China PV News Snippets

GCL-Poly completes placement of new shares: Chinese polysilicon producer GCL-Poly Energy Holdings Limited announced that it has successfully completed the placing of a maximum of 2.03 billion shares. The net proceeds from the placing (after deducting all applicable costs, fees, expenses and commission) is expected to be approximately HK$ 4,994 million ($640.4 million). GCL intends to use 8.9% of the net proceeds, about HK$445 million ($57.07 million), towards general working capital and 91.1% of he net proceeds, around HK$4,549 million ($583.35 million), for capital expenditure. Of the net proceeds allocated for capital expenditure, 39.6% and 51.5% – representing about HK$1,976 million and HK$2,573 million – will be used for the FBR based granular silicon and ancillary silicon metal powder project in Inner Mongolia and the FBR based granular silicon project of Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd., respectively.

Mingyang subscribes to Suzhou Maxwell shares: In an announcement, clean energy integrated solution provider, Mingyang Smart Energy, said that it has subscribed for A shares issued by PV production equipment manufacturer Suzhou Maxwell Technologies. The total subscription price is RMB 100 million ($15.70 million). In order to reflect the strategic nature of this investment and also to explore the prospect of PV heterojunction technology, the company has voluntarily committed to an additional six-months lock-up period for the shares. In May this year, Mingyang Smart Energy had invested RMB 3 bn in a PV production project (see China PV News Snippets: Guangdong, LONGi, Mingyang, Jilin)

Risen Energy’s Ninghai Phase II facility starts production: As per an announcement on Ninghai government’s website, the first R&D product of 210 modules in the second phase of the Risen Energy’s Ninghai manufacturing base has been successfully rolled off the production line. Spread across 205 acres, this project is set to achieve a total output value of about RMB 15 billion ($2.35 billion).

Sungrow project in Bangladesh begins commercial operations: Solar PV inverter supplier Sungrow announced recently that one of Bangladesh’s largest PV projects – the 130 MW Bagerhat solar power plant – that has Sungrow’s central inverter solutions installed has been put into commercial operation. With 95% of Bangladesh’s power generation stemming from gas, diesel and coal, Sungrow highlighted that this 130 MW project is a significant development for a nation that had a total grid-connected capacity of approximately 100 MW in 2020.

JA Solar & Industrial Bank partner for solar projects: Chinese vertically integrated solar module manufacturer JA Solar and Industrial Bank have signed a strategic cooperation agreement. As per the agreement, JA Solar will form a strategic partnership with Industrial Bank Jinan Branch for the construction of JA Solar Projects in Shandong. The focus will also be on the capital requirements after production and operation, including but not limited to products, project financing, distributed photovoltaic power generation, and provision of loans for personal household photovoltaic equipment, as well as traditional credit extension and project loans for dealers in the Shandong area of JA Solar.