PVTIME – Sineng Electric Co.,ltd. (300827.SZ), a leading global high-tech company specialising in R&D, manufacturing, trading and maintenance of power electronic products, covering its business in PV inverters, energy storage systems, power quality control, system development and related fields, announced on 1 August 2023 that it intends to raise up to 2.55 billion yuan to support its 25GW solar inverter project, 10GW energy storage converter project, 10GWh integrated energy storage project and PV energy storage project, as well as to supplement working capital.
The announcement states that 1.04 million yuan from the raised funds will be used for the 25GW string inverter project in Wuxi City, Jiangsu Province, China, which has a planned investment of 1.296 billion yuan. It is expected that the intelligent and automated factory, including workshops, equipment, and related facilities, will be completed within three years and will be able to produce 15GW of PV inverters for distributed solar systems and 10GW of string inverters for large-scale PV plants annually.
Meanwhile, 760 million yuan of funds raised will be allocated to an energy storage project, which has a total investment of 1.103 billion yuan. The project is designed to produce 10GW of energy storage converter and 10GWh of integrated energy storage system as well as 200,000 units of integrated energy storage machine for solar power and 2.5GWh of energy storage system for residential solar power, within 3 years.
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