Sky Solar, a publicly traded developer, owner and operator of solar farms, has launched an internal investigation of its former CEO Weili Su into the possibility he may have violated federal securities laws.
As a result, the company halted trading of its shares on Tuesday until the investigation is completed.
According to a Form 6-K, a SEC filing submitted to the U.S. Securities and Exchange Commission used by certain foreign private issuers to provide information that is required to be made public in the country of its domicile (in this case the United States), the management committee has recommended to the board that it launch an internal investigation into Weili and form a committee of independent directors to handle the investigation.
Details of Weili’s potential are presently undetermined, but pv magazine is monitoring the situation closely and will provide additional information as it becomes available.
Sky Solar is an independent power producer (IPP) that develops, owns, and operates solar farms around the world 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, South America, Europe, North America and Africa. As of December 31, 2016, the Company had developed 307 solar parks with an aggregate capacity of 292 MW and owned and operated 160 MW of solar around the world.
Recently, the company’s subsidiary, Sky Capital America invested in silicon-based Building Integrated Photovoltaic (BIPV) technology company AmberWave to provide services for the first 250 MW of deployments of AmberWave BIPV technology, including project financing, system design, engineering, procurement and construction management and operations and maintenance services. There are no indications that the internal investigation of Su will affect this partnership.