Days after the Chinese government produced its list of the 109 solar companies that meet its new PV industry standards, the consolidation of the industry has begun in earnest in the People’s Republic.
Manufacturer Jinko Solar is one of the companies given a pat on the back by the authorities and announced today it has entered an agreement to acquire the manufacturing assets of the bankrupt Topoint group.
Topoint’s four businesses, based at the Huangwan Industry Park in Haining City, Zhejian province, amount to 500 MW each of wafer and cell manufacturing assets and 100 MW of module production lines.
Jinko accepted an invitation from the distressed company’s bankruptcy administrators, and the city government of Haining, to lease and operate Topoint’s manufacturing assets from Monday until a company reorganization is complete at which point, if the proposed acquisition is approved, it would assume control of the assets on a permanent basis.
Such a move would see Jinko increase its annual production capacity to 2 GW each for wafers and ingots and for cells and 2.1 GW for modules.
No date was given for the reorganization of Topoint being overseen by the city government and the Haining City People’s Court to be complete.