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| Monday, 20 April 2015, 14:45 HKT/SGT | |
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HONG KONG, Apr 20, 2015 - (ACN Newswire) - L.R. Capital, a leading global investment and alternative asset manager, today announced that as a strategic investor, it will invest RMB500 million in the pre-IPO financing of Xinte Energy, a subsidiary of Tebian Electric Apparatus Stock Company Limited (SH-600089, "TBEA"), China's largest energy equipment manufacturer and a global leader in the power transmission and distribution sector. Xinte Energy is the only vertically integrated player along the photovoltaic value chain in China.
TBEA is China's largest energy equipment manufacturer and a global leader in the power T&D equipment manufacturing sector, with annual transformer production capacity of 250 million kVA, ranking first in China and among top three in the world. TBEA operates in 5 industry clusters, including energy, T&D equipment manufacturing, power system integration solutions, new energy and new materials. In terms of comprehensive strength, the company ranks 317th among the world's top 500 machinery manufacturers, 10th among China's top 100 machinery manufacturers, and the first among China's top 100 transformer manufacturers.
As the new energy platform of TBEA, Xinte Energy is the only vertically integrated player along the photovoltaic value chain in China, and is the only Xinjiang-based company among the first few players qualified for the polysilicon industry in China. With its unique strategic location, technology expertise, capital strength and cost advantage, it enjoys significant competitive edge over its peers. Furthermore, as a standard setter for photovoltaic power plants, it is leading the development of desert solar power industry in China. In September 2014, the company announced its ongoing pipeline, which has included a number of large-scale new energy projects. It has also entered into cooperation agreements with local governments in the new energy sector, with total planned capacity of 2.4GW and total investment of up to RMB24.2 billion.
Other investors participating in this transaction include CM International, a subsidiary of China Minsheng Investment (a national level private investment company), and GF Energy Investment, a subsidiary of GF Securities (China's largest non-state-owned securities firm).
Also on April 14, 2015, TBEA announced Xinte Energy's H-share IPO plan. The use of the proceed will be funding of the construction and operation of solar and wind power plants, expansion of business network and replenishment of working capital.
Topic: Press release summary
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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