Sky Solar of China eyes up to USD 172.5m from US IPO

Oct 23, 2014 - Chinese solar power company Sky Solar Holdings Co Ltd may raise up to USD 172.5 million (EUR 136.2m) in its initial public offering (IPO) after setting the price range at USD 10.00-12.00 per American depositary share (ADS) yesterday.

The company is selling 12.5 million ADS and has provided an over-allotment option of up to 1.875 million more. Its ADSs, each equal to eight ordinary company shares, will list on the Nasdaq Global Select Market under the symbol "SKYS".

The proceeds from the IPO will go to support Sky Solar’s projects. It has 16.9 MW of plants under construction, 266.8 MW of construction-ready projects and 1,054.7 MW more under development in Japan, Latin America, Canada and South Africa. Just a few days ago, local paper Iwate Nippo said that the Chinese solar developer has secured a land lease agreement for a 40-MW solar farm in Japan.

Sky Solar has already installed 181 MW of solar capacity in Europe, Japan and Canada. It owns and operates 53.9 MW as an independent power producer (IPP). In 2013 it booked revenues of USD 36.5 million, followed by USD 14.4 million in the first half of 2014.

(USD 1 = EUR 0.790)

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