On April 3, CECEP Solar Energy released the first interim report on entrusted administration of the Taineng Convertible Bonds, clarifying that the company raised RMB 2.95 billion through the public issuance of convertible corporate bonds to unspecified investors. The proceeds are earmarked for the construction of photovoltaic power stations and supporting energy storage projects, further scaling up the development of its new energy business.
According to the announcement, a total of 29.5 million convertible bonds were issued with a par value of RMB 100 per unit, resulting in a net raised fund of RMB 2.947 billion. All funds were received and placed under special account supervision on April 3, 2025. The bonds have a term of six years with a step-up coupon rate annually. The initial conversion price is set at RMB 5.67 per share, and the conversion period runs from October 9, 2025 to March 27, 2031.
The entire raised capital will be invested in six photovoltaic and energy storage projects with a total investment of RMB 4.566 billion.
Among them, the 250MW/1,000MWh all-vanadium flow battery energy storage plus 1,000MW market-oriented grid-connected photovoltaic project (Phase I: 300MW) in Qapqal County, Xinjiang, has received RMB 1.03 billion in investment, making it the largest single project in this round. The "PV + energy storage" integrated project in Jimsar County, the Zhenwu fishery-solar hybrid project in Yangzhou, and three agricultural photovoltaic power stations in Guizhou are being advanced simultaneously, covering diversified models such as PV-storage integration, fishery-solar complementation, and agricultural-solar complementation.
The report also disclosed that the company recently completed a reshuffle of its general manager position. Zhang Huixue was transferred to Chairman due to work adjustments, and Yang Zhongxu was appointed as the new General Manager by the board of directors. Huatai United Securities, the bond trustee, stated that this personnel change constitutes a normal business adjustment and will not have a material adverse impact on the company's production and operation, financial conditions, or debt-servicing capacity.
The fundraising will effectively expand the company's photovoltaic installed capacity, strengthen supporting energy storage capabilities, optimize its regional layout, and further consolidate CECEP Solar Energy's market position in the domestic new energy power generation sector.
Source：EnergyTrend