Silex Systems Ltd., an Australian research and development company, plans to raise A$89.1 million ($88 million) from a share offering to fund solar power projects and expansion of a manufacturing facility.
The company will offer 16.5 million new shares at A$5.40 each to institutional investors, it said in a statement to the stock exchange today.
Silex’s Solar Systems Pty unit will use A$69.1 million of the proceeds to set up a 2-megawatt solar power project at Mildura in Victoria state and an as-much-as 5-megawatt project in Nevada, Arizona or New Mexico in the U.S.
Both ventures are pilot plants deploying concentrated photovoltaic technology, or CPV, designed to make more efficient use of sunlight than conventional photovoltaic panels through “concentrating optics.” The funds may also be used to set up further plants.
Silex Solar will use A$10 million of the proceeds for its flat panel PV operations, with the remaining A$10 million earmarked for the Translucent substrate business.
Silex System’s shares, which have gained 28 percent in the last six months, traded at A$6.41 today before they were halted.