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

Panasonic HIT® AC Series - Design flexibility, faster installation, higher ROI - all in one panel

Panasonic HIT® AC Series - Design flexibility, faster installation, higher ROI - all in one panel

Extract maximum power production from every roof size and shape. HIT® AC Series combines the module efficiency of Panasonic solar panels with the intelligence of Enphase microinverters. A built-in IQ 7X microinverter with Individual MPPT (Module-level Power Point Tracker) tracking helps deliver an all-in-one module that offers design flexibility, reduced installation time, and a higher ROI. Field-replaceable microinverter with no DC wire management required yields lower cost of ownership.