China-focused CDH Investments and Goldman Sachs have invested about $100 million in Dezhou, Shandong-headquartered Himin Solar Energy Group, a manufacturer of solar water heaters. Other financial details were not disclosed.
The investment will help Himin to scale up its business, Huang Ming, the company’s president, said in a statement. Himin plans to set up more distribution, logistics, training and service centres in key Chinese cities such as Wuhan and Hangzhou. Over the next year, the company also plans to double its investment and expects its sales to increase by between 50 and 100 percent, Huang told the China Daily.
The capital injection will accelerate the company’s push towards going public, according to Huang.
Himin manufactures solar water heaters, solar lamps, solar modules, solar core vacuum tubes and other photovoltaic products. Besides manufacturing of solar-energy-related products, the company also conducts research and development and has established the Himin International R&D Centre in Qingdao.
The deal was originally announced earlier in the year, but was delayed by the financial crisis, Huang told Reuters, which noted that both Goldman and CDH are making equal investments in the company.
In April, Goldman Sachs teamed up with Whitesun Equity Partners to make a $30 million investment in C.Straits Food Chain, a Western-food café in China with 400 directly owned and franchise outlets.