State owned enterprise "White Knight" received panda gree

 Industry News     |      2020-03-26 13:57
On March 19, panda Green Energy announced that according to the company's management evaluation, it is expected that the comprehensive net loss in 2019 will reach 3.6 billion yuan, while the comprehensive net loss in 2018 will reach 454 million yuan.
Panda lvneng pointed out that the reasons for the loss are mainly attributed to the loss of subsidiaries and asset impairment, including the impairment expenditure of intangible assets, the impairment expenditure of property, plant and equipment, the impairment expenditure of several receivables and the loss of fair value of financial instruments.
Among them, the two intangible assets impairment assessments are mainly the concession solar power station project and the development right of solar power station projects in Tibet and Sichuan provinces. The concession project is affected by many factors such as capacity, on grid price, discount rate, possibility of exercising rights, etc., while the concession will expire in November 2020, and the on grid price will be reduced year by year, further affecting the project value. In addition, the value of the development right of the solar power station projects in Tibet and Sichuan Province is also affected by the reduction of the grid price.
In 2019, panda green energy's main business is still focused on managing its existing renewable energy business. By the end of 2019, the total installed capacity of panda green energy renewable energy is 2gw, 15.9% less than that in 2018.
Panda green energy, formerly Jinjiang jinbaoli new energy Co., Ltd., was listed on the Hong Kong Stock Exchange in 2011, renamed United photovoltaic in 2014, and became panda green energy in July 2017. As a photovoltaic chariot under China Merchants Group, panda green energy has successively obtained fund support from Ping An insurance, China Merchants Fund, CITIC Capital, Orient Asset, Huaxia life insurance, Ma Yun Ali department, Guo Guangchang Fosun Group and many other companies, which has a great prospect for a while. In order to build the largest renewable energy developer, since 2013, panda green energy has accelerated its expansion, and increased its project development efforts while madly acquiring solar power plant assets. In 2016, one belt, one road, was launched by panda green energy to join the UN development program. The plan is to build a panda power station along the "one belt" Road area and strive to build 100 panda power stations worldwide, with a total installed capacity of 5GW.
However, under the macro background that the subsidy funds could not be put in place in time, the fierce expansion of panda green energy eventually brought huge losses to it, with a loss of more than 200 million yuan in 2018.
Fortunately, the panda green in the mud can attract the "White Knight". On February 18, 2020, Jingneng group successfully subscribed 7.177 billion additional shares issued by panda green, holding 32% of shares and becoming its first major shareholder. It was also officially announced that the Department of investment attraction bid farewell and panda green energy successfully changed its ownership of Jingneng group.
Jingneng group is a large state-owned enterprise of Beijing municipal government, which is merged and restructured by Beijing International Power Development and investment company and Beijing comprehensive investment company. In the field of renewable energy, Jingneng group is actively expanding. Recently, Jingneng power signed a 23 billion project in etokqianqi, Inner Mongolia. It will build 5GW wind, light, hydrogen and storage integration project. It is planned to start construction in 2020 and put into operation in 2021.