Xinte markets shares to TBEA to money 100,000 MT polysilicon development
- Polysilicon maker Xinte Energy has elevated RMB2.3 billion (US$ 355.9 million) from its regulating shareholder TBEA in order to fund its target polysilicon capacity of 100,000 metric tonnes (MT).
Signed recently, the agreement sees TBEA purchase over 167 million shares in Xinte at a price of RMB13.73 each (US$ 2.12).
Xinte said 87.22% of the funds will certainly be invested in its 100,000 MT polysilicon project in Inner Mongolia, with the staying 12.78% being made use of as working resources for the development of wind as well as solar assets taken care of by Xinjiang New Energy.
In June, Xinte unveiled the strategy to offer its shares to fund the brand-new facility and also "seize the fast advancement possibilities" within the solar PV market, boosting the firm's affordable placement in polysilicon supply.
Additionally, in February, the business announced prepare for the globe's solitary largest polysilicon manufacturing complex in Inner Mongolia with a capability of 200,00 MT per year.
A month later on, Xinte reported that it was likewise seeking to broaden manufacturing at by 20,000 MT at its plant in Xinjiang province.