Troubled Chinese PV equipment manufacturer, CNPV Solar Power, is holding a shareholder meeting today to vote on selling a majority stake to a local city for US$10 million.
PV-Tech understands the plan to sell 50.38% of CNPV Dongying, CNPV Solar Power’s sole asset, to an unidentified company controlled by the local government of Dongying, has been endorsed by the board.
The company, which has its headquarters in Shandong in north-eastern China, did not disclose terms for the debt.
In a brief statement, CNPV Solar Power said it had “a substantial need for financing a current matured bank loan of CNPV Dongying and other commitments”.
The company blamed “the extreme difficulty caused by the current PV industry” for its financial situation.
CNPV Solar’s shares were suspended from trading in Paris in February, when they last traded at €5.49, valuing the company’s equity at about €43 million (US$57 million) at the time, according to data compiled by Bloomberg.