Shinfox 77MW Project Contributes 6.6-fold YoY Increase in April Revenue

published: 2022-05-10 9:30 | editor: | category: News

Shinfox Energy announced its April revenue today. Beneficiary projects are recognized according to completion ratios. Shinfox Energy's revenue in April reached NT$430 million, an increase of 12.2% over the previous month and a 6.6-fold increase compared to the same period last year. Cumulative revenue from January to April this year reached NT$1.250 billion, an increase of 87% YoY from NT$668 million.

Shinfox Energy pointed out, since the 77MW solar photovoltaic project in Tainan Cigu was successively recognized according to the completion ratio, revenue in April reached NT$430 million again, a new high this year, and demonstrated a monthly upward trend. Cumulative revenue in the first four months of this year reached NT$1.25 billion, far better than the NT$668 million in the same period last year.

In addition, Shinfox Energy issued 50,000 shares in a round of fundraising in 2011 and has, to date, already received the full amount of cash for the shares. A total of NT$4.4 billion was booked, increasing capital to NT$1.965 billion, which will accelerate the promotion of the next wave of Shinfox Energy’s major investment projects.

With the change in shareholding after the increase in share capital, total number of shares in circulation is currently 196.5 million, which needs to be revised due to changes in the dividend rate of shareholders' allotments. The chairman, as authorized by the board of directors, changed the distribution rate of cash and stock from NT$1.34129 to NT$1 each, totaling NT$2, which is better than last year's NT$1 cash dividend, while the total amount of dividends distributed to shareholders remains unchanged.

Shinfox Energy will accelerate the development of construction investment plans in various fields of "light, wind, water, gas, and large platforms" this year. Currently, projects on record exceed NT$70 billion yuan. In addition to building domestic solar photovoltaic, onshore wind power, and offshore wind power development projects, the company also actively engages in natural gas power plant investment and development and small hydropower development, taking into account the dual goals of environmental regeneration and energy regeneration, in order to create an ESG ecological goal for the industry.

In mid-April, Foxconn signed a Memorandum of Understanding (MOU) on green power procurement with Foxwell Power, a subsidiary of Shinfox Energy. In 2030, it will reach 70 million kWh of green electricity, driving the demand for green electricity procurement in Taiwan. At present, many companies are negotiating green electricity procurement cooperation opportunities with Foxwell Power.

In order to ensure the stability of a power grid powered by renewable energy, Shinfox Energy and Foxwell Power have completed the construction of the largest single energy storage project in Taiwan. This first 7MW energy storage system will be completed soon and it will participate in Taipower's "Power Trading Platform" to provide power system frequency modulation and backup services, and a 100MW energy storage system is planned to make inroads into the energy storage market.

The company issued 50,000,000 shares for its current round of fundraising and received full payment on May 10, 2022, resulting in the total number of outstanding shares being changed to 196,500,000 shares. According to the authorization of the board of directors, the chairman of the board will calculate and adjust the shareholder allotment dividend based on the number of outstanding shares: A cash dividend of NT$1 share and a stock dividend of 100 shares per thousand shares are allotted for free, and the total amount of dividends distributed to shareholders remains unchanged.

 

(Image:Shinfox)

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