ZTT, a leading optical fiber producer in China, plans to issue more
than 216 million shares by private placement this year to raise funds
for the development of its new energy industries.
"We aim to finance
2.26 billion yuan ($369 million) from less than 10 share buyers
including funds and institutions," said Yang Dongyun, secretary of the
board of directors of ZTT.
Yang
told China Daily that the relevant documents, which are being prepared,
are scheduled to be delivered to the China Securities Regulatory
Commission for approval at the end of March.
"The funds collected
will be used to develop distributed photovoltaic power generation
systems, submarine cables, new energies and high temperature
superconductor technology," said Xue Chi, deputy general manager of ZTT.
Photovoltaic
power has a promising market with the world expected to increase
photovoltaic power generation systems by 43 gigawatts in 2014, including
Chinas 12-gigawatt units.
Xue said 1.35 billion yuan of the money
raised will be spent on a demonstration project aiming to build a solar
150-megawatt distributed photovoltaic power plant in the Nantong
Economic and Technology Development Zone in Jiangsu province within
three years.
"But we will try to complete it one year ahead of time
with the first year to develop 80 megawatts and the second year to
finish the remainder," he said.
Four companies from the Xinjiang
Uygur autonomous region and the Ningxia Hui autonomous region have
signed letters of intent with ZTT to use photovoltaic power energy.
