Shunfeng Photovoltaic International, the Chinese manufacturing and project developer, is to issue convertible bonds worth around HK$2.8 billion (US$361 million) to fund its ongoing downstream expansion.
In a Hong Kong Stock Exchange notice yesterday the company said it would issue two separate convertible bonds worth HK$2.1 billion and HK$700 million
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Shunfeng said it intended to use all of the proceeds from the bonds to fund its existing solar projects and further expansion.
Shunfeng said in a recent interim report that following project acquisitions in 2013 and 2014, it had achieved 910MW of grid-connected capacity since expanding into downstream activities and had another 876MW under construction.
The company said that by the end of 2016 it is targeting 10GW of grid-connected capacity.
Backed by the secretive Chinese investor Cheng Kin Min, Shunfeng is pursuing an aggressive international drive as an integrated manufacturer and PV power plant developer. Earlier this year it acquired bankrupt Chinese module manufacturer Suntech to bolster its plans.
