星期一, 4 8 月, 2025
Home PV News Debt-saddled solar developer has state appointee take over as chairman and CEO

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.

Source:Pv magazine

State-owned Beijing Energy Holding Co Ltd’s assumption of a major stake in debt-saddledsolar 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Plans lodged for solar farm to power 18,000 homes

Plans have been lodged for a solar farm and battery energy storage system in Derbyshire. Noventum Power has submitted an application to South Derbyshire District...

Turkish firm to invest $520M in solar equipment production

Turkish solar technology company CW Enerji will invest $520 million (TL 21.09 billion) under the government's HIT-30 incentive program to expand its high-efficiency solar...

Tesla is set to build its biggest energy storage facility in China

Tesla, China Kangfu International Leasing, and the Shanghai Municipal Government signed a cooperation agreement to build an energy storage power station, which will become...

Sungrow launches next-gen hybrid residential energy storage system

China renewable energy solutions company Sungrow Power has revealed its newest hybrid next generation residential energy storage system (ESS), with its the latest in...