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Tianjin Zhonghuan to Invest $360 Million in Solar Expansion

Aug. 15 (Bloomberg) -- Tianjin Zhonghuan Semiconductor Joint-Stock Co., a Chinese state-owned maker of semiconductor devices, plans to invest an additional 2.3 billion yuan ($360 million) in its Inner Mongolia Zhonghuan Photovoltaic Material Co. unit to expand silicon and wafer production capacity.

The company is planning to raise as much as 2.4 billion yuan from a private placement of shares and use the proceeds to finance the investment, Tianjin Zhonghuan said today in a filing to the Shenzhen stock exchange.

Shanghai Aerospace Automobile Electromechanical Co., which owns a 20 percent stake in Inner Mongolia Zhonghuan will invest 575 million yuan for the unit’s expansion program, said Zhonghuan.

China’s fixed preferential power prices for solar projects are encouraging domestic installation and production expansion. Inner Mongolia Zhonghuan joins GCL-Poly Energy Holdings Ltd. and Solargiga Energy Holdings Ltd. to boost production to meet the demand.

The National Development and Reform Commission has set a tariff of 1.15 yuan (18 cents) a kilowatt-hour for solar power plants in Tibet. The payment also applies to projects outside Tibet that were approved before July 1 and are completed by the end of this year.

Other projects will be paid a rate of 1 yuan a kilowatt-hour, according to an Aug.1 statement by NDRC.

To contact Bloomberg News staff for this story: Feifei Shen in Beijing at Fshen11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.

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