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NINGBO, China - Skycorp Solar Group Limited (NASDAQ:PN), a manufacturer of solar cables and connectors with a market capitalization of $64 million, announced Thursday that its Board of Directors has unanimously approved a $150 million investment framework to pursue solar photovoltaic power plant acquisitions and development projects. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, positioning it well for this significant expansion.
The initiative represents a strategic expansion for the company as it seeks to move beyond component manufacturing into renewable energy infrastructure ownership and development. While the company generated nearly $50 million in revenue over the last twelve months, this move signals an ambitious growth strategy.
"The Board’s authorization reflects our confidence in solar PV infrastructure as a cornerstone of the global energy transition," said Weiqi Huang, CEO of Skycorp Solar Group, according to the company’s press release.
The company outlined its approach to potential acquisitions, stating it will conduct comprehensive due diligence on targets, with particular focus on verifying legal ownership, regulatory compliance, and asset quality. Skycorp indicated that capital expenditure and fund allocations will be managed in a "cautious, incremental manner."
In its announcement, the company acknowledged the inherent complexities in acquiring and developing PV power plants, noting that factors such as due diligence findings, regulatory approvals, and negotiation progress could potentially extend timelines or affect completion of transactions.
Skycorp Solar Group, which operates through subsidiaries including Ningbo Skycorp Solar Co., Ltd. in China, currently focuses on manufacturing solar cables and connectors. The company describes its mission as becoming a green energy solutions provider by leveraging its expertise in solar technologies.
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