A company spokesman said that Suntech Power Holdings Co. Ltd is in the process of offloading its solar power generation assets located in Italy. This is but one of the ways that the Chinese solar panel maker is finding means to trim its more than US$2 billion debt.

Such is the fortune of the company with a market value of US$16 billion at its peak and a NYSE listing. Just last month, it had defaulted on a US$541 million from its dollar denominated bonds. This is compounded by a report that its biggest subsidiary was in the red.

According to an anonymous source with direct knowledge of the transaction, said that the beleaguered green firm is considering to sell its 88.15% shareholdings in Global Solar Fund Sicar. This Luxemborg based fund specializes in the development of solar power infrastructure projects located in Italy.

According to an emailed reply from a Suntech spokesperson, "We intend to operate GSF for the time being and will consider all options to maximize value for our stakeholders." As for an update on the investors to the firm, the spokesman said that updates would be forthcoming 'in the coming months.'