Chinese PV Industry Brief: Huge orders for Trina Solar and JYT Corporation

Chinese panel maker Trina Solar said on Thursday it secured a 4 GW order for its Vertex modules from US energy company NextEra Energy. The company said the products will be shipped between 2022 and 2023 and the purchase price will be negotiated on a monthly basis according to market prices.

Shanghai-listed silicon wafer manufacturer, JYT Corporation, announced on Thursday that two supply agreements were signed with two major solar cell manufacturers for long-term wafer supply over the next three years. Through one deal, JYT will supply Tongwei with 960 million mono-crystalline silicon wafers from January 2021 to December 2023 based on market price. Under another agreement with Runergy, JYT will provide 946 million wafers in the same period. According to JYT, the total contract value of the two agreements is around RMB 8.95 billion ($1.36 billion).

Chinese panel provider Talesun announced on Tuesday that it sold five PV parks with total capacity of 130 MW to two major China state owned energy enterprises, the State Power Investment Corporation (SPIC) and China National Nuclear Corporation (CNNC). Four of the five solar parks are located in Xinjiang Uygur Autonomous Region, while the other is in Ningxia Hui Autonomous Region, all in Northwest China. Talesun was the EPC contractor for the five projects.

Float glass maker China Glass Holdings has rejected a HK$1.64 billion ($212 million) takeover offer tabled by rival Xinyi Glass Holdings. Shareholders in control of 56.65% of China Glass – including its biggest shareholder, the state-owned Triumph Group, which has underwritten RMB 1.96 billion ($303 million) of the company’s obligations – have advised independent shareholders to follow them in rejecting the HK$0.90 ($0.12) per share offer as undervalued. In a response issued to the Hong Kong Stock Exchange, the China Glass board said the offer constituted a 30.2% discount on the net asset value of HK$1.29 per share of the business at the end of June at a time when glass shortages mean record prices are being achieved. The board also cast doubt on the claim by Xinyi, the de facto parent of photovoltaic glass business Xinyi Solar, that it had no plans to lay off workers. China Glass pointed to an emphasis on automation plans in recent financial updates issued by Xinyi Glass.

The response came a day after it was announced that shareholders in the Xinyi Energy solar project subsidiary of Xinyi Solar will vote on whether to spend an estimated RMB 2.27 billion to acquire 520 MW of project capacity from the PV glassmaker. Details of the the vote are expected by January 26.

Manufacturer JinkoSolar on Wednesday announced completion of its $100 million American depositary share offering. Each ADS comprises four ordinary shares. The offering raised a net $98.3 million for the business.