Parent company hopes to raise $535 million from the move with $500 million worth of three-year senior notes owed by its solar project business due to mature on January 30.
Shares in the Norwegian renewables company have been trading below the $26 price linked to a recent $527 million fundraising issuance which the developer launched to fund its planned acquisition of hydropower business SN Power.
Power company Datang Group is reportedly planning to spend around $148 million replacing a coal-fired power plant with a 200 MW solar project in Shanxi province and two solar players are set to issue stock.
Longi has also joined the 500 W-plus module club with its new Hi-Mo5 product, while Sunport has announced to expand production of its MWT module.
The polysilicon manufacturer, which is bent on slimming down its capital-intensive project development business, has generated another windfall to go towards servicing its onerous debt pile.
There was significant opposition to the re-appointment of three executives at today’s AGM, suggesting unease at a strategy that involves loading ever more debt onto the manufacturer as it bids to rapidly outgrow its rivals in terms of production capacity.
The polysilicon and wafer maker has been busy raising cash of late by indulging in a fire sale of project assets. With plans for ever larger production capacities to fund, it has now announced the issue of new shares amounting to more than 8% of the existing stock.