Suntech Power (STP) Succeeds in Freezing GSF Capital, Javier Romero Funds
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Suntech Power Holdings Co., Ltd. (NYSE: STP) has obtained court orders to freeze the worldwide assets of GSF Capital and Mr. Javier Romero and to have an independent, court-appointed manager (the "Manager") oversee their assets. In addition, the Manager has exercised the powers granted by the court to replace Mr. Romero as the manager of the general partner of the Global Solar Fund, S.C.A., Sicar (the "Fund"), thereby allowing the court-appointed Manager to take control of the Fund.
Based on Suntech's initial due diligence, the Fund's operating companies currently own and operate approximately 142MW of completed solar plants in Italy, of which 141MW are connected to the grid and generating revenues through the sale of electricity at wholesale rates. In addition, approximately 74MW of the total connected plants are currently receiving energy payments under the Italian feed-in-tariff program, and the remainder are expected to be accepted into the feed-in-tariff program within the coming months. Suntech noted that the above findings are not conclusive and the Company is continuing to investigate this matter.
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Based on Suntech's initial due diligence, the Fund's operating companies currently own and operate approximately 142MW of completed solar plants in Italy, of which 141MW are connected to the grid and generating revenues through the sale of electricity at wholesale rates. In addition, approximately 74MW of the total connected plants are currently receiving energy payments under the Italian feed-in-tariff program, and the remainder are expected to be accepted into the feed-in-tariff program within the coming months. Suntech noted that the above findings are not conclusive and the Company is continuing to investigate this matter.
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