Baoan Real Estate is looking to raise RMB 9.5 billion (around $1.5 billion) via private placement over the next six months. Its goal is to invest in 1.15 GW worth of both ground-mounted and rooftop solar PV projects in China. No further details on the planned project pipeline were available.
The announcement was made following the merger of Baoan Real Estate with Tunghsu New Energy, the latter of which has around 110 MW of EPC experience in the solar PV industry. Two months ago, Tunghsu became the biggest shareholder in Baoan.
The news is one more example of fundraising by Chinas PV companies from the stock market this year. Before the collapse of Chinas stock market in the summer, more than RMB 26 billion was raised for the PV industry, although this has since decreased.
Two weeks ago, the Chinese government increased its 2015 solar PV targets for a second time this month. It now aims to install 150 GW by 2020, or 20 GW annually between 2016 and 2020. The countrys National Energy Administration estimates that China had installed 35.8 GW of solar PV by the end of June, with 7.7 GW installed in the first half of 2015 alone.