China PV News Snippets: Trina, Maxwell, Jiayu, GCL, CSG

Trina joins SBTi Initiative in support for 1.5°C emissions reduction: Continuing its commitment to reduce emissions and help limit the rise in the global temperature, Trina Solar said it has joined the global Science Based Targets initiative (SBTi) and signed the Business Ambition for 1.5°C pledge. The Chinese solar module manufacturer has pledged that every step it takes will be in line with 1.5°C pledge with a view to create a carbon-free world. SBTi is an initiative jointly launched by the World Wide Fund for Nature, the Carbon Disclosure Project, the World Resources Institute and the UN Global Compact in 2015, setting a carbon emissions target to limit global warming to 1.5°C or 2°C.

Maxwell subsidiary signs RMB 1.186 bn contract with Tongwei: Production equipment producer for the solar cell industry Suzhou Maxwell said in announcement that its subsidiary Suzhou Maxwell Automation Equipment, for the period from 5 July 2020 to 4 July, 2021 has signed a RMB 1.186 billion ($0.183 billion) contract with Tongwei for solar cell production equipment and renovation.

Jiayu & Huaneng New Energy sign PV module supply agreement: In an announcement, Jiayu Group said that is has signed a strategic cooperation agreement on photovoltaic module supply with Huaneng New Energy. Under the conditions of the same price and quality, Huaneng New Energy will give priority to purchasing PV module products from Jiayu Group. Recently, a Jiayu subsidiary had bagged BYD’s RMB 275 million PV module order (see China PV News Snippets: JA Solar, Jiayu, CNNC)

GCL New Energy sells subsidiary: Chinese solar grade polysilicon producer GCL New Energy Holdings announced that its indirect subsidiary Suzhou GCL New Energy and Guizhou West Power Construction have entered into a ‘Second Phase Share Purchase Agreement’. As per this agreement, Guizhou West Power will be buying the entire equity of the subsidiary. The net cash proceeds from the transaction is expected to be approximately RMB 305 million, which GCL New Energy plans to use to pay off debts.

CSG Holding’s net profit to grow by 233% to 265%: CSG Holding Co., Ltd. announced a postive 2021 semi-annual performance forecast.  During the reporting period, the net profit attributable to its shareholders was RMB 1,305 million ($202 million) to RMB 1,430 million ($221 million), an increase of 233% to 265% over the same period of the previous year. This rise in performance can be attributed to increasing demand for glass which continued to improve; and also product prices, which rose significantly year-on-year.