Dec 2, 2014 - China-based Shunfeng International Clean Energy Ltd (HKG:1165) said Friday it has raised HKD 1.386 billion (USD 179m/EUR 144m) from a convertible bonds placement.
The company, known as Shunfeng Photovoltaic International until recently, will use the proceeds to meet the capital costs for its existing solar projects and for the expansion of its business, including acquisitions. Some of the funds will go for general corporate needs.
In end-October, the Chinese company unveiled its plans to offer up to HKD 2.8 billion worth of convertible bonds in two separate tranches. The current placement is part of phase one. All tranches are to be concluded by January 31, 2015.
Shunfeng is a fully-integrated solar company, which operates in both the upstream and downstream solar segments. The firm aims to achieve grid-connected solar power generation capacity of 10,000 MW by end-2016 both at home and abroad.