Chinese PV Industry Brief: New capacity expansion plans and 100 MW of PV for a poverty-alleviation project

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FIRST to raise funds for new manufacturing base

First Applied Material announced plans on Thursday to raise up to RMB1.7 billion (US$240.3 million) by publicly issuing convertible bonds. The six-year bonds can be converted into shares upon maturity, it said. While some of the anticipated proceeds will be used to shore up working capital, the Hangzhou-based EVA film and PV module backsheet manufacturer said that it will allocate about RMB1.4 billion toward the construction of a new encapsulation plant for PV modules in Chuzhou, Zhejiang province.

Zhonghuan Semiconductor invests in new module capacity

Tianjin-based Zhonghuan Semiconductor said on Thursday that it will set up a new module subsidiary. The monocrystalline wafer manufacturer said the new unit will involve a total group investment of RMB1.5 billion, with Zhonghuan to indirectly hold a 60% stake. Its partner – the municipal government in Yixing, Jiangsu province – will hold the remaining 40%. Zhonghuan said the new joint venture will focus on producing PV modules based on shingled technology and its own G12 wafers.

Ginlong to raise funds in non-public offering of shares for new inverter capacity

Ginlong Technologies said last week that it plans to raise up to RMB725 million via a non-public offering of shares. It will use the proceeds from the issuance to support the construction of new inverter capacity. The company is known for its Solis series string inverters.

Chint releases 2019 earnings

Zhejiang Chint Electric revealed this week that its sales revenue rose 12.56% year on year to RMB12.05 billion in 2019, pushing its full-year net profit up 20.3% on the year to RMB1.12 billion. The Shanghai-listed general electric manufacturer reported particularly strong growth for Chint New Energy, its PV subsidiary. It shipped 3.73 GW of solar PV modules in the 12 months to the end of December, up 20.6% from 2018.

Kstar provides 100 MW for poverty-alleviation projects

Kstar has supplied its inverters for a 100 MW solar project that China National Nuclear Corp. will build in the country’s Ningxia region. It shipped 32 of its GSM3125C-MV integrated transformer systems for the project, which was finalized at the end of last year.