Nanjing-based ET Energy Co, a global solar electricity developer, held a meeting on Wednesday in Shanghai for its plan to raise 300 million yuan ($48.33 million), attracting more than 100 institutional investors.
This will be ET's final round of private financing before it applies to get listed on China's New Third Board in September, under its plan.
The 10-year-old company has 18 branches in 12 countries and regions, and its business covers engineering, procurement, construction, photovoltaic plant development and support services.
As of June, the capacity of the solar plants that ET had completed or under construction stood at 850 megawatts.
ET opted for the New Third Board after considering a listing in the US, its executives said.
"The big potential of China's PV industry as well as the booming capital market here led ET to ultimately choose the domestic capital market," CEO She Haifeng told a press conference in Shanghai on Wednesday. "Our company's value can be better recognized by domestic investors."
"China's photovoltaic industry is in for a restructuring in the coming years that will drive tiny companies out of existence," Duan Zhiyu, an analyst at Bloomberg Financial Information (Beijing) Co Ltd, said at the conference on Wednesday.
The National Energy Administration announced a plan for the solar industry in March under which China would add 17.8 gigawatts (GW) of photovoltaic capacity in 2015. Installed solar capacity was 28.05 GW in 2014, the agency said in February.
The Chinese government told the United Nations in June that installed solar capacity in China would reach 100 GW by 2020 as the nation sought to reduce emissions, domestic news portal cet.com.cn reported on Tuesday.
ET has forecast revenue of 2.87 billion yuan in 2015 with a net profit of 169 million yuan, up from 1.91 billion yuan and 51 million yuan, respectively, in 2014, according to information obtained by the Global Times on Wednesday during the conference.
