Government-owned agencies will take seats in the company’s board.
Taiwan’s Neo Solar Power, which is in a merger with Gintech Energy and Solartech Energy, has received $87.32m from two government entities in a private placement.
According to an announcement, Neo Solar is set to be renamed as United Renewable Energy Co (UREC). It will hold a shareholders meeting on 20 November to vote on the reshuffling of its board.
The funding came from the National Development Fund (NDF) and the management committee of the government-controlled Yao Hua Glass. The two agencies will then each take two seats as well as an independent director seat in the board.
According to Taipei Times, Neo Solar had previously indicated that UREC eyeing the global market in order to reduce the dependence of Taiwan’s solar energy sector on China. But market analysts have argued that solar developers in the country remain unprofitable.
Only companies like Gigasolar Materials Corp and Anji Technology Co remained profitable in H1 of 2018, it added.
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