Chinese solar wafer producer Jiangsu Shunda Group intends to raise $1 billion in an initial New York share listing, according to a Reuters report.
Ni Yunda, the company’s president, said the offering will take place in the first half of 2009. Proceeds from the listing will be used to help fund a second polysilicon plant with an annual production capacity of 3,500 tons, scheduled to open in June 2009 at a cost of rougly $175 million.
The company’s first polysilicon plant is expected to begin production this month and boost net profit into the range of 400 to 500 million yuan, Ni said.
Polysilicon is the raw material used to make solar wafers for photovoltaic solar cells.
Ni told Reuters the company met conditions for a New York listing last year, but held off on the offering until the polysilicon plants were farther along. He said the compay will proceed with the offering after an October evaluation confirms that the first polysilicon plant meets global standards.
Jiangsu Shunda Group provides soalr wafers to solar cell manufacturers Suntech Power Holdings (NYSE: STP), Q-Cells AG (QCEG.DE) and Sharp Corp (6753.T).
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