JinkoSolar to supply 700 to 1000 MW panels to CNNP Rich Energy; Sungrow inks 100 MW deal with Pakistan's Energy for You; IRICO to sell its Hanzhong Jiarunze shares; JS Solar to rope in investors to raise funds; Shangji Automation issues RMB 2.47 bn bonds.
JinkoSolar wins CNNP Rich Energy bid: Module supplier JinkoSolar announced that it has won the bid of CNNP Rich Energy Co to supply 700-1000 MW of its high-efficient Tiger Neo n-type panel. Till date, the company has been awarded over 2 GW of Tiger Neo panel supply orders. Recently, the module supplier had announced touching the 100 GW solar panel delivery milestone (see China PV News Snippets)
Sungrow bags 100 MW sales deal: Solar PV inverter supplier Sungrow announced the signing of a 100 MW contract with its reliable partner Energy for You during the SOLAR Pakistan Expo 2022. The company also launched 2 significant products: the ultra-powerful SG350HX and the brand-new generation 3-phase C&I inverter SG125CX onsite, which is claimed to better explore Pakistan's potential to generate power from renewable sources. In January 2022, Sungrow ha launched its new central 1+X Modular Inverter at the World Future Energy Summit (see China PV News Snippets)
IRICO to sell 39% equity of Hanzhong Jiarunze: Solar PV glass producer IRICO Group New Energy, in an announcement said that it has got into an equity transfer agreement with its wholly-owned subsidiary IRICO Import & Export. As per the agreement, IRICO Group will sell 39% of Hanzhong Jiarunze to its subsidiary. Once the transfer is done, IRICO will not hold any share in the company. Hanzhong Jiarunze is currently engaged in open-pit mining of quartzite, and the mining, processing and sales of kyanite and silica mines. By disposing off the company, IRICO Group will now focus on developing and strengthening its solar photovoltaic glass business.
JA Solar to increase capital by RMB 2.7 bn: Solar PV panel manufacturer JA Solar announced that its subsidiary, Yangzhou JA, plans to increase its capital by RMB 2.7 billion ($0.43 billion). Orient Assets is one of the investors who will invest in Yangzhou JA Solar's debt-to-equity swap, enabling a capital increase of RMB 2 billion ($0.31 billion). This will include a cash capital increase of RMB 500 million ($78.72 million) and a debt-to-equity conversion of RMB 1.5 billion ($0.24 billion) for the subscription of equity. The other investors are ABC Investment who will bring in RMB 500 million ($78.72 million), and Sino-German Investment who will bring in RMB 200 million ($31.49 million). After the capital increase, JA Solar will hold 68.858% of Yangzhou JA Solar.
Shangji Automation issues RMB 2.47 bn bonds: PV production equipment maker and mono-wafer company Shangji Automation issued RMB 2.47 billion ($0.39 billion) of bonds for Baotou's annual production of 10 GW monocrystalline silicon wafers, and supporting production projects. These are corporate bonds that can be converted into company A shares, and later listed on the Shanghai Stock Exchange.