Jiang Xihai Source to invest RMB 700 million in PV project; TCL Zhonghuan to subscribe to Maxeon bonds; Souhang Hi-Tech to invest in subsidiary; PV rolled glass production in China rises by 63.6%.
Jiang Xihai Source to build 2.7 GW PV n-type cell production project: New energy company Jiang Xihai Source Composite Material Technology announced that it has plans to build a 2.7 GW N-type photovoltaic cell production project. The investment will be RMB 700 million ($103.2 million). Out of this, RMB 620 million ($91.4 million) will be directed towards fixed assets and the working capital will be about RMB 80 million ($11.8 million). The manufacturing project will be divided into 3 phases:
- Phase 1: Construction capacity will be 1 GW of N-type high-efficiency cell production capacity; investment will be RMB 229.4 million ($33.83 million); project to be put into operation by March 2023
- Phase 2: Construction capacity will be expanded to 2 GW of N-type high-efficiency cell capacity; investment will be RMB 229.4 million ($33.83 million); project to be put into operation by January 2024
- Phase 3: Construction capacity will be expanded to 2.7 GW of N-type high-efficiency cell capacity; investment will be RMB 161.2 million ($23.7 million); project to be put into operation by December 2024
TCL Zhonghuan to subscribe for convertible bonds from its subsidiary Maxeon: TCL Zhonghuan New Energy Technology announced that it plans to subscribe for RMB 1356 million ($200 million) convertible bonds issued by Singapore headquartered high-efficiency cell/module maker Maxeon Solar Technologies, in which it is a major shareholder. Apart from meeting the working capital demands, the funds will be directed towards R&D with a view to enhance Maxeon’s performance in the global market. In focus will be Maxeon7 and P-series products. Meanwhile in June 2022, TCL Zhonghuan had increased capital of its subsidiary (see China PV News Snippets)
Souhang Hi-Tech set up a subsidiary in Jiuquan: Solar thermal power generation company Shouhang Hi-Tech has announced more details about the establishment of its subsidiary, Jiuquan Xinghua Shouhang New Energy, in Suzhou District. In the beginning of the month, the company had made an announcement (see China PV News Snippets). Now, the company has said that out of the estimated investment amount of about RMB 10 to 11 billion ($1.4 to $1.6 billion), RMB 150 million ($22.1 million) will be from Shouhang Hi-Tech’s own capital. The subsidiary will file and implement 200 MW solar thermal, 800 MW wind power, and 520 MW photovoltaic multi-new energy project.
Production capacity of PV rolled glass in China increases by 63.6%: Releasing a report, the China Architectural Glass and Industrial Glass Association said:
- From January to July, the new production capacity of photovoltaic rolled glass has risen by 63.6% year-on-year.
- By the end of July, there were 38 photovoltaic rolled glass production enterprises in China, with 110 kilns and 352 production lines in operation. The production capacity was about 65,000 tons per day. Among them, 93 kilns and 315 production lines are in production, with a production capacity of 60,000 tons/day.
- The cumulative output of photovoltaic rolled glass was 8.212 million tons, a year-on-year rise of 50.8%. Out of this, the output of photovoltaic rolled glass in July was 1.356 million tons, a year-on-year increase of 62.8%.
- From January to July 2022, the average price of 2mm and 3.2mm photovoltaic rolled glass was RMB 21 ($3.1)/square meter and RMB 27.2 ($4)/square meter respectively, down by 18.3% and 10.6% year-on-year.