Debt-saddled solar developer has state appointee take over as chairman and CEO

Zhang Ping, a 30-year coal-fired power industry veteran, has taken the helm at Hong Kong-listed Panda Green, days after a $230 million bail-out by state-owned Beijing Energy Holding Co Ltd.

State-owned Beijing Energy Holding Co Ltd’s assumption of a major stake in debt-saddled solar project company Panda Green has seen a company man appointed at the head of the Hong Kong-listed developer.

Zhang Ping, secretary to the board and group office director at Beijing Energy has been appointed CEO and chairman of Panda Green with the change at the helm announced on Friday.

Zhang, who will replace Zhong Hui as chief executive and Lu Zhenwei as chairman has more than 30 years’ experience in the energy sector, according to the biography published by Panda Green of its new boss on Friday. It is notable that the entirety of that career has until now concerned coal-fired power generation.

All change

Panda Green also has a new chief financial officer, with Huang Hui replacing Wang Yang in the role. Huang has a more mixed CV which includes clean energy experience alongside his work for coal power generators.

Panda Green announced Lu had resigned as chairman “due to his other commitments” but would remain as an executive director. Hui resigned as CEO and executive director due to “her other business arrangements” and Wang resigned as finance chief “to devote more time to his other commitments” but has been re-designated financial controller. Additionally, Chen Qinlong resigned as an executive director but will remain executive president.

Beijing Energy last week completed a twice-delayed HK$1.79 billion (US$230 million) bail-out of Panda Green in return for a 32% stake which means the Hong Kong-listed business is now more than 74% Chinese state-owned.

The project developer claims to own 58 solar projects in China with a total generation capacity of 1,957 MW.

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