Shuanliang Eco-Energy Systems Raised RMB 3.488 Billion to Initiate the First-Phase Development of a 40GW Base for Manufacturing Mono-Si PV Products

published: 2022-08-17 9:30 | editor: | category: News

Shuangliang Eco-Energy Systems announced on August 8 that it has completed an A share private placement. The proceeds from this round of fundraising came to RMB 3.488 billion and will be mainly used to grow the company’s PV business. This announcement was first picked up by other Chinese renewable energy news outlets.

According to the announcement, the private placement was subscribed by 16 investors, including mutual funds, industry investors, private equity firms, insurance firms, asset management firms, trusts, securities brokers, and foreign investors. Some of the notable ones are listed as follows: Southern Asset Management, Noude Fund, China International Fund Management, Caitong International Fund Management, UBS, Power Beijing, Taikong Asset Management, Huaneng Guicheng Trust, GF Securities, Everbright Securities, and Jinan Jiangshan Investment Partnership.

The diverse range of investors indicates that Shuangliang Eco-Energy Systems is gaining recognition from institutional investors. Through this fundraising round, the shareholding structure of the company has been further improved. This, in turn, will enable the company to obtain more capital and supporting resources from many other entities in the future.

Shuangliang Eco-Energy Systems stated that the proceeds from the private placement will be mainly used to initiate the first phase of a new production base and supplement working capital. The new production base is being developed through a wholly-owned subsidiary named Shuanliang Silicon Materials (Baotou) and will have a total production capacity of 40GW per year for mono-Si PV products. The first phase will set up 20GW. Additionally, some of the proceeds will be used to improve the company’s capital strength, structurally optimize the company’s main businesses, and support other related ventures. The company further said that this kind of fundraising is part of its development strategy and can enhance its overall competitiveness. The follow-up investments resulting from the private placement will likely increase the company’s revenue, profit, and market share for PV products.

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