ET Solar Group today announced the completion of a US$19 million private equity placement transaction.

The Series A redeemable convertible preferred share placement was led by Tsing Capital/China Environment Fund, a highly experienced institutional investor dedicated to cleantech investment in China, and joined by another prominent institutional investor.

Commenting on the news, Xinghua Wang, chairman of ET Solar, said: "As a vertically integrated solar company that focuses on the downstream part of the value chain, ET Solar is well positioned to capture the exponential growth of the solar industry and represents a very attractive investment opportunity to the investors.”

Fischer Chen, CFO of ET Solar, added: “The clear differentiation in our business model and product portfolio, strong procurement and sales backlog, robust earnings visibility and new product commercialization roadmap ensured a successful completion of a sizeable fund raising in a challenging capital market environment.”