Zhongtian Technology raising funds for new energy projects
Zhongtian Technology, a leading optical fiber producer in China, plans to issue more than 216 million shares by private placement this year to raise funds for the development of its new energy industries.
"We aim to finance 2.26 billion yuan ($369 million) from less than 10 share buyers including funds and institutions," said Yang Dongyun, secretary of the board of directors of Zhongtian Technology Co Ltd.
Yang told that the relevant documents, which are being prepared, are scheduled to be delivered to the China Securities Regulatory Commission for approval at the end of March.
"The funds collected will be used to develop distributed photovoltaic power generation systems, submarine cables, new energies and high temperature superconductor technology," said Xue Chi，deputy general manager of Zhongtian Technology Co Ltd.
Photovoltaic power has a promising market with the world expected to increase photovoltaic power generation systems by 43 gigawatts in 2014, including China's 12-gigawatt units.
Xue said 1.35 billion yuan of the money raised will be spent on a demonstration project aiming to build a solar 150-megawatt distributed photovoltaic power plant in the Nantong Economic and Technology Development Zone in Jiangsu province within three years.
"But we will try to complete it one year ahead of time with the first year to develop 80 megawatts and the second year to finish the remainder," he said.
Four companies from the Xinjiang Uygur autonomous region and the Ningxia Hui autonomous region have signed letters of intent with Zhongtian to use photovoltaic power energy.