A Chinese billionaire and one of the countries’ leading sportswear brands have invested US$140 million in project developer SPI Solar.
Shi Yuzhu, founder of online gaming firm Giant Interactive Group, and sportswear brand China Dongxiang Company Limited have agreed to purchase US$35 million in stock, US$35 million in bonds and stock options totalling US$70 million.
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“We are very pleased to announce this investment in SPI led by Shi Yuzhu and Dongxiang, which underscores their strong confidence in the company and its growth potential,” said Xiaofeng Peng, chairman, SPI. “We believe this additional capital will enable us to continue SPI’s impressive growth trajectory and benefit all of our shareholders.”
According to Forbes, Shi is worth US$3.2 billion. He came in at number 36 on its China rich list. After losing his computer hardware fortune in the real estate market, he rebuilt his wealth with a health products company and Giant Interactive.
He is still on the board of Giant and considers himself retired, with PV project investment through his Hulk Energy firm his new interest. Hulk has plans to invest around US$650 million in PV projects.