China PV News Snippets: GCL, Yingli, Jinjing, Suzhou Run

GCL Sells 1.1 GW Power Stations To Huaneng; Yingli Solar Reorganization Plan Approved;Jinjing to expand solar glass production; Suzhou Run & S.C New Energy Sign 35 GW Project
10:58 PM (Beijing Time) - 25. November 2020
Yingli Solar reorganization plan approved

Debt ridden solar photovoltaic company, Yingli Solar has received approval from the Cour ,to put its restructuring plans into implementation. (Photo Credit: Yingli)

Key Takeaways

  • GCL-Poly Energy Holdings signs the third batch of share purchase agreement of PV power plants with China Huaneng Group
  • With approval from court, Yingli Solar’s restructuring plan will officially enter the implementation stage
  • Jinjing Group will invest RMB 384.8 million to build a 600 ton per-day solar glass production line
  • Suzhou Run Sunshine and S.C New Energy get into a strategic agreement for a 30 GW mono PERC+ and a 5 GW HJT heterojunction production project in Yancheng, Jiangsu

GCL sells 1.1 GW power stations to Huaneng: GCL New Energy Holdings, the solar project subsidiary of Chinese polysilicon manufacturer GCL-Poly Energy Holdings, said it signed the third batch of the share purchase agreement for photovoltaic power plants with China Huaneng Group.

As per the agreement, GCL New Energy will sell its whole equity in these plants – Baoying Xinyuan, Delingha Century Concord, Delingha Energy Power, Delingha Shidai, Hainanzhou Shineng, Hetian GCL, Gaotang GCL, Lanxi Jinrui, Lianshui Xinyuan, Liaocheng Xiechang, Yanbian Xinneng, and Zhongli Tenghui. In Yili GCL, the company plans to sell a 56.51% stake, while in Yuncheng Xinhua, it will be 51%. These transactions are expected to generate about RMB 2.08 billion ($0.32 billion), which GCL New Energy will use to repay its debts.

Since the time both the companies agreed to the purchase agreement in November, GCL New Energy has sold about RMB 4.46 billion ($0.68 billion) of PV power plants with a total installed capacity of 1.13 GW to China Huaneng.

Meanwhile, few months back, China Huaneng Group’s wholly owned subsidiary Huaneng Hulunbuir had signed a framework agreement with the People’s Government of Zalut Banner to build 1 GW solar, wind and storage capacity (see China Huaneng to build solar, wind and storage capacity)

Yingli Solar reorganization plan approved: The Baoding Intermediate People’s Court has ruled and approved the reorganization plan of solar module maker Yingli Solar (China) Co.,Ltd, allowing the company to take its restructuring plans to implementation stage. The main objective of the plan is to optimize the company’s asset-liability structure and to restore profit. Once a world leading producer in the PV world, Yingli Solar has been battling huge debts for many years (see Judicial Debt Restructuring For China’s Yingli).

Jinjing to expand solar glass production worth RMB 385 mn: In an announcement issued by Jinjing Group, the Chinese glass developer and producer said it will invest RMB 384.8 million ($58.49 million) to build a 600 tons per-day white glass production line that will have three active lime production lines with one rotary kiln. Jinjing Group has been into the production of solar glass and this project will only enable it to expand it further. The project is located in the factory area of Ningxia Jinjing Technology Co., Ltd, a wholly-owned subsidiary of Jinjing Group, who will be implementing the project. The production is expected to begin by June 2021. The decision comes at a time, the solar sector is suffering from a shortage and price hikes for solar glass.

Suzhou Run & S.C New Energy sign 35 GW PERC+/HJT production project: In a recently held signing ceremony, Solar cell manufacturer Suzhou Run Sunshine and Chinese PV production equipment maker, S.C New Energy, got into a strategic agreement for a 30 GW mono PERC+ and a 5 GW heterojunction production projects in Yancheng, Jiangsu. By partnering in technology, process, equipment development, and after-sales service, the two parties want to ensure that this project is technologically advanced in the solar cell industry, and that the average efficiency of the PERC+ production line is higher than 24% and the average efficiency of the HJT production line reaches 25%.

TaiyangNews Virtual Conference on High Efficiency Solar Technologies: There are just 5 days left for the  virtual conference on High Efficiency Solar Technologies, where we will have industry leaders discuss the latest on the relevant commercial solar cell technologies – incumbent PERC (with focus on the M10/182mm variety), Passivated Contacts (TopCon) to Heterojunction (HJT) and Back Contact Cells (IBC). The conference will take place from December 1-4, 2020, each day from 14:00 – 17:00 CET, and will also see the launch of TaiyangNews Heterojunction Solar Technology 2020 Report (see Agenda & Free Registration)

Meena Nair

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Meena Nair