Chinese solar backsheet, cell and module manufacturer Jolywood plans to build a new smart factory in China with an annual high-efficiency monocrystalline solar cell production capacity of 16 GW through its wholly-owned subsidiary Shanxi Huayang Jolywood Optoelectronics Technology Co., Ltd.
In a stock filing, Jolywood said it has signed a project investment agreement with Shanxi Comprehensive Reform Demonstration Zone Management Committee to build the factory for a total investment of RMB 5.6 billion ($874 million) in 2 phases of 8 GW each.
The fab will be located in Taiyuan region of Shanxi province. For phase I, Jolywood expects an investment of RMB 3 billion ($468 million) and construction period of 24 months. Of this RMB 3 billion, it has RMB 300 million ($47 million) funds available and plans to raise at least RMB 2.7 billion ($421 million). Another 8 GW should take another 12 months to build under phase II.
Jolywood said this investment will further accelerate its strategic layout in the field of high-efficiency monocrystalline cells, laying the foundation for it to realize large scale production of N-type monocrystalline cells.
Till the end of 2020, the company had an annual production capacity of 2.1 GW N-type monocrystalline cells (see China PV News Snippets: Solargiga, Huasun Energy, Jolywood).
The announcement for 16 GW addition from Jolywood comes soon after it shared plans to set up a production base in Indonesia under a joint venture with PT Len Agra Energy for 1 GW solar cell and 1 GW module production (see Jolywood To Produce Solar Cells & Modules In Indonesia).
Jolywood is firm on its N-type TOPCon module technology and shared background during TaiyangNews 2-day virtual conference on Very High-Power Solar Modules (see Day 2: TaiyangNews Very High-Power Solar Modules Conference).