Suntech Singapore fails to pay US$263.9 million debt

Facebook
Twitter
LinkedIn
Reddit
Email

Suntech Singapore has failed to pay the US$263.9 million awarded to Suntech Power Holdings subsidiary Power Solar System (PSS).

A Singapore court gave the firm until 13 March to pay the sum to PSS, which is currently in liquidation. Suntech Singapore has asked to have the debt set aside. The court can choose to accept the application if it feels the debt is in some way disputed.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

PSS has also filed a civil case against Suntech Singapore with Shanghai No.1 Intermediate People's Court over an unpaid debt of US$11 million plus interest.

As part of this claim it has applied for a preservation order on the Singapore subsidiary’s China-based assets, in particular, a stake in Suntech Shanghai. A hearing will be held on 5 November 2014.

The preservation order will last for one year and PSS’ administrators said they hope it will prevent any assets “being put beyond reach”.

Wuxi Suntech’s sale to Shunfeng Photovoltaics has been twice delayed owing to the ongoing dispute between former Suntech subsidiaries.

The administrators of PSS are unhappy with the transfer of equity in Wuxi Suntech prior to the deal’s initiation.

“We will rigorously defend the application by Suntech Singapore to set aside PSS' judgment for the sum of US$263.9 million, and will take all necessary steps to recover value for creditors,” said John Ayres, a liquidator of PSS.

“We are also making substantial progress in the investigation of the purported transfer of the equity interests in Suntech Japan and Suntech Singapore to Wuxi Suntech. These actions appear to have been taken without proper regard for the interests of creditors and shareholders of the Company and appropriate actions will be taken in due course,” claimed Ayres.

Wuxi Suntech has said it was sold to Shunfeng by the bankruptcy court of Wuxi and the dispute is between the two sets of administrators.

Read Next

July 1, 2025
Spanish independent power producer (IPP) Zelestra has secured financing and reached financial close for its 220MW solar-plus-storage plant in Chile.
July 1, 2025
Independent power producer (IPP) Arevon Energy has closed a US$600 million credit facility to support its solar PV and energy storage portfolio in the US.
July 1, 2025
The UK government has released this week (30 June) its Solar Roadmap, which sets out practical measures to meet the country’s solar PV targets.
July 1, 2025
Solar developer ib vogt has sold a 110MW solar PV plant in Spain to international fund NextPower V ESG, which is operated by investment firm NextEnergy Capital (NEC).
July 1, 2025
French private equity firm Ardian Clean Energy Evergreen Fund (ACEEF) has bought 117 solar PV plants, worth 116MW of total capacity in several locations in Italy.
July 1, 2025
Swedish independent power producer (IPP) OX2 has begun operations at a 100MW solar PV plant in Poland, its first project as an IPP.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA