Shanghai-based solar cell manufacturer Aikosolar on Tuesday announced it intends to raise RMB2.5 billion (US$350 million) with a private shares issuance. The company said it wants RMB1.75 billion for 4.3 GW of new production facilities based on wafers ranging in size from 180-210mm. A further RMB300 million will be invested in an R&D facility and the remaining funds will be used for working capital. Aikosolar is planning to expand its cell manufacturing capacity to 22 GW this year, 32 GW next year and 45 GW in 2022.
State-owned energy company China Datang Corporation has announced the signing of an agreement with the local government of the Alxa League division of Inner Mongolia for the construction of a 1 GW solar plant. Datang, which operated 2.6 GW of solar park capacity at the end of last year, says the desert project will require RMB4 billion.
Polysilicon maker GCL-Poly Energy Holdings’ bid to raise HK$269 million (US$35 million) by issuing 1.3 billion new shares has lapsed due to an unspecified condition for the fundraising exercise not being in place. The stock market update announcing the plan, issued on April 28, stated the GCL board would have to pass a resolution backing the move and the listing committee of the Hong Kong exchange would also have to approve.
Chinese-Canadian panel maker Canadian Solar reported solid financials for the first quarter. The Ontario-headquartered company posted three-month net profit of US$111 million, up from a US$17.2 million loss in the same period a year earlier, as net revenue soared 70% to US$826 million, exceeding guidance for the first three months of 2020. The company attributed the revenue growth to higher module shipments and project sales, partially offset by a decline in module average selling prices. Total module shipments rose 41%, year-over-year, to 2.2 GW, in line with expectations.
Chinese tracker system provider Arctech Solar has announced it provided 575 MW of trackers for the Ibri II project in Oman. The developer is Saudi energy giant Acwa Power. The project will use Arctech Skyline (1P) trackers.