Sky Solar Holdings, Ltd. Announces Latest Development in Cayman Islands Proceedings
31 8월 2020 - 8:42PM
Sky Solar Holdings, Ltd. (NASDAQ: SKYS) (“Sky Solar” or the
“Company”), a global developer, owner and operator of solar parks,
today announced that it was informed on August 28, 2020 that a
winding up petition (the “Petition”) had been purportedly filed
with the Grand Court of the Cayman Islands against the Company by
Hudson Capital Solar Infrastructure GP, LP, in its capacity as
general partner of Hudson Solar Cayman LP (“Hudson”).
The Company has not yet been served with the Petition, and it
considers that the Petition is procedurally defective, did not
comply with the applicable practice direction and is an abuse of
process. The alleged debt upon which it is based is disputed and is
the subject of ongoing litigation in the Supreme Court of the State
of New York (the “New York Court”) with respect to the Amended and
Restated Note Purchase Agreement dated July 15, 2016 (the
“Note Purchase Agreement”) between Hudson and certain of the
Company’s subsidiaries. The Company is vigorously contesting
Hudson’s claims in the New York Court, and the Company and certain
of its subsidiaries filed a complaint in the New York Court against
Hudson on August 13, 2020 seeking a declaratory judgement with
respect to certain purported events of default under the Note
Purchase Agreement that the Company believes were improperly
alleged by Hudson.
The Company is not insolvent and the Petition will be vigorously
defended.
About Sky Solar Holdings, Ltd.
Sky Solar is a global independent power producer (“IPP”) that
develops, owns, and operates solar parks and generates revenue
primarily by selling electricity. Since its inception, Sky Solar
has focused on the downstream solar market and has developed
projects in Asia, Europe, South America and North America. The
Company’s broad geographic reach and established presence across
key solar markets are significant differentiators that provide
global opportunities and mitigate country-specific risks. Sky Solar
aims to establish operations in select geographies with highly
attractive solar radiation, regulatory environments, power pricing,
land availability, financial access and overall power market
trends. As a result of its focus on the downstream photovoltaic
segment, Sky Solar is technology agnostic and is able to customize
its solar parks based on local environmental and regulatory
requirements. As of December 31, 2019, the Company owned and
operated 115.1 MW of solar parks.
Safe-Harbor Statement
This press release contains forward-looking statements. These
statements constitute “forward-looking” statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Among other things, the quotations from management in this press
release and the Company’s operations and business outlook contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. These
risks and uncertainties include, but are not limited to the
following: the reduction, modification or elimination of government
subsidies and economic incentives; global and local risks related
to economic, regulatory, social and political uncertainties;
resources the Company may need to familiarize itself with the
regulatory regimes, business practices, governmental requirements
and industry conditions as the Company enters into new markets; the
Company’s ability to successfully implement its on-going strategic
review to unlock shareholder value; global liquidity and the
availability of additional funding options; the delay between
making significant upfront investments in the Company’s solar parks
and receiving revenue; expansion of the Company’s business in the
United States and Japan; resolution of disputes; risk associated
with the Company’s limited operating history, especially with
large-scale IPP solar parks; risk associated with development or
acquisition of additional attractive IPP solar parks to grow the
Company’s project portfolio; and competition. Further information
regarding these and other risks is included in Sky Solar’s filings
with the U.S. Securities and Exchange Commission, including its
annual report on Form 20-F. Except as required by law, the Company
does not undertake any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
For investor and media inquiries, please contact:
Sky Solar:
IR@skysolarholdings.com
Sky Solar Investor Relations:
The Blueshirt Group
United States
Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
China
Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
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