Italian court orders seizure of 37.8 MW of Suntech’s Italian assets
Oct 14, 2013 - Suntech Power Holdings Co Ltd (NYSE:STP) said Friday the Court of Brindisi in Italy had ordered the seizure of additional solar assets of Global Solar Fund SCA Sicar (GSF), 88%-owned by the Chinese solar panel maker, bringing the total to 37.8 MW.
After the most recent order, the court has seized 47 solar plants or 26.9% of the fund’s 142 MW of solar parks in Italy, Suntech said.
According to the initial court ruling the seizures are related to potential improper operation at GSF as regards underlying authorisation issues for a number of solar power plants; planning and environmental crimes that were the consequence of such underlying authorisation issues; and matters related to the improper collection of FiTs.
Suntech noted that the Italian units of GSF are pondering whether to request for the appointment of a judicial administrator for 1.9 MW of solar systems, seized on October 4. They have already done so for the 5.3 MW seized on September 23. At the end of September, the Court of Brindisi agreed to appoint judicial administrators for 27 plants seized on September 19.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.