Hanergy Holding Subsidiary 'Defaults on 1 Bln Yuan Debt'

(Beijing) – A subsidiary of troubled clean energy firm Hanergy Holding Group Ltd. has failed to repay a debt of more than 1 billion yuan, a person familiar with the situation says.

Hanergy borrowed the money through a subsidiary called Jin'anqiao Hydropower Station at an annual interest rate of 7.8 percent, but failed to make a full repayment by March 14 as agreed, the source said.