Tongwei to supply 700 MW modules to GENERTEC CMC; LONGi to expand subsidiary capital by RMB 2 billion; JinkoSolar to expand production capacity of silicon wafers, cells and modules; First Applied Material to issue GDRs.
Tongwei signs 700 MW modules deal with GENERTEC CMC: Integrated solar PV manufacturer from China, Tongwei said over WeChat that it has signed an annual procurement agreement with large-scale state-owned foreign trade company, GENERTEC CMC. As per the agreement, Tongwei will supply 700 MW of its high-efficiency modules to GENERTEC CMC. As per current business demand forecast, the actual annual cooperation volume may touch 1 GW in 2023. Tongwei added that with a total of 80 GW of existing and planned production capacity, the company is confident about the stability of the supply and delivery of module products in 2023. During the last virtual conference of TaiyangNews on Solar Module Innovations, Guoqiang Xing, CTO of Tongwei Solar explained TaiyangNews Managing Director Michael Schmela in a fire chat the solar technology strategy of the world’s leading silicon and solar cell manufacturer (see Executive Fire Chat: Tongwei’s Module Technology Strategy).
LONGi increases subsidiary capital by RMB 2 billion: Chinese vertically integrated solar PV company LONGi announced that it will increase the capital of its wholly-owned subsidiary LONGi Solar (Xixian New Area) by RMB 2 billion ($0.29 billion). This move will speed up the expansion of its 29 GW high-efficiency cell facility in Xixian, whose financing, after the capital increase, will touch RMB 6.77 billion ($1 billion). Earlier in January, LONGi had talked about doubling the scale of Xixian Leye facility from its initial 15 GW to 29 GW. At the recent TaiyangNews Solar Innovations Conference 2023, LONGi presented about A Year on Efficiency Records. To view the presentation, click here.
JinkoSolar to expand production: Module supplier JinkoSolar made an announcement of raising funds to the tune of RMB 10 billion ($1.47 billion) by issuing convertible corporate bonds to unspecified objects. The fund will be used to expand the production capacity of its silicon wafers, cells, and modules, namely expansion of:
- Annual production of 11 GW high-efficiency cell production line
- Jinko Photovoltaic Manufacturing’s 8 GW highly automated photovoltaic module production line
- First phase of Shangrao Jinko Photovoltaic Manufacturing’s 8 GW high automation module facility
Apart from this, the company intends to use RMB 3 billion ($0.44 billion) of the raised funds to repay loans and supplement working capital. At the recent TaiyangNews Solar Innovations Conference 2023, Jinko presented about Tiger Neo 2023 – The Upgraded Module Family & Field Test Results. To view the presentation, click here.
Hangzhou First to issue GDRs: EVA and backsheet manufacturer Hangzhou First Applied Material said that it is planning to issue Global Depository Receipts (GDR) and apply for listing on the Swiss Stock Exchange. This is being done with a view to meet the company’s in-house and overseas business development needs, and also expand its international financing channels.