Kong Sun pockets USD 173m for solar expansion

Hong Kong-based investor Kong Sun Holdings Ltd (HKG:0295) said Friday it has raised HKD 1.34 billion (USD 173m/EUR 154m) in net proceeds, which will support its 1.2-GW installed photovoltaic (PV) capacity target for end-2015.

At present, the firm owns and operates 219.5 MW of solar farms in Xinjiang Uygur autonomous region and Gansu province and has also secured more than 1,000 MW of PV schemes countrywide. It plans to use the larger part of the sum, or about HKD 1.2 billion, for investment in or acquisition of solar assets, it noted.

In particular, the company sold over 1.14 billion new shares at HKD 1.20 apiece, equal to roughly 11.7% of Kong Sun’s enlarged share capital, the firm calculates. China International Capital Corp Hong Kong Securities Ltd, First Shanghai Securities Ltd, Kingston Securities Ltd and UOB Kay Hian (Hong Kong) Ltd served as placing agents.

“We are delighted with the encouraging response to the share placement through which mainland insurance companies, private equity funds and mainland and foreign financial institutions have become shareholders of Kong Sun,” chairman Liu Wen Ping said.

So far in 2015, the firm has raised over HKD 3.5 billion through diversified fundraising channels, according to a press release.

(HKD 1.0 = USD 0.129/EUR 0.115)

Choose your newsletter by Renewables Now. Join for free!