Suntech says Italian court orders seizure of 30 MW of GSF assets

Sep 23, 2013 - Suntech Power Holdings Co Ltd (NYSE:STP) today said that the Court of Brindisi in Italy has so far ordered the seizure of 30 MW of solar parks of Global Solar Fund SCA Sicar (GSF), 88%-owned by the Chinese solar panel maker.

The court is also demanding that the feed-in tariff (FiT) payments pocketed by investee companies of the fund be seized. According to the 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.

That recent court order brings to 37 the number of GSF solar power plants ordered seized or 21% of the fund's 142 MW of solar plants in Italy.

Suntech had previously announced that various assets of GSF’s investee firms were under investigation by the Court of Brindisi. Now the fund is reviewing the court ruling to determine the appropriate response action. Suntech noted that it is working with GSF to maintain operations “while operating in a manner compliant with the Court's ruling”.

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