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Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:. If this is an annual report, indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Unless otherwise indicated and except where the context otherwise requires, references in this annual report on Form F to:.
Names of certain companies in this annual report are translated or transliterated from their original Chinese legal names. Discrepancies in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding. Share and per share amounts reflect a one-for-ten reverse stock split that took place in November and a one-for-ten reverse stock split that took place on November No representation is intended to imply that the Australian Dollar, Euro or Renminbi could have been, or could be, converted, realized or settled into U.
PART I. Not Applicable. Our Selected Consolidated Financial Data. The following selected consolidated statements of operations data for the years ended December 31, , and and the selected consolidated balance sheet data as of December 31, and are derived from our audited consolidated financial statements included elsewhere in this annual report. The selected consolidated statements of operations data for the years ended December 31, and and the consolidated balance sheet data as of December 31, , and are derived from our audited consolidated financial statements not included in this annual report.
Our consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America, or U. The historical results are not necessarily indicative of results to be expected in any future periods. Net loss per common share: Basic and Diluted. Our business, financial condition and results of operations are subject to various changing business, competitive, economic, political and social conditions worldwide.
In addition to the factors discussed elsewhere in this annual report, the following are some of the important factors that could adversely affect our operating results, financial condition and business prospects, and cause our actual results to differ materially from those projected in any forward-looking statements.
Risks Related to Our Business and Industry. We have incurred net losses, experienced net cash outflows from operating activities and recorded working capital deficit. If we do not effectively manage our cash and other liquid financial assets and execute our liquidity plan, we may not be able to continue as a going concern.
In addition, we have substantial amounts of debts that became due in , and Historically, we have relied primarily on cash from our operations, bank borrowings, private placements and financial leases to fund our operations. We expect that our existing cash and cash equivalents and cash flows from operating and financing activities will be sufficient to meet our anticipated working capital requirements and capital expenditure for at least the next 12 months, but generally inadequate to pursue new project acquisition or development initiatives without additional capital.
The timing and amount of our working capital and capital expenditure requirements may vary significantly depending on numerous factors, such as the timeliness of payments from our customers. We have filed liens to secure customer payments for each of our solar projects, but there is no assurance that such payments will be timely collected. We have also enhanced our collection efforts and undertaken various measures to collect outstanding payments from customers, damages from legal actions and other payments due to us.
The volatility and potential deterioration of the PV market conditions and the overall global economies have also added uncertainties regarding the sustainability of the PV industry and adverse impact on the demand for our products. Without access to sufficient level of capital from operations or through bank borrowings or other sources, we may not be able to execute our growth strategy or pursue additional projects, or may not even be able to continue as a going concern.
These doubts and uncertainties may create concerns for our creditors, suppliers, customers and other counterparties, and cause them to make it more difficult for us to raise our financing, conduct our business and meet our debt and other obligations.
The report of our independent registered public accounting firm on our financial statements as of and for the year ended December 31, includes discussions on our ability to continue as a going concern. Although we have formulated a liquidity plan as summarized under Note 2 to our consolidated financial statements appearing elsewhere in this annual report, we cannot assure you that we will be able to successfully execute this liquidity plan.
The amount of liquidity that we need may be greater than we currently anticipate as a result of additional factors and events beyond our control, such as global economic slowdown, continued downturn in the global PV market, potential financial crises globally or in any region where we conduct a significant portion of our business, changes in the regulatory and business environments, including international trade-related sanctions, which may prevent us from operating normally or from effectively competing in the PV industry.
All of these and other factors and occurrences may increase our cash requirements and make us unable to satisfy our liquidity requirements and we may, as a result, be unable to continue as a going concern. We have revised the assumptions underlying our existing operating plans and recognized the fact that additional actions were needed to reposition our operations to minimize our cash outflows. Therefore, we are undertaking a number of initiatives in order to conserve or generate cash on an incremental basis in Operating and Financial Review and Prospects—B.
However, there is no assurance that these initiatives and strategies will be successfully implemented, or even if successfully implemented, our cash position and our operational efficiency will be improved. In the event that our business initiatives and strategies do not achieve the expected results, our business, financial conditions, results of operations and liquidity position may be materially and adversely affected.
Furthermore, we have identified several business related risk factors, such as compliance with laws and regulations, contingent liabilities arising from litigations, suspected related party transactions and unusual transactions, which could cause cash position to further deteriorate. The operations of our e-commerce and investment business platform are unsuccessful. The Solarbao platform was intended to create a network connecting investors seeking solar industry investment opportunities and solar project developers.
This platform primarily generated revenue from commissions derived from the leasing of solar panels. Starting in April , we ceased offering new investment products to investors and stopped accepting new investments on the Solarbao platform due to its short operating history, the ever-changing Chinese regulatory regime, government policies in this area and various other reasons as discussed below.
We divested this business in December If regulators determine that this divestiture was ineffective for any reason, we may be subject to significant liabilities due to this business. We are in default on a number of our obligations, which could result in our being forced to cease operations if we are unable to reach satisfactory settlement with applicable counterparties.
We are in default on the following obligations:. If we are unable to enter into settlement arrangements with all of the parties with whom we are in default, we could be forced to cease operations. We conduct our business in diverse locations around the world and are subject to economic, regulatory, social and political risks internationally and in the regions where we operate.
We currently conduct our business operations in the U. We also provide EPC services in the U. Our business is therefore subject to diverse and constantly changing economic, regulatory, social and political conditions in these markets. Operating internationally exposes us to a number of risks globally and in each of the markets where we operate, including, without limitation:.
If economic recovery is slow in the markets where we operate, our business, financial condition, results of operations and prospects could be materially and adversely affected. Moreover, as we expand into additional markets, we may face unfamiliar regulatory regimes, business practices, governmental policies and industry conditions. As a result, our experience and knowledge of our existing markets may not be applicable to new markets that we enter, requiring significant time and resources to adapt our business to these unfamiliar markets.
To the extent that our diverse business operations are affected by unexpected and adverse economic, regulatory, social and political conditions, we may experience business disruptions, loss of assets and personnel and other indirect losses and our business, financial condition and results of operations both locally and internationally could be materially and adversely affected.
The reduction, modification, delay or discontinuation of government subsidies and other economic incentives for the solar industry may reduce the profitability or viability of our solar projects and materially adversely affect our business. At present, solar power is not cost competitive with other energy sources in our existing markets and the new markets we plan to expand into.
For a variety of technological and economic reasons, the cost of generating electricity from solar energy in these markets currently exceeds and, absent significant changes in technological or economic circumstances, will continue to exceed the cost of generating electricity from conventional and certain other competing energy sources. Therefore, government subsidies and incentives, primarily in the form of feed-in tariffs, or FIT, price support schemes, tax credits, net metering and other incentives to end users, distributors, system integrators and manufacturers of solar products are generally required to enable companies such as us to successfully operate in these markets.
Government subsidies and incentives vary by geographic market. The availability and size of such subsidies and incentives depend, to a large extent, on political and policy developments relating to environmental concerns and other macro-economic factors. These government subsidies and incentives are expected to gradually decrease in scope or be discontinued as solar power technology improves and becomes more affordable relative to other types of energy.
Reductions have occurred in certain countries where we have operations, and subsidies and incentives may be further reduced or discontinued in countries where we currently or intend to operate. Reductions may apply retroactively to existing solar projects, which could significantly reduce the value of our existing solar projects and other businesses.
Even if reductions in government subsidies and economic incentives apply only to future solar projects, our operations in that country could be materially and adversely affected as we would not be able to leverage our existing presence to drive further growth. Moreover, certain solar subsidies and incentives are designed to expire or decline over time, are limited in total funding, require renewal from regulatory authorities or impose certain investment or performance criteria on our business partners or us, which we may not be able to satisfy.
In addition, we may not be able to upgrade our technologies rapidly enough to compensate for foreseeable reductions in government subsidies and incentives. As a result, a significant reduction in the scope or discontinuation of government incentive programs in our existing and target markets could have a material adverse effect on our business, financial condition, results of operations and prospects.
Misconduct and errors by our employees could harm our business and reputation. We are exposed to many types of operational risks, including the risk of misconduct, errors and fraud by our employees and key management personnel. Our training, resources, technologies and fraud detection tools may be insufficient to accurately detect and prevent fraud. Significant increases in fraudulent activity could negatively impact our brand and reputation, which could increase our costs and expenses.
If any of the foregoing were to occur, our results of operations and financial condition could be materially and adversely affected. Changes to our business strategy provide a limited history on which to base our prospects and anticipated results of operations. Our historical operating results may not serve as an adequate basis to evaluate our future prospects and results of operations.
Prior to , we were primarily engaged in providing EPC services to developers of solar projects in the U. We have since expanded our global project development business under our independent power producer model, or IPP model, or our build-and-transfer model, or BT model, by ramping up our portfolio of solar projects. This limited operating history of developing and operating solar projects under our IPP and BT model may not be a reliable indicator of our future performance.
Given our limited operating history under the current business model, we may not be able to ascertain and allocate the appropriate financial and human resources necessary to grow these new business areas. We may invest considerable capital into growing these businesses but fail to address market or customer demands or otherwise fail to achieve satisfactory financial return.
In particular, our results of operations, financial condition and future success depend largely on our ability to continue to identify suitable projects that complement our solar project pipeline through acquisitions and secondary development, as well as our ability to obtain the required regulatory approvals, financing and cost-effective construction services for these acquisitions.
We must also sustainably manage and operate the solar projects that we acquire, develop and hold under our IPP model, or successfully identify buyers for solar projects under our BT model. In addition, in expanding into these new business areas, we may be competing against companies that have substantially more experience than we do with respect to solar projects under our IPP and BT models.
If we are unable to achieve growth in these new business areas, our overall growth and financial performance may be inferior to our competitors and our operating results could be adversely impacted. Due to the change in our strategic focus and revenue generating efforts since , our prior operating history and historical operating results may not provide a meaningful basis for evaluating our business, financial performance and prospects.
Period-to-period comparisons of our operating results and our results of operations for any period should not be relied upon as an indication of our performance for any future period. We may not be able to achieve or maintain profitability in the future.
We may not be able to acquire additional solar projects to grow our project portfolio, or effectively integrate or realize the anticipated benefits of our acquisitions. Our current business strategy includes plans to further increase the number of solar projects we own and operate.
Since , we have significantly expanded our operations through acquisitions of solar projects across different development stages in Japan, the U. Accordingly, our ability to execute our expansion strategies depends on our ability to identify suitable investment or acquisition opportunities, which is subject to numerous uncertainties. We may not be able to identify favorable geographical markets for expansion or assess local demand for solar power, identify a sufficient number of projects as contemplated, or secure project financing and refinancing on reasonable terms for the contemplated acquisitions.
In addition, our competitors may have substantially greater capital and other resources than we do, and may be able to pay more for the acquisition targets we identify and may be able to identify, evaluate, bid for and acquire a greater number of projects than our resources permit. Furthermore, we may not realize the anticipated benefits of our acquisitions and each transaction involves numerous risks, including, among others:. Acquisitions of companies are inherently risky, and ultimately, if we do not generate expected economic returns from the acquired businesses, or become responsible for any preexisting liabilities related to the acquired businesses, we may not fully realize the anticipated benefits of the acquisitions, which could adversely affect our business, financial condition or results of operations.
Our substantial indebtedness could adversely affect our business, financial condition and results of operations. We require a significant amount of cash to meet our capital requirements and fund our operations, including payments to suppliers for PV modules and components and to contractors for EPC services.
Our existing debt may have significant consequences on our operations, including:. Any of these factors and other consequences that may result from our substantial indebtedness could have an adverse effect on our business, financial condition and results of operations as well as our ability to meet our payment obligations under our existing debt facilities. Our ability to meet our payment obligations under our existing debt facilities depends on our ability to generate significant cash flow in the future.
This, to some extent, is subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. Our results of operations may be subject to fluctuations. Historically, we have generated a substantial portion of our revenue from the provision of EPC services. Before we achieve economies of scale in terms of our IPP projects and receive steady electricity generation income, our revenue in a given period will depend on the solar projects we provide EPC services to, or the number of solar projects sold under our BT model, and therefore is subject to significant fluctuations.
For instance, we may generate a significant portion of our revenues from the one-time sale of solar projects for certain periods. Moreover, certain aspects of our operations will also be subject to seasonal variations. For example, we may schedule significant construction activities to connect solar projects to the grids prior to a scheduled decrease in FIT rates in order to qualify for more favorable FIT policies.
Failure to manage our evolving business could have a material adverse effect on our business, prospects, financial condition and results of operations. We intend to expand our business within our existing markets and in a number of selected new locations in the future.
We also intend to expand our global project development business in the future. As our operations evolve, we expect to encounter additional challenges in our internal management, construction contracting management, investment and acquisition management, project management, project funding infrastructure and financing capabilities.
Our existing operations, personnel, systems and internal control may not be adequate to support our business expansion and may require new investments in our internal management infrastructure. To manage the future growth of our operations, we will be required to improve our administrative, operational and financial systems, procedures and controls, and maintain, expand, train and manage a growing number of employees. In addition, we will need to hire and train additional project development personnel to manage our growing portfolio of IPP and BT projects.
If we are unable to manage our growth effectively, we may not be able to take advantage of market opportunities, execute our business strategies successfully or respond to competitive pressures. As a result, our business, prospects, financial condition and results of operations could be materially and adversely affected.
We act as the general contractor for our customers for the provision of EPC services, and are subject to risks associated with construction, delays and other contingencies, which could have a material adverse effect on our reputation, business and results of operations. Historically, we have generated a significant portion of our revenue from the provision of EPC services.
We generally enter into fixed-price EPC contracts under which we act as the general contractor for our customers in connection with the installation of their solar power systems. All essential costs are estimated at the time of entering into the EPC contracts for a particular project, and are reflected in the overall fixed-price that we charge our customers. These cost estimates are preliminary and may or may not be covered by contracts between us or our subcontractors, suppliers or other parties to the project.
In addition, we engage qualified and licensed subcontractors for the construction of our EPC projects. Shortages of such skilled labor could significantly delay a project or otherwise increase our costs. Should miscalculations in project planning or delay in execution occur including those due to unexpected increases in inflation, commodity prices or labor costs , we may not be able to achieve our expected margins or recover our costs.
In addition, our EPC contracts generally provide for performance milestones. Delays in supply of PV module or components, construction delays, unexpected performance problems in electricity generation or other events may cause us to fail to meet these performance criteria, resulting in unanticipated and severe revenue and earnings losses and financial penalties. The occurrence of any of these events could have a material adverse effect on our reputation, business and results of operations.
Such arrangement could result in unpredictability of revenue and in the near term, a revenue decrease. As with any project-related business, there is potential for delays within any particular customer project. Variation of project timelines and estimates may impact our ability to recognize revenue in a particular period.
In addition, certain EPC contracts may provide for payment milestones due at specified stages throughout the development of a project. Because we must invest substantially in a project in advance of achieving these milestones and receiving payments, delay or cancellation of a project could adversely affect our business and results of operations.
We may fail to comply with laws and regulations in the markets we operate. The development, construction and operation of solar projects are highly regulated. We conduct our operations in many jurisdictions and are subject to different laws and regulations, including national and local regulations relating to building codes, taxes, safety, environmental protection, utility interconnection, metering and other matters.
Our establish subsidiaries also have operations in these countries and jurisdictions that are required to comply with various local laws and regulations. While we strive to work with our local counsel and other advisers to comply with the laws and regulations of each jurisdiction where we operate, there have been, and may continue to be, instances of non-compliances such as late filings of annual accounts with the appropriate governmental authorities, failure to notify governmental authorities of certain transactions, failure to hold annual meetings as required, failure to register director or address changes or other local requirements which may result in fines, sanctions or other penalties against our non-complying subsidiaries and its directors and officers.
While we do not believe our past and continuing non-compliances, singularly or in the aggregate, will have a material adverse effect on our business, financial condition or results of operations, we cannot assure you that similar or other non-compliances will not occur in the future which may materially and adversely affect our business, financial condition or results of operations.
We are responsible for obtaining a variety of approvals, permits and licenses from various authorities for our solar projects. The procedures for obtaining such approvals, permits and licenses vary from country to country, making it onerous and costly to adhere to the varying requirements and standards of individual localities. Failure to obtain the required approvals, permits or licenses or to comply with the conditions associated therewith may result in fines, sanctions, suspension, revocation or non-renewal of approvals, permits or licenses, or even criminal liabilities, which could material and adversely affect our business, financial condition and results of operations.
In addition, new government regulations pertaining to our business or solar projects may result in significant additional expenses. We cannot assure you that we will be able to promptly and adequately respond to changes of laws and regulations in various jurisdictions, or that our employees and contractors will act in accordance with our internal policies and procedures.
Failure to comply with laws and regulations where we develop, own and operate solar projects may materially and adversely affect our business, results of operations and financial condition. The market demand for solar power is strongly influenced by government regulations and policies concerning the electric utility industry as well as by policies promulgated by electric utilities in each of the markets we operate.
These regulations and policies often relate to electricity pricing and technical interconnection of electricity generation. Customer purchases of alternative energy sources, including solar power technology, could be deterred by these regulations and policies, which may significantly reduce the demand for our PV solutions. For example, without a regulatory-mandated exception for solar power systems, utility customers are often charged interconnection or standby fees for putting distributed power generation on the electric utility grid or limit the production capacity to the grid.
The county-level government may also levy additional tax related to land use or potential plants recovery that was not initially included during the development or construction phase. These fees could increase, rendering solar power less cost competitive in these markets and our PV solutions less desirable. It is difficult to ensure ongoing compliance with the changing requirements of individual markets.
Any new government regulations or utility policies pertaining to solar projects may result in significant additional expenses to us or other industry participants and as a result could cause a significant reduction in demand for our PV solutions. The solar industry faces competition from both conventional power industries and other renewable power industries. The solar industry faces intense competition from all other players within the energy industry, including both conventional energy providers such as nuclear, natural gas and fossil fuels and other renewable energy providers, such as geothermal, hydropower, biomass, wind and nuclear energy.
Other energy sources may benefit from innovations that reduce their costs and increase safety, and therefore improve their competitiveness. New natural resources may be discovered, or global economic, business or political developments may disproportionately benefit conventional energy sources or other renewable energy sources at the expense of solar.
Governments may strengthen their support for other renewable energy sources and reduce their support for the solar industry. Changes in supply and demand of conventional energy sources or other energy sources may reduce the cost of such sources and render solar power less attractive. For instance, the recent decline in oil prices and prolong low prices have adversely impacted the competitiveness of solar energy.
Failure for our customers, other business partners or us to compete with the providers of other energy sources may materially and adversely affect our business, results of operations and financial condition. The market for solar project development is highly competitive. There is currently intense competition in the solar industry, particularly in the downstream project development segment. Solar projects encounter competition from utilities, industrial companies and other independent power producers.
In recent years, there has been increasing competition for the award of PPAs, which has in some markets resulted in an excess supply above designated reserve margins and has been contributing to the declining electricity prices in many markets. In light of these conditions, we may not be able to obtain PPAs for our new solar projects under our IPP model, and we may not be able to renew PPAs on the same terms and conditions upon expiration, particularly in terms of securing an electricity sale price that enables profitable operation or the sale of a project at anticipated value, if at all.
We have expanded our business to include global project development and may not have the same level of expertise and customer base as our competitors, which may affect our ability to successfully establish our presence in the global market. Our current or potential competitors may have greater operational, financial, technical, market share, scale, management or other resources than us in our existing or target markets.
Our competitors may also enter into strategic alliances with other competitors to our detriment, or may ally with our suppliers or contractors, thereby limiting our procurement choices and our flexibility in project development. Our current or potential competitors may offer PV solutions comparable or superior to ours at the same or lower prices, or adapt more quickly to industry trends than we do. Increased competition may result in price reductions, reduced profit margins and loss of market share.
Technological advances in the solar industry could render our PV solutions uncompetitive or obsolete. The solar industry is characterized by its rapid adoption and application of technological advances. This requires us to develop new PV solutions and enhance our existing PV solutions to keep pace with and respond effectively to evolving technologies, market conditions and customer demands.
Our competitors may develop technologies more advanced and cost-effective than ours. We will need to invest substantially in research and development to maintain our market position and effectively compete in the future. Our failure to further refine or enhance our technologies could render our technologies uncompetitive or obsolete, which could reduce our market share and cause our revenues to decline.
In addition, we may invest in and implement newly-developed, less-proven technologies in our project development or in maintaining or enhancing our existing projects. There is no guarantee that these new technologies will perform or generate customer demand as anticipated. The failure of our new technologies to perform as anticipated may materially and adversely affect our business and results of operations.
If sufficient demand for solar projects develops slower than we anticipate, develops in ways inconsistent with our strategy, or fails to develop at all, our business, financial condition, results of operations and prospects could be materially and adversely affected. The solar power market worldwide is at a relatively early stage of development compared to conventional power markets and other renewable power markets, such as that for hydropower.
Thus, trends in the solar industry are based only on limited data and may be unreliable. Many factors may affect the demand for solar projects worldwide, including:. Our analysis and predictions concerning the future growth of the solar industry are based on complex facts and circumstances and may be incorrect.
If market demand for solar projects in our existing or target markets fails to develop according to our expectations, our business, financial condition, results of operations and prospects could be materially and adversely affected. Our growth prospects and future profitability and our ability to continue to acquire solar projects depends on the availability of sufficient financing on terms acceptable to us.
The development of solar projects requires significant upfront cash investments, including the costs of permit development, construction and associated operations. Since , we have been expanding our solar project portfolio primarily by acquiring solar projects across different development stages. Such expansion strategy requires significant upfront capital expenditures which, depending on the respective development stages of the acquired projects, may not be recouped for a significant period of time.
As a result, we are required to pursue a wide variety of capital resources to fund our operations, including private placements, bank loans, financial leases and other third-party financing options. Our ability to obtain sufficient financing is subject to a number of uncertainties, including:. Due to these or other reasons, we may not be successful in obtaining the required funds for future acquisitions. Furthermore, we may be unable to refinance our bank borrowings on favorable terms, or at all, upon the expiration or termination of our existing loan facilities.
In addition, rising interest rates could adversely affect our ability to secure financing on favorable terms. Our failure in securing suitable financing sources in a timely manner or at all, or on commercially acceptable terms, could significantly limit our ability to execute our growth strategies or future acquisitions, and may have a material adverse effect on our business, financial condition, results of operations and cash flows. An increase in interest rates or lending rates or tightening of the supply of capital in the global financial market could make it difficult for our customers to finance the cost of EPC services or solar projects and could reduce the demand of our PV solutions.
These structured finance arrangements are complex and rely heavily on the creditworthiness of the customer as well as required returns of the financial institutions. Depending on the status of financial markets and overall economic conditions, financial institutions may be unwilling or unable to provide financing to our customers, which could materially and adversely affect our ability to maintain or grow our revenues.
In addition, an increase in interest rates or lending rates, or a reduction in the supply of debt financing or tax equity investments, could reduce the number of solar projects that receive financing or otherwise make it difficult for our customers to secure the financing necessary to develop, build or purchase a solar project on favorable terms, or at all, and thus lower the demand for our PV solutions, which could limit our growth or reduce our net sales.
The significant period of time between our upfront investments in solar projects and their commencement of revenue generation could materially and adversely affect our liquidity, business and results of operations. We have since commenced our global project development business under our IPP or BT models by ramping up our portfolio of solar projects. There is a significant gap between the time that we make significant upfront investments in the solar projects and the time that we receive any revenue from the electricity generated by these solar projects after grid connection under our IPP model or from the sale of these projects under our BT model.
These upfront investments include, among others, legal, accounting and other professional fees, costs associated with feasibility studies and due diligence, payments for land use rights, construction costs, government permits and deposits for grid connection agreements and PPAs, none of which may be refundable if a project fails to achieve completion.
We have historically relied on private placements, bank loans and financial leases to cover costs and expenses incurred during project development. In particular, there could be an especially long gap between the initial assessment of a project, the first steps of acquiring land use rights and negotiating interconnection agreements and the obtaining of governmental approvals for construction.
Acquisition of land use rights can be particularly time-consuming if we are engaged in primary development and need to negotiate with land owners or government entities. The significant development time increases the risk for adverse events during such process, whether they be economic, environmental, political, social or otherwise, that could cause further delays in project development or increase the overall development costs.
Due to such adverse developments or unanticipated delays, we may be unable to recoup our initial investment in the solar projects, which may materially and adversely affect our liquidity, profitability and results of operations. We may encounter unexpected difficulties when developing solar power projects. Since we sold all of our projects in China in connection with the sale of our Chinese business in December , the attributable capacity of our projects in operation dropped from In addition, we had an aggregate of Information on the Company—B.
Before we can determine whether a solar project is economically, technologically or otherwise feasible, we may be required to incur significant capital expenditure for land and interconnection rights, preliminary engineering, permitting, legal and other work. Success in developing a particular solar project is contingent upon, among others:.
Successful completion of a particular solar project may be adversely affected by numerous factors, including, without limitation:. Accordingly, some of the solar projects in our portfolio may not eventually commence operation and connect to the grid, or even proceed to construction. If a number of our solar projects are not completed, our business, financial condition and results of operations could be materially and adversely affected.
Our construction activities may be subject to cost overruns or delays. We engage third-party contractors for the construction of solar projects. Construction of solar projects involves numerous risks and uncertainties, and may be adversely affected by circumstances outside of our control, including seasonal changes, inclement weather, failure to receive regulatory approvals on schedule or third-party delays in supplying PV modules or other materials.
We may not be able to negotiate satisfactory construction agreements with third-party contractors, or our third-party contractors may not be able to contract with their subcontractors on a timely basis. In addition, if our contractors fail to adhere to our quality standards or otherwise fail to meet their contractual obligations, or if there is a shortage of contractors or labor strikes that prevents our contractors from completing their construction work on schedule or within budget, the solar projects may experience significant delays or cost overruns.
Increases in the prices of solar products and components may also increase our procurement costs. Labor shortages, work stoppages and labor disputes could significantly delay a project or otherwise increase our costs. In addition, delays in obtaining or failure to obtain required construction permits could also delay or hinder the construction of our solar projects.
A lack of proper construction permits, or post-construction approvals could delay or prevent our solar projects from commencing operation and connecting to the grid. We may not be able to recover any of our losses resulting from construction cost overruns or delays. In addition, since the FIT applicable to a solar project generally depends on its lead time to grid connection, construction and connection delays may lead to a lower-than-expected FIT, which would adversely affect the long-term value and potentially the viability of the project.
Many PPAs also require our solar projects to connect to the grid by a certain date. If the construction of solar project is significantly delayed, we may be in violation of our PPAs or may only be entitled to reduced FIT payments, if at all. A reduction or forfeiture of FIT payments would materially and adversely affect the profitability for a solar power project.
Any of the above contingencies could lead to our failure to generate expected return from our solar projects and result in unanticipated and significant revenue and earnings losses. We rely on third-party suppliers and contractors when developing our solar power projects. We source PV modules and other balance-of-system components from a wide selection of third-party suppliers and engage third-party contractors for the construction of solar projects.
We typically enter into contracts with our suppliers and contractors on a project-by-project basis and do not maintain long-term contracts with our suppliers or contractors. Therefore, we are generally exposed to price fluctuations and availability of PV modules and balance-of-system components sourced from our suppliers and construction services procured from our contractors. For example, in light of changing market dynamics and government policies, the price and availability of PV modules have been subject to significant volatility in recent years.
Increases in the prices of PV modules or balance-of-system components, decreases in their availability, fluctuations in construction, labor and installation costs, or changes in the terms of our relationship with our suppliers and contractors may increase the cost of procuring equipment and engaging contractors and hence materially adversely affect our financial condition and results of operations. Furthermore, the delivery of defective products or products or construction services by our suppliers or contractors which are otherwise not in compliance with contract specifications, or the late supply of products or construction services, may cause construction delays or solar power projects that fail to adhere to our quality and safety standards, which could have a material adverse effect on our business, results of operations, financial condition and cash flow.
Warranties provided by our suppliers and contractors may be limited or insufficient to compensate for our losses, or may not cover the nature of our losses incurred. We expect to benefit from various warranties, including product quality and performance warranties, provided by our suppliers and contractors. These suppliers and contractors, however, may file for bankruptcy, cease operations or otherwise become unable or unwilling to fulfill their warranty obligations.
Even if a supplier fulfills its warranty obligations, the warranty may not be sufficient to compensate us for all of our losses. In addition, the warranty for inverters and transformers generally expire after 5 to 10 years from the date such equipment is delivered or commissioned and is subject to liability limits. Where damages are caused by defective products provided by our suppliers or construction services delivered by our contractors, our suppliers or contractors may be unable or unwilling to perform their warranty obligations as a result of their financial conditions or otherwise.
Or if the warranty has expired or a liability limit has been reached, there may be a reduction or loss of warranty protection for the affected projects, which could have a material adverse effect on our business, financial condition and results of operations. Our solar projects have short operating histories and may not perform up to our expectations. The projects in our solar project portfolio are relatively new with expected operating lives of more than 20 years.
The majority of our projects in operation as of December 31, had commenced operations within the last 36 months. In addition, the projects we acquire in the future may not have commenced construction or operation or otherwise have a limited operating history.
As a result, our assumptions and estimates regarding the future performance of these projects are, and will be, made without the benefit of a meaningful operating history, which may impair our ability to accurately assess the potential profitability of the projects. The performance of these projects will also be subject to risks inherent in newly constructed renewable energy projects, including breakdowns and outages, latent defects, equipment that performs below our expectations and system failures.
Failure of some or all of our projects to perform up to our expectations could have a material adverse effect on our business, financial condition and results of operations. We may not be able to obtain long-term contracts for the sale of electricity generated by our solar projects under our IPP model at prices and on other terms favorable to attract financing and other investments.
Since , we started acquiring solar projects across different stages of development globally and to hold some of these acquired projects under our IPP model. Obtaining long-term contracts for the sale of electricity generated by our solar projects under our IPP model at prices and on other terms favorable to us will be essential for obtaining financing or completing construction of these projects.
We must compete for PPAs against other developers of solar and renewable energy projects. Furthermore, other sources of power, such as natural gas-fired power plants, have historically been cheaper than the cost of solar power and power from certain types of projects, such as natural gas-fired power plants, can be delivered on a firm basis.
The availability of PPAs is subject to a number of economic, regulatory, tax and public policy factors. The inability to compete successfully against other power producers or otherwise enter into PPAs favorable to us would negatively affect our ability to develop and finance our projects and negatively impact our revenue. In addition, we may be subject to substantial costs, liabilities or obligations in the event that the solar projects we maintain and operate do not meet any agreed-upon system-level availability or performance warranties.
We have limited insurance coverage. Our insurance policies cover employee-related accidents and injuries, property damage, machinery breakdowns, fixed assets, facilities and liability deriving from our activities, including environmental liability. We consider our current insurance coverage to be adequate, but we cannot assure you that our insurance will be sufficient or effective under all circumstances and against all hazards or liabilities to which we may be subject.
Furthermore, our insurance coverage is subject to deductibles, caps, exclusions and other limitations. A loss for which we are not fully insured could have a material adverse effect on our business, financial condition, results of operations and cash flows. Furthermore, due to rising insurance costs and changes in the insurance markets, we cannot assure you that our insurance coverage will continue to be available at comparable rates or on similar terms, if at all.
We may also reduce or cancel our insurance coverage at any time. We may not be able to maintain or obtain insurance of the type and amount we desire at reasonable rates and we may elect to self-insure a portion of our solar project portfolio. Any losses not covered by insurance could have a material adverse effect on our business, financial condition, results of operations and cash flows.
In addition, the insurance industry in many parts of the world is still in an early stage of development. As we continue to expand our global presence, we cannot assure you that we will be able to obtain adequate insurance coverage in each of the new markets we enter. To the extent that our operations are not adequately insured in these markets, our business, financial condition and results of operations may be materially and adversely affected.
We may be subject to product or strict liability claims if the provision of our EPC services or the solar projects we sell result in injury or damage, and we have limited insurance coverage to protect against such claims, as well as losses that may result from business interruptions or natural disasters. Solar projects are highly sophisticated and generate and transfer large volumes of electric charge with the potential to harm or kill, whether by improper installation or other causes.
We are therefore exposed to an inherent risk of product liability claims or class action suits in the event that the installation of the solar power systems during the provision of our EPC services, or the solar projects we sell under our BT model, results in injury or damage, and we may even be liable in some jurisdictions under a strict liability theory, where liability holds even if we are not negligent or at fault. Moreover, to the extent that a claim is brought against us, we may not have adequate resources to defend ourselves.
We rely on our general liability insurance to cover product liability and other liability claims and have not separately obtained product liability insurance. The unfavorable settlement of product or strict liability claims against us could result in significant monetary damages and significant payments in excess of our insurance coverage could have a materially adverse effect on our financial results. Any such business disruption could result in substantial costs and diversion of resources.
Solar energy generation depends heavily on suitable meteorological conditions. If weather conditions are unfavorable, our power generation output, and therefore the revenue from our solar projects, may be substantially below our expectations. The electricity produced and revenues generated by solar projects are highly dependent on suitable solar conditions and associated weather conditions.
Such conditions are beyond our control. Furthermore, components of these generation systems, including solar panels and inverters, can be damaged by severe weather, such as heavy snowstorms, hailstorms, ice storms, lightning strikes, extreme winds, earthquakes or tornadoes. Replacement and spare parts for key components may be difficult costly or unavailable.
Unfavorable weather and atmospheric conditions could reduce the electricity output of our solar projects to below projected generation, damage or impair the effectiveness of our projects or require shutdown of key equipment, impeding operation of our projects and our ability to achieve forecasted revenues and cash flows.
The amount of electricity solar projects produce is dependent in part on the amount of sunlight, or insolation, where the projects are located. Because shorter daylight hours in winter months results in less insolation, the generation of particular projects will vary depending on the season.
We base our investment decisions with respect to solar power generation assets on the findings of related solar studies conducted prior to construction or based on historical conditions at existing projects. However, actual climatic conditions at an asset site may not conform to the findings of these studies. For example, unexpected development of climate conditions that was not taken into consideration during the investment decision-making process, such as smog and sand storms may significantly reduce the solar power generation.
Therefore, our solar projects may not meet anticipated production levels or the rated capacity of our projects, which could adversely affect our business, financial condition, results of operations and cash flows. The operation of solar projects involves significant inherent risks and hazards that could have a material adverse effect on our business, financial condition, results of operations and cash flows.
The operation of solar projects involves numerous hazardous activities, including delivering electricity to transmission and distribution systems. We are subject to natural disasters such as earthquakes, floods, snow obscuration, high temperatures, lightning, hurricanes, long-term climate changes, volcanoes and wind risks, as well as other inherent risks affecting resource availability such as fire, explosion, soil and ice buildup, structural collapse and equipment failure.
Moreover, we may suffer from negligent acts by our PPA counterparties or other third parties. Our rooftop projects could cause damage to the building roof, resulting in claims due to water damages or replacement of roofing materials. These and other hazards can cause significant personal injury or loss of life, severe damage to, and destruction of, property and equipment and contamination of, or damage to, the environment, wildlife takes or fatalities and suspension of operations.
MagnaMagna, based in Ontario, Canada, is the third-largest auto supplier in the world by sales, and has a contract-manufacturing operation with years of experience making entire car models for a variety of auto brands. Magna produces everything from chassis and car seats to sensors and software for driver-assistance features. Magna also pitches its engineering and manufacturing services to EV startups. Last fall, it agreed to provide Fisker Inc. Hyundai or KiaHyundai Motor Co.
Hyundai and Kia both have plants in the U. While the two sell EVs derived from existing models, they will start selling vehicles based on the dedicated EV platform from March, helping to bring down costs and improve performance efficiency. They plan to introduce a combined 23 new EV models and sell 1 million units globally by The big disadvantage Hyundai and Kia have is the recent back-and-forth on whether they are developing a car for Apple, a notoriously secretive company.
After pursuing a strategy of volume at any cost that ate into profit, Nissan needs to attract higher-paying customers largely with the technology inside of its cars. StellantisOne factor in determining the suitability of a partner for Apple may be availability of production capacity.
Stellantis is under pressure to find synergies after forming last month through the merger of PSA Group and Fiat Chrysler. For more articles like this, please visit us at bloomberg. Investors in growth stocks should seek stocks boasting strong institutional sponsorship. Here are some names that are being snapped up by funds. Coronavirus, of course. Or more precisely, a vaccine to fight it. Yesterday, Nakae took another look at Ocugen at its present share price, and declared it overpriced, downgrading the shares to Neutral i.
To watch Nakae's track record, click here Why is Nakae having second thoughts about Ocugen now? Valuation is obviously a concern, and certainly the primary one. After all, hype aside, Ocugen stock is a company almost entirely devoid of revenues. At its current market capitalization, therefore, Ocugen stock sells for a mind-numbing 40, times trailing sales, which is kind of a lot.
Now, what must Ocugen do to justify this valuation -- one that's not just "sky high" above fair value, but more orbiting somewhere out past Saturn? Although Covaxin has an ongoing Phase III clinical trial, that's happening in India, and Nakae thinks that even after initial results are in probably in March , the company may need to conduct an additional study in the U. Next, Ocugen will need to set up manufacturing operations to produce the vaccine in the U.
This will of course cost money, and this is probably one reason why Nakae predicts the company "will likely need to raise debt or equity funds in the future. Finally, once manufacturing has been set up and the vaccine goes on sale, the company will have to compete with multiple other vaccines already on the market -- and then split any profits that do result with its partner Bharat. And of course, all of this only happens if the vaccine proves effective, and safe enough to convince the FDA to issue the EUA.
So how long will all of this take? How long before Ocugen turns into something resembling a business, as opposed to just a "coronavirus play? The current outlook offers a conundrum. On the one hand, based on 3 Buys and 1 Hold, the stock has a Strong Buy consensus rating. It will be interesting to see whether the analysts downgrade their ratings or upgrade price targets over the coming months.
Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The market rally wobbled Wednesday, as Tilray led big moves in climax-type stocks. Nvidia stood out while Tesla's retreat could end up being bullish. The green energy industry has been red-hot throughout Here are the 2 companies could do very well in The Buffett Indicator has gone haywire of late.
Jim Cramer sees froth in the stock market Wednesday. Here's where he's putting his attention. The Apple Inc. The South Korean company - after the first successful approaches last January - was ready to make the Kia plant in West Point Georgia available to Apple, but some days ago the process came to a screeching halt, apparently due to internal disagreements within the Hyundai board.
Apple's goal would be to strike an agreement with an Asian company, probably to intercept the potential endless electric car market in the continent. See Also: Why Apple Could Emerge As Tesla's 'First True Competitor' Time Until "We are receiving several requests for cooperation in the joint development of autonomous electric vehicles from various companies, but they are at an early stage and nothing has been decided," Hyundai executives said in a note in which they dismissed the deal with Apple.
In conclusion, the Apple Car will have to wait for now: there is time until , which is the expected release date. This article originally appeared on Financialounge. It does not represent the opinion of Benzinga and has not been edited. Benzinga does not provide investment advice. All rights reserved.
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By the end of , CAD Fund has financed more than 30 projects in nearly We have jaw crushers, impact crushers, cone crushers, sand makers and so on. They can meet various production needs through free combinations. Get in touch with us Customer satisfaction is our first goal!
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China s Investment in Africa: Status, Features and …. Related News. All rights reserved. Yesterday, Nakae took another look at Ocugen at its present share price, and declared it overpriced, downgrading the shares to Neutral i.
To watch Nakae's track record, click here Why is Nakae having second thoughts about Ocugen now? Valuation is obviously a concern, and certainly the primary one. After all, hype aside, Ocugen stock is a company almost entirely devoid of revenues. At its current market capitalization, therefore, Ocugen stock sells for a mind-numbing 40, times trailing sales, which is kind of a lot. Now, what must Ocugen do to justify this valuation -- one that's not just "sky high" above fair value, but more orbiting somewhere out past Saturn?
Although Covaxin has an ongoing Phase III clinical trial, that's happening in India, and Nakae thinks that even after initial results are in probably in March , the company may need to conduct an additional study in the U. Next, Ocugen will need to set up manufacturing operations to produce the vaccine in the U. This will of course cost money, and this is probably one reason why Nakae predicts the company "will likely need to raise debt or equity funds in the future. Finally, once manufacturing has been set up and the vaccine goes on sale, the company will have to compete with multiple other vaccines already on the market -- and then split any profits that do result with its partner Bharat.
And of course, all of this only happens if the vaccine proves effective, and safe enough to convince the FDA to issue the EUA. So how long will all of this take? How long before Ocugen turns into something resembling a business, as opposed to just a "coronavirus play?
The current outlook offers a conundrum. On the one hand, based on 3 Buys and 1 Hold, the stock has a Strong Buy consensus rating. It will be interesting to see whether the analysts downgrade their ratings or upgrade price targets over the coming months. Disclaimer: The opinions expressed in this article are solely those of the featured analyst.
The market rally wobbled Wednesday, as Tilray led big moves in climax-type stocks. Nvidia stood out while Tesla's retreat could end up being bullish. The green energy industry has been red-hot throughout Here are the 2 companies could do very well in Jim Cramer sees froth in the stock market Wednesday. Here's where he's putting his attention. The Apple Inc. The South Korean company - after the first successful approaches last January - was ready to make the Kia plant in West Point Georgia available to Apple, but some days ago the process came to a screeching halt, apparently due to internal disagreements within the Hyundai board.
Apple's goal would be to strike an agreement with an Asian company, probably to intercept the potential endless electric car market in the continent. See Also: Why Apple Could Emerge As Tesla's 'First True Competitor' Time Until "We are receiving several requests for cooperation in the joint development of autonomous electric vehicles from various companies, but they are at an early stage and nothing has been decided," Hyundai executives said in a note in which they dismissed the deal with Apple.
In conclusion, the Apple Car will have to wait for now: there is time until , which is the expected release date. This article originally appeared on Financialounge. It does not represent the opinion of Benzinga and has not been edited. Benzinga does not provide investment advice. All rights reserved. The Federal Reserve and other powerful central banks have viewed a curiously long bout of low inflation as proof that stimulating the economy through unconventional money-printing measures can ease the pain of downturns.
Prioritizing economic support over inflation risk seemed like the right move: Many emerging market central banks initially offset the impact of fleeing foreign investors and rising borrowing costs, while helping to lift their stock prices. Dow Futures 31, Nasdaq Futures 13, Russell Futures 2, Crude Oil Gold 1, Silver Vix CMC Crypto FTSE 6, Nikkei 29, Read full article. July 27, , PM. More content below. Latest Stories.
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