Taiwanese solar cell and module manufacturer TSEC has this week launched a private placement of shares to secure NT$615.0 million (US$22.04 million) in funds.
According to a filing with the Taiwan Stock Exchange, the shares were priced at NT$23.75 per share, with a total of 25,894,736 shares offered.
Taiwanese media outlet Digitimes reports that the funds will be used by TSEC to increase its solar production capacity for both cells and modules to 1.5 GW. According to the article, the private placement was subscribed by the Taiwan government's National Development Fund, which secured 31.71% of the offered shares, and a new unspecified shareholder of TSEC, which secured 68.29%.
In June, the company commissioned a 500 MW solar cell line at its Yuanjing factory in Taiwan. It invested TWD 900 million ($32.2 million) in the new production line, which raised the company's total solar cell capacity to 1 GW.
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