JA Solar Holdings Co to Repay Debt

By Marc Castro

May 16, 2013 06:18 PM EDT

The largest solar cell producer in terms of capacity in the workd, JA Solar Holdings Co has repaid about US$119 million for the principal and attached interest for the bonds it issued that had fallen due yesterday.

According to CEO Jin Baofang in a statement today from the corporate headquarters in Shanghai, "JA Solar is committed to meeting all of our debt obligations and managing our balance sheet prudently to protect the interests of our stakholders."

Many investors are now worried that other solar energy companies from China would not be able to meet their obligations on their bond payments. One of the prime examples is Suntech Power Holdings Co, which had defaulted on a US$541 debt due back in March 15 as well as LDK Solar Co which paid only a percentage of the total US$23.8 million due in April. According to data obtained by Bloomberg News, renewable energy firms from China and Hong Kong are said to pay out US$3.5 billion in debt for the year.

Despite the announcement, JA Solar's American depositary receipts fell two cents to US$5.70 per share at midmorning trading in New York.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics