China-based PV manufacturer and developer Hareon Solar Technology is raising approximately US$618 million in a non-public offering of shares to fund several key projects related to manufacturing and PV power plant projects.
Hareon Solar said in financial filings that funds totalling US$198.1 million would be allocated to PV power plant projects in Romania. The company had partnered on utility-scale PV projects in the country in both 2012 and 2013.
Further spending totalling approximately US$61 million will be allocated to 2,016MT of polycrystalline silicon ingot purchases and expansion of wafering operations by 80 million pieces.
Hareon Solar also plans to invest approximately US$22.5 million in the construction of a new crystalline silicon solar cell technology research and development centre in China.