Chinese solar glass manufacturer and PV project developer Xinyi Solar has completed a shares issue intended to raise funds for an expansion in operations.
An update to the Hong Kong Stock Exchange today confirmed the issue of 380 million Xinyi Solar shares by parent company Xinyi Glass.
The figure equated to around 4.96% of the company and with the stock offered at HK$3.47 (US$0.44) per share, Xinyi Solar is anticipating a HK$1.31 billion windfall towards its project development and solar glass production capacity expansion plans.
The Wuhu-based company has announced plans to open two new 1,000 ton/day production capacity solar glass fabs in the port city of Beihai, in Guangxi autonomous region, with the new facilities set to open in the first and second quarters of next year. Chinese solar players are scrambling to ramp up production capacity at pace ahead of a widely predicted boom time for global solar.
Xinyi Solar will also invest some of the proceeds into PV project development after finding that side of its operations a profitable investment last year, during a turbulent period for solar glass prices.