The world’s largest solar panel maker, Suntech Power Holdings has been landed with criminal charges from an Italian court.
The Chinese firm is accused of illegally building solar farms to milk state subsidies.
The charges, together with other legal actions still being prepared against the fund, could eventually result in $100m worth of subsidy-backed solar farms being dismantled, an Italian prosecutor said, extending the problems of Suntech’s Global Solar Fund (GSF), which invests in European solar power projects.
A GSF shareholder and executive, Javier Romero is at the centre of the furore, after it was alleged that he had used $700m in fake German bonds to help guarantee some of the fund’s financing, reports Reuters. He denies any wrongdoing.
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