True Bold Global

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 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.

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.

SFCE is scrambling to keep creditors at bay and has been unable to guarantee more than half the windfall it expects from selling off 140 MW of Chinese project capacity will actually be paid.

SFCE has revealed, in a string of stock market updates this year, the coronavirus pandemic is complicating its efforts to sell off PV projects fast enough to pay off creditors.