Italy court to seize solar farms of Suntech's investment fund
(Reuters) - China's Suntech Power Holdings Co Ltd STP.N said an Italian court has ruled to seize some solar farms constructed by investees of Global Solar Fund (GSF) controlled by Suntech, accusing GSF of improper operation.
The Brindisi court also ordered the seizure of feed-in tariffs received by companies that own these plants, said Suntech, whose main unit filed for bankruptcy protection in China in March.
In May 2011, Suntech said in its 2010 annual report that solar parks belonging to five of the fund's investee companies and totaling 2.83 megawatts were under investigation by the court of Brindisi.
Suntech, which owns 88 percent of the fund, said 37 GSF plants are now under seizure, totaling about 21 percent of the fund's power capacity.
"GSF is currently in the process of reviewing the ruling issued by the Court to determine the next appropriate steps," Suntech said in a statement on Monday.
(Reporting by Garima Goel in Bangalore)
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