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- 2005-11-19
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Chinese solar group raises $50m on AIM
By Geoff Dyer in Shanghai
A Chinese company that recycles silicon wafers to be used in solar panels has raised $50m
from an initial public offering in London.
ReneSola, which was only founded a year ago and has a valuation of $150m on AIM, i
s the latest Chinese company in the country’s fast-growing solar sector to attract interest from
overseas investors, although turbulent market conditions forced it to scale back the amount of
money raised.
The company, which recycles silicon from wafers used to manufacture semi-conductors,
has benefited from the current shortage of raw materials needed to make solar panels.
Based in Zheijiang province near Shanghai, ReneSola plans to use the funds to significantly expand
capacity and hopes to treble sales next year.
From having 16 furnaces for recycling silicon at the start of the year, the company plans to have
90 by the year-end. The silicon wafers it produces are used in photovoltaic cells which are the
main component of solar panels.
Although China recently resumed IPOs on its mainland stock markets, the exchanges are dominated
by state-owned companies, which has forced private sector companies to look for overseas listings.
A recent high-profile example was the flotation last year on the New York stock exchange of
Suntech, the Chinese solar panel maker, which raised $455m and was heavily over-subscribed.
China Biodiesel, a renewable energy company from Fujian province, raised £8m with an AIM
flotation last month.
Booming demand for solar panels in Europe and the US has created a shortage of silicon wafers,
allowing suppliers to enjoy strong profit margins and insist on pre-payment from most customers.
The solar industry in China is hoping that the country’s mounting energy needs will lead to a surge
in demand for solar power. The government has set a target that 15 per cent of energy should
come from renewables by 2020, however analysts believe that costs of solar energy will need to
fall by roughly a half for demand to really take-off.
ReneSola claims to have developed proprietary technologies that allow it to efficiently recycle silicon
and given that the inspection and testing process is labour-intensive, the company argues that
there is a cost advantage to doing this type of work in China.
The company’s nominated adviser and broker in the IPO was Westhouse Securities. Before selling
the 33 per cent stake to investors, the company was controlled by two senior managers, with
Diverso Management, a China-based investor in renewable energy, owning 10 per cent.
ReneSola于AIM籌得重金，欲躋身太陽能晶片製造前三甲
8月8日在倫敦AIM上市
回收硅晶片生產太陽能電池板的浙江昱輝陽光能源公司（ReneSola）在倫敦的選擇性投資市場
（Alternative Investment Market，AIM）首次上市就籌得資金5000萬美元。
ReneSola計畫使用這筆資金來擴大產量, 以期能在明年將銷售額翻兩番
ReneSola成立僅一年市值就達到了1.5億美元, 是中國快速發展的太陽能領域裏又一家成功吸引外資的
集團。在出售33％的股份之前，ReneSola由兩個高級經理和Diverso Management控股，其中
Diverso Management這家可再生能源領域的中國投資商占股10％
據稱ReneSola公司計畫將回收的硅晶片從年初的16個爐增加到年底的90個爐
該公司還表示，除了已有的那些訂單，到2006年底其切片量將達到每月240萬片
ReneSola還擁有一家大型的純鐵製造廠，並計畫在2007年進入中國太陽能晶片製造商前三甲
另一家中國的太陽能電池板新興公司Suntech也於去年在紐約證券交易所通過一次超額認購的上市
籌得資金4.55億美元。 |
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发表于 2006-8-1 21:50