On December 2, Solis announced that the GEM (Growth Enterprise Market) Listing Committee of Shenzhen Stock Exchange approved the company’s application for issuing convertible corporate bonds to unspecified investors.
The total amount of the convertible bonds will be no more than 897 million yuan. The raised funds will be used mainly to develop distributed solar PV projects and supplement working capital.
The installed capacity of the project will be about 194.02 MW, generating about 157.2915 million kWh per year for self-consumption. The excessive power generated will be fed to the grid.
Solis predicted that the project could generate an annual revenue of 88.79 million yuan, with a gross profit margin of 57.75%.
