Astronergy, a subsidiary of electrical components manufacturer Chint Group, has raked in 2 billion yuan ($280.1 million) in a Series C financing round, according to an announcement on Monday.
China Life Private Equity Investment Company, the alternative investment platform under China Life; the investment arm of BOCOM International; and China Capital Management, the private equity investment arm of local investment bank China Securities, among others, joined the round.
Existing shareholders Sparkedge Capital and CICC Capital re-upped in the round. Upon completion of the deal, Shanghai-based Sparkedge remains the largest institutional shareholder of the firm.
Founded in 2006, Astronergy, also known as Chint Solar, is engaged in the R&D, production, and sales of high-efficiency crystalline silicon photovoltaic (PV) cells and PV modules. The firm has expanded its manufacturing bases to three Chinese cities including Haining, Yancheng, and Jiuquan, as well as to Thailand, per the release.
Astronergy expects to reach an annual PC module production capacity of 55 gigawatts while its solar battery capacity is targeted to touch 53 gigawatts.
The fresh round comes around seven months after the firm sealed its 1.5 billion yuan ($216.3 million) Series B funding round roping in Hillhouse Capital Group, CICC Capital, and Sparkedge Capital.
Last April, Chint Solar was divested from Chint Group, which was looking to focus on its key business line of manufacturing low-voltage electric appliances through Chint Electrics amid “drastic price fluctuations” in PV raw materials, said Shanghai-listed Chint Electrics in a stock exchange filing at the time.
Major Chinese photovoltaics companies have been riding on tailwinds due to growing demand in Europe as the region tries to shift away from natural gas.