On August 1, Shangneng Electric announced that the total amount of funds raised in this issue is not more than 2.55 billion yuan (including this number). The net proceeds after deducting the issuance expenses will be used for the following projects:
(I) Industrialization Construction Project
of 25 GW Series PV Inverters with Annual Output The total investment of this project is RMB 1,295,929,100. The raised fund is planned to be invested by RMB1,040 million, and the construction site is located at the southeast side of the intersection of Beihui Road and Huizhou Avenue, Huishan District, Wuxi City. The Company plans to build a new string inverter production base in Huishan District, Wuxi, with a planned construction area of 112,000.00 ㎡. The main construction contents include the construction of production plant and supporting facilities, and the construction of an automatic, intelligent and large-scale string inverter production base by introducing automatic production equipment and supporting equipment. The main body of the project is Wuxi Guangyao Energy Technology Co., Ltd. (A wholly-owned subsidiary of Shangneng Electric). The construction period of the project is 3 years. After the project is completed and put into operation, it will increase the annual production capacity of distributed photovoltaic inverters of 15GW and large series photovoltaic inverters of 10GW.
(II) Construction Project
with Annual Output of 10GW Energy Storage Converter, 10GWh Energy Storage System Integration and 200,000 Photovoltaic Storage Integrated Machines The total investment of this project is RMB 1,102,687,500, of which RMB 760 million is planned to be invested by the raised funds. The construction site is located at the northeast side of the intersection of Jinzhou Road and Beihui Road in Huishan District, Wuxi City. The Company plans to build a new production base for energy storage products in Huishan District, Wuxi, with a planned construction area of 94,000.00 ㎡. The main construction contents include the construction of production plants and supporting facilities, and the construction of an automated, intelligent and large-scale production base for energy storage products by introducing automatic production equipment and supporting equipment. The main body of project implementation is Shangneng Electric Co., Ltd. The construction period of the project is 3 years. After the project is completed and put into operation, the annual production capacity of 10GW2 energy storage converter, 10GWh energy storage integrated system, 200,000 optical storage integrated machines and 2.5G Wh household storage battery system will be increased.
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