Chinese PV Industry Brief: New planned IPO and more solar glass deals

Chinese industrial conglomerate and inverter manufacturer Huawei announced on Wednesday that it had signed a strategic cooperation agreement with China-based power transmission and distribution equipment provider Chint Group to strengthen their partnership in the fields of domestic and foreign data centers, energy development, power distribution solutions, and the improvement of energy efficiency through integration of market resources and patent authorization. Huawei will provide state-of-the-art application of information and communications technology (ICT) and digitization technology, including artificial intelligence, big-data, cloud computing, and network for Chint’s intelligentization and digitization in areas of smart renewable energy, smart city, and smart manufacturing to improve energy service levels.

Polysilicon maker Xinte Energy Co., Ltd, a unit of TBEA Xinjiang Sunoasis Co., Ltd., which is itself part of TBEA New Energy Industry, may soon be listed on a Chinese stock exchange. TBEA said it is now preparing a new financing platform for the initial public offering (IPO). The listing is in line with its strategic and long-term development. At the end of 2020, Xinte had an annual polysilicon production capacity of 72,000 MW, which makes the company among the largest producers in China.

China Shuifa Singyes Energy Holdings Co Ltd on Monday agreed to pay RMB147 million (US$22.7 million) for a 20 MW solar project owned by Jiangxi Xinqing Photovoltaic Power Co Ltd in Dunhuang, northwestern China. In an update to the Hong Kong Stock Exchange today, the company said it held engineering, procurement and construction orders for 540 MW of solar project capacity in Shandong, Guangdong and Hebei. The orders, due to start and finish this year, are worth RMB2 billion (US$309 million), according to China Shuifa Singyes.

PV glassmaker Xinyi Solar has signed three deals to buy glass and production equipment from de facto parent company Xinyi Glass. The six-month deals will see Xinyi Solar invest up to RMB305 million in 115,000 tons of float glass for back glass production, RMB4.4 million in 30,000m² of architectural glass for construction and RMB59.8 million in production equipment from Xinyi Glass subsidiary Wuhu Jinsanshi.

Irico New Energy Co Ltd’s planned RMB2.3 billion (US$356 million) H-share issue raised only HK$1.44 billion (RMB1.2 billion). As a result, the RMB500 million cash injections planned for each of the company’s Xianyang photovoltaic glass relocation and technical innovation and Irico Yongneng 2 GW photovoltaic module projects have been scrubbed. Irico’s Yan’an photovoltaic glass and Hefei photovoltaic glass phase II projects will receive RMB500 million each, as previously announced, with the balance going to company capital. Irico also announced it had reached an agreement with the Shangrao City government to construct its ultra-thin and high-transmissivity photovoltaic glass project there. The first phase of the 10-glass-furnace facility will see three production lines installed to feed what the company described as the “booming demand of the photovoltaic glass market.”