China, Hong Kong: A global investment manager L.R. Capital is investing $80 million (RMB 500 million) in the pre-IPO financing of Xinte Energy, a subsidiary of Tebian Electric Apparatus Stock Company Limited (TBEA).
TBEA is China's largest energy equipment manufacturer and a global player in the power T&D equipment manufacturing sector, with annual transformer production capacity of 250 million kVA. Xinte Energy is the only vertically integrated player along the photovoltaic value chain in China, reports ACN Newswire.
Other investors participating in this transaction include CM International, a subsidiary of China Minsheng Investment, and GF Energy Investment, a subsidiary of GF Securities.
The proceeds will be used to fund the construction and operation of solar and wind power plants, expansion of business network and replenishment of working capital.