Shanghai Aerospace Automobile Electromechanical Co., a maker of car air-conditioners and solar-power parts, said its board of directors agreed to raise as much as 2.2 billion yuan ($344 million) from a private placement of shares to help fund solar projects.
The company, whose shares have lost about 20 percent this year, will issue as many as 221 million shares at 9.96 yuan apiece, Shanghai Aerospace said today in a filing to the Shanghai stock exchange. Other details weren’t disclosed.
It will use the proceeds to upgrade technology at its 200-megawatt high-efficiency solar cell plant, build a facility capable of making 500 megawatts of modules annually and develop a 50-megawatt solar power project abroad, it said.
— With assistance by Feifei Shen