China-headquartered solar wafer producer Guangdong Gaojing Solar Energy Technology has raised RMB1.6bn ($251m) in a series A round featuring solar cell provider Shanghai Aiko Solar Energy and home appliance manufacturer Midea, DealStreetAsia reported yesterday.
China Life Investment Management, a subsidiary of insurance group China Life, also took part in the round, as did the state-owned Huafa Group, IDG Capital, Guangdong Finance Fund Management and Shenzhen Investment Holdings.
Confirmation of the transaction came after Aiko Solar revealed last month it was paying approximately $39.6m for a 2.12% stake in Goajing, which would place the company’s valuation at almost $1.9bn. Media participated in the round through its Midea Capital fund.
Gaojing provides silicon wafers for use in the cells which make up the modules in solar photovoltaic projects. It intends to commit some $2.7bn in capital to building a manufacturing plant that would supply some 50 GW of wafers each year.
The company was founded in 2019 with financial backing from Huafa Group and IDG Capital, and reports last month suggested it plans to reach 30 GW production capacity in the facility this year.
