Chinese automaker BYD recently started building a solar panel production facility in Sao Paulo, Brazil. The project has been taken up in collaboration with APEX-Brasil, the Brazilian agency for export and investment promotion.
The solar unit is being established in addition to BYD’s electric bus manufacturing facility, also at Sao Paulo, scheduled to be opened in July.
The solar panels factory is expected to have an annual output of 400 MW and is slated to open in the first half of 2016.
Along with the solar panel manufacturing plant, BYD is also installing an R&D center for electric vehicles, energy storage, smart grid, solar power and LED lighting, according to a statement.
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According to a report on Tuesday Warren Buffet-backed BYD is planning a private placement in Mainland China aimed at raising $1.9 billion. According to unnamed sources Reuters has cited, the placemenet is to be out in early June.
As a precursor, BYD has blocked trading of its shares in Shenzhen on Monday and Hong Kong on Tuesday.
Reuters reports that China Merchants Securities, Guosen Securities and UBS Securities were working on the deal and more banks are to join the deal in due course.
Ajith Kumar S