Polysilicon manufacturer Xinte Energy has raised RMB2.3 billion (US$355.9 million) from its controlling shareholder TBEA in order to fund its target polysilicon capacity of 100,000 metric tonnes (MT).
Signed last week, the agreement sees TBEA purchase over 167 million shares in Xinte at a cost of RMB13.73 each (US$2.12).
Xinte said 87.22% of the funds will be invested in its 100,000MT polysilicon project in Inner Mongolia, with the remaining 12.78% being used as working capital for the development of wind and solar assets handled by Xinjiang New Energy.
In June, Xinte unveiled the plan to sell its shares to fund the new facility and “seize the rapid development opportunities” within the solar PV industry, enhancing the company’s competitive position in polysilicon supply.
Moreover, in February, the company announced plans for the world’s single largest polysilicon production complex in Inner Mongolia with a capacity of 200,00MT per year.
A month later, Xinte reported that it was also seeking to expand production at by 20,000MT at its plant in Xinjiang province.