2010-08-19 16:31

An ET Solar Group worker is examining silicon chips on Aug 18, 2010. [Photo/chinadaily.com.cn]

Taizhou city in China's Jiangsu province is encouraging companies this year to raise funds from banks, venture capital, and initial public offerings (IPOs), said a city official on Wednesday.

"Up to 15 Taizhou companies will go public domestically or abroad in three to five years, and five to eight out of them are shipbuilding companies," Lu Peimin, vice-mayor of Taizhou city, told the media.

Besides public floating, the city is also encouraging hi-tech and information technology sectors to loan from banks, and the new energy sector is sponsored by a total of 100 billion yuan ($14.6 billion) funds.

Sixteen plants, including electric vehicle battery producers and solar power photovoltaic compose a new energy industrial cluster in Taizhou’s Hailing industrial zone.

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Plants in the Hailing industrial zone last year brought in a total revenue of 2.3 billion, and its gross industrial output value was 9.7 billion yuan.

ET Solar Group invested 150 million yuan into the Hailing industrial zone in August, expanding the capacity to 700 megawatts from 350 megawatts. The group is expecting six billion yuan sales revenue this year, the director of the board at ET Solar Group Wang Xinghua said in a meeting with media on Wednesday in Taizhou.

"A US solar power company will establish a plant in Hailing industrial zone this year," said Vice-mayor Lu.