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China’s Shunfeng Photovoltaic in $144m plan to build solar farms

Changzhou firm will sell 400 million shares to construct solar power plants

solar panels at solar farm
Shunfeng Photovoltaic is selling millions of shares to build solar farms

Chinese solar firm Shunfeng Photovoltaic plans to raise up to HKD 1.12bn (USD 144m), selling shares to build solar farms, according to reports. The China-based company in Changzhou will sell 400 million new shares at HKD 2.50 to HKD 2.80 apiece in order to develop solar power plants, according to a term sheet, Bloomberg reports.

Shunfeng has said that its unit, Jiangsu Shunfeng Photovoltaic Technology, bid to acquire stock in Wuxi Suntech Power Co. The purchase may be funded by "raising debt or capital or by forming a joint venture or partnership," according to Bloomberg.

China's solar firms are making significant progress in building the PV sector across the BRIC country. JinkoSolar announced in September it had connected 100MW of PV projects to China's national grid, with the aim to double the figure by the end of the year.

Meanwhile, Chinese PV manufacturer Yingli Green Energy is currently hosting a month-long PV technology exposition to promote solar power innovations in the BRIC country.

Dengyuan Song, chief technology officer of Yingli Green Energy, said: "As the expo and our innovations hopefully demonstrate, we believe there is a bright future ahead for the solar industry."