More solar parks of Suntech’s investment fund GSF ordered seized

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Additional solar parks of Suntech’s investment fund GSF ordered seized by the Court of Brindisi, Italy. Total number of GSF solar parks seized counts 37, representing 21% of the total nominal power capacity of solar parks owned by GSF.

 

Court of Brindisi, Italy, issued a ruling to seize additional solar parks constructed by investee companies of Global Solar Fund SCA (GSF), a fund that invests in private companies that own or develop projects in the solar energy sector. Suntech holds 88% of GSF’s shares. With this additional seizure, a total of 37 GSF solar parks have been ordered seized. The 37 solar parks have a combined capacity of about 30MW and represent around 21% of the total nominal power capacity of solar parks owned by GSF.

The court also ordered the seizure of feed-in-tariffs received by the investee companies of GSF that own the seized solar parks. GSF is currently reviewing the ruling issued by the court to determine the next appropriate steps, and Suntech is working with GSF to maintain operations while operating in a manner compliant with the court’s ruling.

Various solar parks constructed by investee companies of GSF have been the subject of an investigation relating to permitting and the authorization process by the Court of Brindisi. In the current ruling issued by the court, the court indicated the primary allegations for the current actions are: 

  • Potential improper operation related to underlying authorization issues for various solar parks;
  • Planning and environmental crimes resulting from such underlying authorization issues; and
  • Matters related to improper collection of feed-in-tariffs.