Debt-saddled solar developer has state appointee take control of as chairman as well as CEO

Feb 24, 2020 01:13 PM ET
  • Zhang Ping, a 30-year coal-fired power market professional, has actually taken the helm at Hong Kong-listed Panda Green, days after a $230 million bail-out by state-owned Beijing Energy Holding Carbon Monoxide Ltd
Debt-saddled solar developer has state appointee take control of as chairman as well as CEO
Image: Nathan Hughes Hamilton/Flickr

State-owned Beijing Energy Holding Carbon monoxide Ltd's presumption of a significant risk in debt-saddled solar project firm Panda Green has actually seen a company man selected ahead of the Hong Kong-listed developer.

Zhang Ping, assistant to the board as well as team workplace supervisor at Beijing Energy has actually been assigned CEO and also chairman of Panda Green with the modification at the helm introduced on Friday.

Zhang, that will certainly change Zhong Hui as president as well as Lu Zhenwei as chairman has greater than 30 years' experience in the power market, according to the bio released by Panda Green of its brand-new employer on Friday. It is noteworthy that the whole of that occupation has previously worried coal-fired power generation.

All modification

Panda Green additionally has a brand-new principal financial officer, with Huang Hui changing Wang Yang in the function. Huang has a much more blended Curriculum Vitae that includes tidy power experience along with his help coal power generators.

Panda Green revealed Lu had actually surrendered as chairman "as a result of his various other dedications" yet would certainly stay as an executive supervisor. Hui surrendered as CEO and also executive supervisor as a result of "her various other service setups" and also Wang surrendered as money principal "to dedicate even more time to his various other dedications" however has actually been re-designated monetary controller. In Addition, Chen Qinlong surrendered as an executive supervisor however will certainly continue to be executive head of state.

Beijing Energy recently finished a twice-delayed HK$ 1.79 billion (US$ 230 million) bail-out of Panda Green in return for a 32% risk which suggests the Hong Kong-listed organisation is currently greater than 74% Chinese state-owned.

The project developer declares to possess 58 solar projects in China with a complete generation capability of 1,957 MW.

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