With Singyes having already announced a plan to receive a cash injection and restructure its debt, fellow Hong Kong listed solar developer Panda Green today announced plans for a Beijing coal power company to ride to its rescue.
In the briefest of stock market updates today, heavily-indebted solar project developer Panda Green hinted at possible salvation in the form of yet more Chinese public funds.
With shareholders having in March agreed to sign off almost a third of the company to Chinese state-backed entities – with the largest batch of shares issued capitalizing a debt of US$123 million – Panda Green today revealed coal miner and power company Beijing Energy Holdings Co Ltd has signed a non-binding agreement to subscribe to a further shares issue.
The scant update contained no details of what proportion of the solar developer would be obtained by the state-backed fossil fuel company and noted the shares issue would have to be approved by shareholders.
China takes control of solar businesses
With the Hong Kong listed company reporting a RMB20.8 billion (US$3 billion) debt pile last June, of which HK$1 billion (US$128 million) was reportedly due for repayment in May – as part of RMB5.5 billion due this year – shareholders in March agreed to capitalize a US$123 million loan from Chinese state-backed Qingdao Investment into a 19.96% slice of a business enlarged by the issue of new shares equivalent to 68% of the business.
The State Owned Enterprise Structural Adjustment China Merchants Buyout Fund committed to acquire up to 7.57% of the company and local authority-linked Shenzhen City Guoxie First Equity Investment Fund signed up for a 0.84% stake in a shares issue intended to raise HK$996 million.
It looks set to be an expensive period for Beijing, which is preparing to come to the rescue of another indebted PV developer – Singyes Solar – which today confirmed it will present its long-awaited financial results for last year at a meeting next Friday.
Singyes needs the support of 75% of the holders of US$430 million of defaulted credit notes and convertible bonds to push through a debt restructuring plan. That scheme in turn depends on Chinese state-backed body Water Development (HK) Holding Co Ltd completing a HK$1.55 billion shares purchase to take up a 66.92% stake in Singyes.
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