HONG KONG -- State-owned Shanghai Electric Group has disclosed losses of more than $650 million due to cost overruns incurred in building a landmark solar power station in Dubai personally championed by President Xi Jinping as part of his Belt and Road Initiative.
The overruns add to the financial woes of the venerable energy production and industrial equipment maker which reported an audited net loss of 9.98 billion yuan ($1.57 billion) for 2021 on Monday, reversing the 3.75 billion yuan net profit it recorded a year earlier.
