June 9 (Renewables Now) - Chinese solar-grade polysilicon maker Xinjiang Daqo New Energy (SHA:688303), a unit of Daqo New Energy Corp (NYSE:DQ), has received regulatory clearance for a proposed raising of CNY 11 billion (USD 1.65bn/EUR 1.54bn) gross.
The approval was granted by the China Securities Regulatory Commission, the parent company said on Wednesday. Its subsidiary’s proposal for a private offering in China's A-share market has already been cleared by the Shanghai Stock Exchange and is subject to market conditions.
The approval from the securities commission will be valid until May 29, 2023.
Xinjiang Daqo intends to allocate about CNY 8 billion of the gross proceeds to support a 100,000-tonne polysilicon production expansion in Baotou City, Inner Mongolia, China. The rest of the money will be used to cover the company’s working capital needs.
Daqo New Energy has a polysilicon nameplate capacity of 105,000 tonnes. The company owns an 80.7% stake in Xinjiang Daqo, which completed an initial public offering (IPO) in China in July 2021.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.