Agreements by China National Nuclear Power Co have been made with SFCE to purchase 11 PV power plants in China for RMB 641 million (US$91.2 million).
Diversified renewables firm Shunfeng International Clean Energy (SFCE) has secured the sale of 11 PV power plants in China to reduce mounting debts.
Agreements by China National Nuclear Power Co have been made with SFCE to purchase 11 PV power plants in China for RMB 641 million (US$91.2 million). However, SFCE said that the sales transaction on the PV assets would mean a loss of around RMB 705 million (US$100.2 million).
SFCE had a negative net cash position of RMB 13,014.9 million (US$1.85 billion) at the end of the first half of 2019.
The company had bank and other borrowings of RMB 11,468.9 million, convertible bonds of RMB 1,146.3 million, bonds payable of RMB 822.1 million and lease liabilities of RMB 158.7 million.
The company had also stopped building new PV power plants to conserve cash.
A key factor in SFCE’s mounting debt have been long delays in receiving FiT payments for electricity generation from the Chinese State Grid. SFCE has outstanding FiT receivables of approximately RMB 3,069 million (US$436 million) going back almost two years.
A key factor in SFCE’s mounting debt have been long delays in receiving FiT payments for electricity generation from the Chinese State Grid.
Jun 15 - Jun 16, 2021
The Utility Solar Summit UK will focus entirely on the opportunities in the UK ground-mount space and feature the new technology and advanced innovations allowing asset owners to improve yield in a subsidy free market. Listen to senior market leaders share stories of their successes and manufacturers pushing the envelope for solar PV whilst taking advantage of our enhanced networking features to connect you with your peers onsite; realising the potential of UK utility scale deployment from 2020 and beyond.
Mar 10 - Mar 12, 2021
Penang, Malaysia (also available virtually)
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run as a live event in Penang for delegates able to attend and will also welcome virtual delegates via streamed content and online networking.