According to a Forbes report, major investment banks Goldman Sachs and CDH Investment have together contributed close to US$100 million in Himin Solar Energy Group, a solar module manufacturer based in eastern China’s Shandong province. The investment, which was announced earlier in the year but delayed because of the global economic crisis, has been earmarked for aiding in company growth and R&D.
While it in unclear how much of a stake the two banks have secured as a result of the investment, one of Forbes’ sources has claimed it is close to 15%. Himin’s next move is to seek regulatory approval, as well as putting the funding into expanding operations at its R&D centre in Qingdao, and establishing marketing and logistics centres in Xi’an, Wuhan and Hangzhou, according to the report.
“Goldman Sachs and CDH will continue to fund Himin Solar if Himin continues to expand,” said Zhang Yi, Goldman Sachs’ (Asia) Managing Director at a news briefing.