China PV News Snippets: EAST, GCL, State Grid, Huzhou Wuxing

EAST Releases 2021 Semi-Annual Results Forecast; GCL New Energy Acquires Minority Interest In Suzhou GCL; State Grid Announces 2021 Semi-Annual Results Forecast; Jinkopower To Sell 85 MW PV Plant

China PV News Snippets: EAST, GCL, State Grid, Huzhou Wuxing

Beyondsun and Huzhou Wuxing Industrial Group come together to establish Guosheng New Energy, which will focus on the investment, construction and operation of PV, wind power and other comprehensive intelligent energy. (Photo Credit: Beyondsun)

  • EAST Group’s net profit attributable to shareholders of listed companies between RMB 204 million ($31.54 million) to RMB 240 million ($37.10 million), an increase of 10% to 30% over the same period last year
  • GCL New Energy indirect wholly-owned subsidiary Nanjing GCL New Energy to acquire 5.835% of Suzhou GCL New Energy from private equity investment fund of Sumin Ruineng
  • Releasing its 2021 semi-annual performance forecast, State Grid Jilin Province Electric Power says that it is expecting its performance to rise
  • Beyondsun and Huzhou Wuxing Industrial Group to jointly invest and establish Guosheng New Energy
  • JinkoPower Technology wholly-owned subsidiary Jinko Co. Ltd to sell its 100% equity interests in Yixing Pinhe, Suzhou Shengbu and Suzhou Jinghai to Hubei New Energy

EAST releases 2021 semi-annual results forecast: Smart energy system solutions supplier EAST Group recently released its 2021 semi-annual performance forecast. During the reporting period, the net profit attributable to shareholders of listed companies was between RMB 204 million ($31.54 million) to RMB 240 million ($37.10 million), an increase of 10% to 30% over the same period last year. This rise in profit can be attributed to the steady growth of the company’s high-end power supply equipment and data center business, and photovoltaic power generation business, it said. Also, during the reporting period, the company continued to cultivate in new energy strategic emerging industries such as high-end power equipment, data centers, 5G power supply, energy storage, charging pile equipment and photovoltaic power generation.

GCL New Energy acquires minority interest in Suzhou GCL: Chinese polysilicon and silicon wafer supplier GCL New Energy announced that its indirect wholly-owned subsidiary Nanjing GCL New Energy will acquire 5.835% of Suzhou GCL New Energy from private equity investment fund of Sumin Ruineng for RMB 1.219 billion ($0.19 billion).  Upon completion of the transaction, Suzhou GCL New Energy will become a wholly-owned subsidiary of the company. Prior to this, with an acquisition conducted in 2019, Nanjing GCL New Energy ended up holding 94.165% of Suzhou GCL New Energy and Sumin Ruineng was holding approximately 5.835%. In the month of May GCL New Energy and GCL-Poly had jointly announced that they will be selling the entire equity of their indirect subsidiary Henan GCL New Energy to State Power Investment Corporation Chongqing Electric Power for RMB 251.7 million ($39.09 million) (see China PV News Snippets: Sungrow, GCL New Energy, Fuyao)

State Grid Jilin announces 2021 semi-annual results forecast: Releasing its 2021 semi-annual performance forecast, State Grid Jilin Province Electric Power said that it is expecting its performance to rise. Net profit attributable to shareholders of listed companies during the reporting period is between RMB 684 million ($105.74 million) to RMB 724 million ($111.92 million), an increase of 47.73% to 56.36% over the same period of the previous year. Currently, the total installed capacity of new energy is 6.209 million kW, which is an increase of 1.987 million kW compared with the same period last year. From January to June 2021, the growth rate of new energy power generation had exceeded 40% year-on-year, and new energy power revenue accounted for more than 50% of total electricity revenue.

Huzhou Wuxing & Beyondsun invest in Guosheng New Energy: In an announcement, PV module manufacturer Beyondsun said that the company and Huzhou Wuxing Industrial Group have jointly invested and established Guosheng New Energy. They also stated that both the companies have successfully signed a cooperation agreement for the first batch of 100 MW distributed PV power generation projects. As per the agreement, the new joint venture company will be engaged in the investment, construction and operation of PV, wind power and other comprehensive intelligent energy. Guosheng New Energy will also develop and construct 500 MW of PV power generation projects during the 14th Five-Year Plan period, with an annual development and construction target of 100 MW.

JinkoPower to sell 85 MW PV plant to Hubei New Energy: In an announcement, JinkoPower Technology announced that its wholly-owned subsidiary Jinko Co. Ltd intends to sell its 100% equity interests in Yixing Pinhe, Suzhou Shengbu and Suzhou Jinghai to Hubei New Energy for RMB 125 million ($19.32 million). With this transaction, JinkoPower intends to reserve funds for the development and construction of new affordable power plants. This is in line with the company’s development strategy of transforming into an affordable PV power plant operator, while helping reduce the uncertainty risk of the stock of subsidized power plants.

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