Solargiga and Liaoning form joint venture company to construct 500 MW solar wafer project

The amount of total investments and registered capital of the joint venture, said Solargiga, are proposed to be RMB 675 million and RMB 200 million. It added that it will own a 37 percent stake interest in the joint venture company, with a capital injection of RMB 74.0 million.

Solargiga went on to say that the construction of the new production plant will be divided into two phases, spread across five years. It explained the capacity of the first phase will be 200 MW and is expected to take two years to complete. It hopes to install 20 casting furnaces, 30 wiresaws and other equipment. The capacity of the second phase will reportedly be 300 MW and will take around three years to finish. In this phase, 30 casting furnaces, 45 wiresaws and other equipment are expected to be installed.

The production plant will be located in Longqiwan New Zone, Jinzhou, Liaoning Province in the PRC, China.

Solargiga has said it will coordinate the sales of all the output from the production plant.

Commenting on the agreement, Mr. HSU You Yuan, CEO and executive director of Solargiga, stated: "The cooperation between the company and the Liaoning Aoke allows the Group to strengthen the development of its multicrystalline silicon solar business. It will also accelerate the horizontal production expansion plan of Solargiga so as to satisfy the demand from customers.

"Looking ahead, the group would continue to seek new business opportunities for development, grasp the huge market opportunities to increase market share and reward our shareholders with satisfactory business performance."