Suntech Power Holdings Co., Ltd., one of the global solar companies, announced on October 11th further developments with respect to Global Solar Fund ("GSF") assets in Brindisi, Italy.
On September 23rd, an additional 5.3 MW of solar fields were seized and on October 4th, another 1.9 MW were seized. As of October 9th, in total, 47 sites with a total generating capacity of 37.8 MW have been seized representing approximately 26.9% of GSF's total generating capacity.
On September 30th, the Court of Brindisi agreed to appoint judicial administrators for the 27 sites seized on September 19th. During the judicial administration period, the Court of Brindisi has authorized that such solar fields will continue to operate and receive feed-in-tariffs in accordance with the guidelines provided by the Court.
In relation to the seizures on September 23rd, the relevant Italian subsidiaries of GSF have filed to the competent Court the request for the appointment of a judicial administrator.
In relation to the last seizure on October 4th, the relevant Italian subsidiaries of GSF are evaluating whether to file the request for the appointment of a judicial administrator.
