Chinese renewable energy equipment supplier Sungrow Power Supply Co Ltd has announced plans to list its stock on the Frankfurt Stock Exchange, aiming to raise approximately CNY 4.88 billion (USD 684.8 million/EUR 631 million) to support its production expansion and research initiatives.
In a filing to the Shenzhen bourse, Sungrow stated that its proposal to issue global depository receipts (GDR) has received approval from its board of directors.
The plan still requires approval from the company's shareholders and further clearance from the China Securities Regulatory Commission and Deutsche Börse, Germany's financial supervisory authority. The GDRs will be offered to qualified international investors.
The targeted proceeds will be allocated to four key projects. Nearly CNY 2 billion is designated for a 20-GWh advanced energy storage equipment manufacturing facility in Hefei, Anhui province.
An additional CNY 1.76 billion will support the expansion of Sungrow's manufacturing capacity for inverters and energy storage products overseas. Approximately CNY 630.3 million is earmarked for a digital enhancement project, while CNY 496 million will fund a new research and development facility in Nanjing, Jiangsu province.
The four investment projects set to benefit from the IPO funds represent a total investment of about CNY 5.56 billion. Sungrow is recognized as the world's largest inverter manufacturer, producing a variety of products, including photovoltaic (PV) inverters, energy storage systems, wind converters, electric vehicle (EV) charging solutions, and electrolysers for hydrogen production. The company's installed inverter capacity reached 605 GW as of June.
