Suntech Power Holdings Co could offload its solar power generation assets in Italy, a company spokesman said Tuesday, as the struggling Chinese solar panel maker scrambles to trim debts of more than $2 billion.
The former green tech poster child, with a New York Stock Exchange listing and a market value of $16 billion at its peak, last month defaulted on $541 million of its dollar-denominated bonds and said its biggest subsidiary was bankrupt.
A source with direct knowledge of Suntech's search for a cash infusion said last week it might consider selling its 88.15 percent stake in Global Solar Fund Sicar (GSF Sicar), a Luxembourg-based fund specializing in the development of solar power projects mainly in Italy.
"We intend to operate GSF for the time being and will consider all options to maximize the value for our stakeholders," a Suntech spokesman said in an e-mailed reply to Reuters.
Agencies - Global Times