A subsidiary of LONGi Green Energy Technology, LONGi Solar has taken a strategic decision to acquire Ningbo Jiangbei Yize better known as Vina Solar with production base in Vietnam, a country that’s unaffected by US tariffs on Chinese made solar products. (Photo Credit: LONGi Solar)
- LONGi Solar has announced its plans to acquire a Chinese solar cell and module manufacturer
- The target company Ningbo Jiangbei Yize has more than 10 GW of solar cell and module production capacity in Vietnam
- LONGi will buy the company for RMB 1.78 billion and the transaction is targeted to be completed before June 2020
Chinese monocrystalline silicon cells and modules manufacturer LONGi Solar will be acquiring fellow Chinese solar cell and module company Ningbo Jiangbei Yize New Technology Co. Ltd. for a total amount of RMB 1.78 billion ($253 million). LONGi announced this investment in a Shanghai Stock Exchange filing.
Ningbo Jiangbei Yize owns more than 3 GW of solar cell manufacturing capacity under the name Vina Cell Technology and over 7 GW of module production capacity under the brand Vina Solar Technology, both in Vietnam. Vina produces for LONGi and many other Chinese solar giants to circumvent the US imposed tariffs on China made modules.
LONGi was able to acquire Ningbo Jiangbei Yize after another Chinese contender Jiangsu Akcome Science & Technology decided not to go ahead with the acquisition of the company. The transaction is likely to be completed before June 2020.
In July 2019, Vina Solar signed a wafer supply contract with LONGi worth $540 million to be delivered between July 2019 and December 2021 (see LONGi Bags Mono Wafer Supply Deal With Vina Solar).