China PV News Snippets: Sungrow, GCL New Energy, Fuyao

Sungrow Partners With Menlo Electric In Poland; GCL New Energy Sells Subsidiary; Fuyao Issues Shares For HK$ 4.338 Bn; Yixing Kickstarts Key Projects; Astronergy At TaiyangNews Very High-Power Solar Modules Conference

China PV News Snippets: Sungrow, GCL New Energy, Fuyao

World leading inverter solution supplier for renewables Sungrow announced that it has partnered with a new distributor in Poland, Menlo Electric.’ (Photo Credit: Sungrow)

  • Sungrow partners with a new distributor in Poland, Menlo Electric – the energy company
  • GCL-Poly and GCL New Energy to sell entire equity of indirect subsidiary Henan GCL New Energy to State Power Investment Corporation Chongqing Electric Power for RMB 251.7 million
  • Fuyao Glass allots and issues 101 million shares, with a placing price of HK$ 42.90 ($ 5.52) per share
  • Yixing Economic and Technological Development Zone in Jiangsu Province holds ceremony for the commencement of key projects
  • Aj Hu, Product Manager Astronergy Chint Solar to speak on ASTRO 5s – New Generation of High Efficiency Residential Modules as a SNEC preview at TaiyangNews #VirtualConference on Very High-Power Solar Modules

Sungrow partners with Menlo Electric in Poland: Inverter solution supplier for renewables Sungrow announced that it has partnered with a new distributor in Poland, Menlo Electric. This partnership will bring tangible benefits for local customers and allow for constant stock availability of high-quality Sungrow products, supporting Polish economic decarbonization, according to Sungrow. In March, Sungrow had launched a new solar PV inverter with 325kW power output calling it the world’s most powerful string inverter, that’s also compatible with large sized solar modules with 182mm and 210mm size (see Sungrow Launches 325kW Solar String Inverter). Sungrow will speak on the executive panel on day 2 of TaiyangNews SNEC Preview  Conference on May 17/18 (see below).

GCL New Energy sells subsidiary: GCL-Poly and GCL New Energy 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). The proceeds will be used to help repay the company’s debts. GCL-Poly Energy has been battling debt woes since it reported a net loss of RMB 458.4 million ($68 million) in 2018 (see GCL-Poly Energy Reports Over 120% Net Loss In 2018)

Fuyao Glass issues shares for HK$ 4.338 bn: Manufacturing company Fuyao Glass announced that it has allotted and issued 101 million shares, with a placing price of HK$ 42.90 ($ 5.52) per share. The aggregate gross proceeds are approximately HK$ 4,338.31 million ($558.59 million) and the aggregate net proceeds are approximately HK$ 4,312.46 million ($555.26 million), after deducting the relevant costs and expenses. The company intends to use the net proceeds for the following purposes:

  • approximately 60% to replenish the working capital and optimize the Group’s capital structure
  • approximately 15% to repay interest-bearing debts
  • approximately 15% to invest in the research and development projects and
  • approximately 10% to expandin the PV glass market and general corporate uses.

Yixing Economic Zone kickstarts key projects: The Yixing Economic and Technological Development Zone in Jiangsu Province held a ceremony for the commencement of key projects. The projects include – DZS Solar’s new 6 GW G12 shingled module production project; Zhonghuan Semiconductor’s leading integrated circuit-use large-diameter silicon wafer phase II production project; DZS Solar Photovoltaic 2GW G12 high-efficiency cell production project; and DK Electronic Materials Electronics Materials R&D and production projects.

Astronergy at TaiyangNews Virtual Conference on Very High-Power Solar Modules: Watch Aj Hu, Product Manager Astronergy Chint Solar speak on ASTRO 5s – New Generation of High Efficiency Residential Modules as a SNEC preview at TaiyangNews #VirtualConference on Very High-Power Solar Modules.

The Conference will take place from May 17 – 18, 2021, 13:00 -17:00 CEST and will discuss with Astronergy/Chint Solar, JA Solar, JinkoSolar (U.S.) Inc., Jolywood (Taizhou) Solar Technology Co.,Ltd., LONGi Solar, Risen Energy Co., Ltd., Trina Solar the latest trends that will be seen at SNEC, the upcoming world’s largest solar fair.

Also at the Conference, leading inverter manufacturers – Solis and Sineng Electric, and testing company TÜV Rheinland Group will present how the solar sector’s entire value chain has been impacted by increasing wafer formats, larger and much more powerful PV panels.

This Conference is being supported by SNEC PV POWER & Energy Storage EXPO. For Agenda and Free Registration, please click here

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