Solar assets of Suntech-owned fund seized

Facebook
Twitter
LinkedIn
Reddit
Email

An Italian court has ordered the seizure of further solar parks constructed by companies associated with Global Solar Fund, the PV power plant investment body in which Chinese manufacturer Suntech is majority shareholder.

The Court of Brindisi also ordered the seizure of feed-in tariff payments made to the same companies over matters relating to the “improper collection” of FiTs, Suntech revealed.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Detention orders have been served on an unspecified number of individuals from GSF subsidiaries over the allegations that they built the solar parks without the necessary environmental and planning authorisations.

A number of similar allegations were also made and seizures orderd at the end of last year over projects developed by GSF subsidiaries. Reports at the time suggested the plants had been illegally built to take advantage of state subsidies.

Although PV Tech was unable to confirm precise details of the number or whereabouts of the PV plants, Suntech said in a statement that the latest seizures took the overall number of GSF projects ordered seized by the Brindisi court to 37, amounting to 30MW. This amounts to 21% of the power capacity of solar plants held by GSF.

GSF, in which Suntech holds an 88% share, is a fund set up to invest in private companies that own or develop PV projects.              

Earlier this year Suntech said it had resolved a dispute with GSF Capital, a former partner in GSF, over allegations that the latter had defrauded the manufacturer in a €500 million bond deal. GSF Capital agreed to relinquish its shares in GSF without any admission of guilt in the fraud allegations.

But the latest development will be a further blow to Suntech, which is separately undergoing major financial restructuring after a bond default forced its Chinese subsidiary, Suntech Wuxi, into bankruptcy.

GSF had been reported to have an estimated US$800 million asset value. China Development Bank was reported to have loaned GSF of US$600 million. Suntechs’ founder and former chairman Dr. Zhengrong Shi was reported to have around a 12% personal share in GSF, which contributed to the founder being ousted.

Suntech said it was working with GSF to maintain operations while operating in a manner “compliant” with the court's ruling.

Additional reporting by Ben Willis

Read Next

Premium
October 10, 2025
Gaëtan Masson of IEA PVPS warns of overcapacity, collapsing prices and slipping module quality in the new Trends in PV Applications report.
October 10, 2025
The European solar module market has reached a “state of equilibrium” in recent weeks, with stable prices and regular demand.
October 10, 2025
US solar recycling firm OnePlanet has achieved the R2v3 certification from electronics sustainability non-profit SERI, which represents the “highest standards of traceability”.
October 10, 2025
NTPC Renewable Energy Limited has signed an MoU with the Government of Gujarat to develop 15GW renewable energy projects in Gujarat.
October 10, 2025
Australia's renewable energy sector recorded its slowest month of the year for additions in September, with 5.8GW of new projects added to development pipelines, according to data from Rystad Energy.
October 9, 2025
The Australian government has announced the results of the fourth Capacity Investment Scheme (CIS) tender, with 6.6GW of renewables awarded long-term contracts.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK