China-based solar cell manufacturer Shunfeng Photovoltaic International Ltd would be raising up to USD 144 million or HKD 1.12 billion in a share sale. According to a term sheet seen by Bloomberg, proceeds from the fundraising would be used to construct solar farms.

The company would sell 400 million new shares. The shares would be sold from HKD 2.50 to HKD 2.80 each.

Shunfeng Photovoltaic International is located in Changzhou. It is engaged in the business of developing, making and selling monocrystalline solar cells and similar products.

On October 9, Bloomberg reported that Jiangsu Shunfeng Photovoltaic Technology Co, a unit of Shunfeng Photovoltaic, offered to purchase stock in solar cell and panel maker Wuxi Suntech Power Co. A refundable deposit payment of CNY 500 million or USD 82 million was already given to Wuxi. Shunfeng said it would finance the acquisition by raising capital or debt. It would also consider a joint venture or partnership agreement to fund the purchase.