Chinese Solar Group Raises $50m on Alternative Investment Market

Shanghai, China [The Financial Times Ltd.] A Chinese company that recycles silicon wafers to be used in solar panels has raised $50m from an initial public offering in London. ReneSola, which was only founded a year ago and has a valuation of $150m on AIM, is the latest Chinese company in the country’s fast-growing solar sector to attract interest from overseas investors, although turbulent market conditions forced it to scale back the amount of money raised. The company, which recycles silicon from wafers used to manufacture semi-conductors, has benefited from the current shortage of raw materials needed to make solar panels.
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