Chinese photovoltaics (PV) firm GCL System Integration Technology Co Ltd has received regulatory approval from the Shenzhen Stock Exchange Listing Review Centre for a private share sale amounting to up to CNY 4.84 billion (USD 680.2 million/EUR 620.5 million). The approval grants the manufacturer the ability to issue up to 1.76 billion shares, representing no more than 30% of its total stock capital.
The anticipated net proceeds of CNY 3.4 billion from the private placement will be utilized to enhance GCL System's liquidity and support the expansion of its N-type cell factory in Wanzhi district, Wuhu City. The 10-GW facility, which commenced production in August, is set to expand to a total capacity of 20 GW in its second phase.
Last week, GCL SI, part of the Golden Concord Group (GCL), approved plans for the private placement. The newly-issued shares will be listed on the main board of the Shenzhen Stock Exchange.
With multiple manufacturing facilities in China and ongoing projects, GCL SI aims to increase its module production capacity domestically to over 30 GW. Once the second phase of the Wuhu factory is operational, N-type high-efficiency cells will constitute 87% of the company's overall cell production capacity.
