talks this week but its timing is worrying for the Chinese solar companies struggling under huge debts.
Shunfeng’s steadily rising revenue cannot distract from its debt worries
Straining under a $2 billion debt mountain, the solar manufacturer is pinning its hopes on the proposed sale of its Jiangsu Shunfeng subsidiary to prevent it suffering the same fate as the original parent company of the Wuxi Suntech unit that makes up part of the Jiangsu division.
Shunfeng to sell production assets for $447m
A unit of Shunfeng International Clean Energy (SFCE) has agreed to sell PV manufacturing assets to Asia Pacific Resources Development Investment for RMB 3 billion ($447 million).
Shunfeng forecasts $255m loss for 2018
Shunfeng International Clean Energy expects its annual losses to have widened to around $255 million last year, up from $125 million in the preceding 12-month period.
Shunfeng plans sale of manufacturing unit for $683 million
The Chinese company said the transaction will enable a larger deployment of resources for its downstream clean energy business. The potential buyer is Asia Pacific Resources Development Investment Ltd.
Shunfeng posts slight increase in shipments, sales, but ballooning net loss
The parent company of Chinese solar module maker, Suntech saw its net loss almost quadruple in the first half of this year, while net revenue grew year-on-year by just 0.7%. Sales of solar products in the period reached around 1.9 GW, and the group’s total installed operational PV capacity reached 1.5 GW at the end of June.
Shunfeng trims net loss, improves sales
The Chinese PV manufacturer shipped 3.85 GW of solar PV products last year, including 37.6 MW of wafers, 1,346 MW of solar cells, and 2,475 MW of PV panels. China was still the company’s largest market, accounting for 74.9% of total sales.
