星期日, 四月 5, 2020
Home PV News Panda Green warns of $500m annual loss

Panda Green warns of $500m annual loss

The bailed-out Hong Kong-listed PV developer has warned its remaining independent shareholders of a thumping net loss for 2019 as it prepares to reveal its final results at the end of the month.

Source:pv magazine

If any of the various Chinese state-owned bodies forced to bail-out Hong Kong.listed solar developer Panda Green was expecting to extract a profit from the business, it appears they may face a long wait.

The scale of the turnaround operation facing recently appointed CEO Zhang Ping was again emphasized today when the developer issued a profit warning.

Coal industry veteran Ping, whose company is due to announce its full-year 2019 results on March 30, will be digesting an expected net loss of RMB3.6 billion (US$506 million) from the year, up from an already shocking RMB454 million a year earlier.

FIT payments

That predicted loss will come despite revenues having climbed 7% year-on-year; earnings before interest, tax, depreciation and amortization having risen 12%, financing costs having fallen 6% and Panda Green shedding almost 16% of its generation portfolio as it busily attempted to pay down huge debts.

The company cited reduced feed-in tariff payments for its Chinese solar and hydropower facilities, specifying PV payments had fallen to RMB0.4/kWh (US$0.056) in the Zone 1 which covers northern China and Inner Mongolia, RMB0.45 in the west and central China Zone 2 and RMB0.55 in the Zone 3 which covers the rest of the nation.

Panda Green, which held a 2 GW Chinese solar portfolio at the end of the year, is more than 74% owned by Chinese state entities after Beijing Energy Holding Co Ltd completed a twice-delayed HK$1.79 billion (US$231 million) acquisition of a 32% stake in the business last month.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

300 MW Rodds Bay Solar Farm finally gets the go-ahead

The Notice To Proceed (NTP) is a significant milestone for the Rodds Bay Solar Farm project and developer Renew Estate, the company having gained...

Power Ledger to give French customers their choice of energy

Power Ledger, an ambitious Australian startup, is partnering with green energy retailer eKWateur in an attempt to revolutionize France’s electricity market using its peer-to-peer...

Seychelles to host 5.8 MW of floating PV

Qair, a French independent power producer, has revealed plans to install 5.8 MW of floating solar capacity on a saltwater lagoon in the Seychelles. The...

Solaria sues Canadian Solar for alleged patent infringement on PV cell ‘shingling’ tech

Solaria, a high-efficiency solar panel manufacturer based in California, filed suit against Canadian Solar this week in the Federal District Court for the Northern District of...