Chinese PV Industry Brief: State entity set to gain controlling vote in Jolywood as Yunnan plans 620 MW of solar

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WJ Energy is set to gain 30% voting rights and a controlling stake in Shenzhen-listed PV manufacturer Jolywood after Lin Jianwei and his wife Zhang Yuzheng signed an agreement to transfer around 147 million shares – almost 19% of the stock – for RMB1.16 billion (US$164 million), subject to board approval. Jolywood has told pv magazine: “The core management team and current business model will not change.”

China Huadian said on Monday that it has reached an agreement with the municipal government in Baoshan, Yunnan province, to invest RMB1.42 billion in 380 MW of PV capacity across three sites, spanning a total area of 6.1 square kilometers. The news came just three days after the Yunnan provincial branch of state-owned China Huaneng announced that it had signed an investment deal with a representative of the government of Yongping County to build a 240 MW, RMB960 million solar plant.

Xinte Energy, the Hong Kong-listed solar development unit of TBEA, has filed a legal claim in response to a RMB600 million claim against it for allegedly failing to perform its duties related to the construction of a 99 MW wind farm. The dispute began when Huaxia Financial Leasing filed a claim against Xinte’s TBEA Xinjiang New Energy unit in the Second Intermediate People’s Court of Beijing. TBEA Xinjiang blamed the conflict on project developer Xuyi High Drive Wind Power and has now filed a suit to that effect, in addition to naming other third parties, in the Intermediate People’s Court of Huaian in Jiangsu province. The claimant wants the defendant to pay RMB130 million it says it is owed for the failed project, plus compensation for any losses associated with the Beijing lawsuit.

NYSE-listed polysilicon producer Daqo said this week that it is considering an initial public offering in either Shanghai or Shenzhen, adding that it is discussing plans with investment bank China International Capital Corp. Daqo has been listed in New York since 2010. By the end of last year, its annual polysilicon production capacity stood at 70,000 tons.

SFSY shareholders approved a plan at the company’s annual general meeting on Friday to raise its market capitalization from US$26 million to US$32 million by issuing 600 million new shares. On the same day, rival SFCE also approved all motions put before investors at its own annual general meeting.

This article was amended on 24/06/20 to remove the opening section of the headline which read “Jolywood comes under state control…”, at the request of Jolywood. The main text and sub-heading were also amended to reflect the planned share transfer has yet to be approved by the board, and to include the quote from Jolywood. The image used was also changed, at Jolywood’s request, to not feature a Jolywood product.