China Solar PV News Snippets: GCL SI’s Stock Issuance Plan Approved & More

GCL SI’s stock issuance application approved

Solar PV cell and module manufacturer GCL SI’s stock issuance application has been approved by the China Securities Regulatory Commission. This approval is valid for 12 months from the date of registration. According to GCL SI’s stock issuance plan released in August, the company intends to raise up to RMB 4.842 billion ($681.18 million) from no more than 35 selected investors. The funds will be used for the second 10 GW phase of a 20 GW high-efficiency solar cell project in Wuhu City, Anhui Province, and to supplement working capital. The project will utilize TOPCon cell technology and is expected to be completed within 12 months.

Late September, together with Kunshan City and the Wujiang District government, GCL jointly initiated the establishment of a RMB 13 billion ($1.85 billion) industry fund to promote the development of the perovskite industry (see China Solar PV News Snippets).

AIKO and WLY sign 60 MW C&I project

Solar PV manufacturer AIKO Solar and auto parts maker Zhejiang WLY Ltd. have signed a 60 MW module procurement agreement for a distributed PV project. Divided into 2 phases, it will consist of 40 MW and 20 MW factory projects, and is scheduled to be grid-connected on December 31. The project will utilize AIKO’s n-type ABC modules on the rooftops of WLY’s factory.

AIKO recently announced the commercialization of the 24.6% efficiency ABC solar module series (see AIKO Announces 24.6% Commercial Solar Module Efficiency).

Zhengye Technology terminates plans 12,500-ton solar ribbon facility

Zhengye Technology has announced the termination of its annual 12,500-ton solar ribbon manufacturing facility. In 2022, the company had announced a total investment of RMB 760 million ($106.98 million) to establish this facility in Jingdezhen, Jiangxi Province which was to be built in 3 phases. The first phase, with a capacity of 3,000 tons, commenced production in 2023, while the remaining 9,500-ton capacity has not yet started construction. In its announcement, the company cited market changes and optimization of investment operations as the reasons for discontinuation. Earlier this month, Zhengye Technology also announced the termination of its 5 GW solar module and 8 GW heterojunction solar cell production base project (see China Solar PV News Snippets).

Yuexiu Capital establishes RMB 2 billion residential solar fund

Publicly listed financial control platform Yuexiu Capital has established the Yuexiu Guanghui Fund. Jointly funded by Dajia Asset Management, Pushin Property Investment, and Yuexiu Industry Investment, this fund is managed by Yuexiu Industrial Fund. It is called the first in the sector backed by large insurance capital and other industry players, with residential solar as the underlying asset. With a total scale of RMB 2 billion ($281.43 million), the fund will focus on investing in high-quality assets in the residential solar and other renewable energy sectors.

Yongfu Power co-founds distributed solar fund

Yongfu Power, a Chinese power and energy service provider, recently signed an agreement with multiple investment institutions, including Fujian State-Owned Capital Investment Fund Management Co., Ltd., to establish the Fuzhou High-Tech Zone Green Equity Investment Partnership. The fund has a total committed capital of RMB 250 million ($35.18 million), with Yongfu Power contributing RMB 37.5 million ($5.28 million) as a limited partner, representing 15% of the total capital. This fund will primarily focus on the distributed solar industry, with planned investments in residential and commercial solar projects.