The planned disposal in excess of a 3rd of this Chinese solar company’s task portfolio would simply just take a substantial amount out of its financial obligation hill but trading in business stock ended up being halted today, pending an statement with regards to the task purchase. Shunfeng sold down German PV project monitoring company meteocontrol to another procedure owned by its primary shareholder at the conclusion of a year ago.
Shunfeng is amongst the Chinese solar developers shuffling all over cash in an attempt to keep carefully the wolf through the home.
Chinese solar company Shunfeng Global Clean Energy announced a halt in trading in its stocks this early early early morning, pending a statement pertaining to a fire purchase of around 540 MW of its solar task ability.
The business has received a busy period from it since our final enhance in-may this past year whenever the level of their financial obligation hill ended up being revealed with its full-year numbers for 2018.
Since that time, a proposed sale of its Jiangsu Shunfeng Photovoltaic Technology Co Ltd to a small business owned by Shunfeng major shareholder Cheng Kin Ming has helped relieve some issues additionally the business now aims to downer off 11 of its Chinese solar task organizations to make benefits well well well worth another RMB1.63 billion (US$232 million).
Wuxi Suntech and meteocontrol
The purchase of Jiangsu Shunfeng towards the Asia Pacific Resources Development Investment Ltd company owned by Chen Kin Ming in December raised an instantaneous RMB200 million to repay RMB24.7 million debts owed by Shunfeng to Shanghai Dazong Financial Leasing Co Ltd, COSCO Shipping Leasing Co Ltd and Cinda Financial Leasing Co Ltd and in addition paid other financial obligation interest of RMB110 million in addition to settling payables worth around RMB65.7 million.
The Jiangsu Shunfeng purchase – which included the transfer of German solar project monitoring business meteocontrol GmbH and PV plant administration unit Solarstrom AG plus the Wuxi Suntech brand name to Asia Pacific Resources – additionally saw the customer simply take on responsibility of HK$1.2 billion (US$154 million) of this HK$2.5 billion owed by Shunfeng to Sino Alliance and saw the Peace Link company additionally owned by Cheng Kin Ming surrender rights to HK$1.95 billion owed it by Shunfeng under a convertible relationship issuance. The offer additionally saw Asia Pacific hand over RMB1.75 billion Shunfeng owed to your subsidiary it absolutely was attempting to sell so the cash could then be handed down to Jiangsu Shunfeng.
Because of the time Hong Kong-listed Shunfeng announced intends to raffle down significantly more than a 3rd of its 1,496 MW of solar task capability in Asia up to a mostly Chinese state-owned buyer in November, the business enterprise had signed over its 59% stake with its Lattice energy Group LED electronic elements company towards the Hong Kong branch of loan provider Asia Minsheng Banking Corp Ltd. The bank in August agreed to accept the Lattice holding, a HK$60 million down payment and then the highest of either HK$270 million or 20% of seniorblackpeoplemeet the funds raised by a projected sale of 300 MW of project capacity last year plus HK$300 million by July 15 this year and the balance of the HK$980 million by December 18 under the terms of that HK$980 million debt reorganization.
Loans from banks
In the time that is same Sino Alliance consented the HK$1.3 billion it had been owed split through the Jiangsu Shunfeng deal might be settled with HK$500 million or half the profits for the mooted 300 MW task purchase just last year as well as the stability because of the end of the 12 months.
Pv mag will not be in a position to establish whether any 300 MW task purchase happened a year ago or whether Shunfeng rather found another means to satisfy the 2 loan providers.
On November 26, the 69.5% state-owned Asia nationwide Nuclear Corporation consented to pay RMB641 million for 11 Chinese Shunfeng task organizations plus RMB788 million in payables owed by the jobs to Shunfeng and RMB197 million in task dividends for owner. Those product product sales, authorized by separate Shunfeng shareholders, are due to increase RMB1.4 billion for financial obligation repayments and RMB226 million for functional costs.
Provided halt that is today’s trading will not connect with a hiccup within the task purchase, that will keep Shunfeng just RMB430 million and HK$1.57 billion in short supply of settling the temporary debts it stated in November so it owed by the finish of a year ago.