Today in Cleantech

The news this week that Chinese solar giant Suntech may be a victim of a $690 million fraud is something out of a Hollywood thriller. The story goes that Suntech extended $690 million of credit toward GSF Capital, which in turn managed companies that were buying hundreds of millions of dollars of Suntech PV panels. As collateral, GSF put up $690 million in German government bonds. And that’s where the hitch is. In a call, Suntech’s CFO David King said, “the original documentation provided to Suntech may have been fabricated and the German government bonds may not have existed.” Whoops. Suntech’s share price has been hammered, down 20 percent, as have the share prices of other Chinese solar makers, including Trina and Yingli. From Solyndra to Suntech, someone is going to write a book about the solar gold rush, and some of the hijinks that occurred.