Markets & Finance

Having defaulted on a bond due to cash flow problems, struggling PV manufacturer, LDK Solar has sold its major crystalline solar cell production plant to an affiliate of the Hefei City government for a nominal US$19.4 million.

Chinese manufacturer LDK Solar has technically defaulted on repayment of a loan after making only partial payment on a $23.7 million bond due 15 April.

The Asian Development Bank (ADB) will fund a 57MW solar power project in central Thailand by providing a financing package worth US$85 million.

Suntech Power Holdings European subsidiary, Suntech Power International has gone to a court in its locality in Switzerland to stop bankruptcy proceedings.

Thin-film company Advanced Energy Industries has announced the acquisition of inverter manufacturer REFUsol Holding GmbH, effective immediately.

Shares in China’s troubled PV manufacturer Suntech rallied yesterday following unconfirmed rumours that US investor Warren Buffet is considering buying the company.

Standard Bank Group and the Industrial and Commercial Bank of China (ICBC) have inked a R20 billion (US$2.2 billion) deal to fund renewable energy projects in South Africa.

Adding to its US$1 billion, five-year financing deal with JinkoSolar, China Development Bank (CDB) has signed a US$58 million loan agreement with the module manufacturer to fund PV power plant projects in China.

The China Banking Regulatory Commission (CBRC) has warned Chinese banks that the country's PV industry represents a credit risk, according to reports.

Bill Gates has given financial backing to the development of a new energy storage system aimed at cutting the intermittency of renewable energy technologies such as solar.