Shanghai Huitong Energy Co Ltd, which is principally engaged in trading, manufacture and distribution of mechanical products, as well as property leasing, has announced plans to raise not more than RMB 581 million via a private placement to fund a wind power project.
According to the plans, the Shenzhen-listed firm will issue up to 48 million shares to ten selected investors at a price of RMB 13.04 apiece. The issuer's parent company Shanghai Hongchangsheng Group will spend a total of RMB 160 million to subscribe the to-be-issued shares.
The issuer said it will use RMB 421.44 million in net proceeds to develop a wind power project in the Inner Mongolia Autonomous Region with a designed installed capacity of 49.5 megawatts in the second phase.
In the first phase of the project, electricity generators with an installed capacity totaling 48 MW have gone into operation.
Shanghai Huitong Energy said it expects to have an annual power output capacity of 2.4 gigawatt hours upon the completion of the entire project.
