Anwell Technologies Limited announced that its wholly owned subsidiary, Dongguan Anwell Digital Machinery Co Ltd. had secured RMB700 million in capital injection from the Municipal Government of Dongguan, for the development of Anwell’s second thin film solar panel manufacturing base in Dongguan.
With this significant investment, the Dongguan Government will become a 19.5% shareholder in Dongguan Anwell, valuing Dongguan Anwell alone at S$680 million (RMB3.6 billion).
At the end of five years following the capital injection, the Dongguan Government has the option of selling its shares in Dongguan Anwell to Anwell at cost plus interest.
In addition to this round of capital injection, Anwell has recently secured a total of RMB1.2 billion in long term funding for the second thin film solar panel plant in Dongguan and expansion of Anyang thin film solar panel plant from the municipal governments of both cities. Anwell aims to achieve 1.5GW annual production capacity within 5 years.
“The entry of the Dongguan Government as a strategic investor in our subsidiary provides strong assurance to our shareholders, customers and other stakeholders on the long term viability of our solar business. The premium valuation given to Dongguan Anwell Digital Machinery by the Dongguan Government is a strong vote of confidence in our investment potential and future growth, as we significantly ramp up our production capacity to meet global demand for thin film solar panels,” said Franky Fan, Executive Chairman & CEO.