Chinese solar power firm defaults on debts

Suntech, one of the world's biggest solar panel manufacturers, has defaulted on a $541m (£358m) bond payment in the latest sign of the financial squeeze on the struggling global solar industry.

Suntech Power Holdings' announcement was a severe setback for a company lauded by China's Communist government as a leader of efforts to make the country a centre of the renewable energy industry. Its founder, Shi Zhengrong, became one of the industry's most prominent entrepreneurs and a billionaire, only to see most of his fortune evaporate as the company's share price plummeted.

The company is "exploring strategic alternatives with lenders and potential investors," David King, who replaced Shi as a CEO last year, said in a statement.

Suntech was due to make a $541m bond payment on Friday but ran short of cash following heavy losses over the past year.

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

sonnenBatterie eco

sonnenBatterie eco

The sonnenBatterie eco is a fully-integrated, all-in-one residential energy storage solution that utilizes intelligent energy management software and lithium-ion batteries to turn houses into smart energy homes. The system is available in a variety of storage capacities and configurations, allowing for extensibility and expansion and integrates with new and existing PV systems. The sonnenBatterie eco allows customers to save money every single day by storing excess energy generated by solar PV systems and using the stored energy from the battery to power homes when the utility rates are more expensive or when the grid is out of service in addition to enabling customers to go off-grid.