Chinese PV Industry Brief: New incentives for rooftop PV, TBEA increases stake in Xinte


China's National Development and Reform Commission (NDRC) has allocated RMB500 million (US$78.1 million) for the incentive scheme for residential PV in 2021. With the current subsidy level of RMB0.03 per watt, this total amount will feed around 16 GW of residential PV, according to government estimations.

Chinese electronic engineer TBEA is set to raise its controlling stake in polysilicon manufacturer Xinte Energy as it attempts to fund a planned 100,000-tons-per-year fab in Inner Mongolia. With work on the 18-month project set to start this month, shareholders will vote on whether to issue 177 million domestic shares in the business to raise up to RMB2 billion (US$312 million) towards the new factory. TBEA will subscribe to up to 167 million shares, with the issue price yet to be fixed, and materials and housing leasing company Jinglong Technology will take up to 10 million. The maximum commitments would raise TBEA’s shareholding from 65% to 67% and Jinglong Tech’s from 1.22% to 1.39%. Shareholders will vote on the plan on June 28.

Polysilicon maker GCL-Poly today announced the Supreme Court of Bermuda approved its debt restructuring plan, in a notice dated Friday. Holders of US$500 million of senior notes which went unpaid in late January will now receive an immediate US$50 per US$1,000 of notes held plus a pro rata slice of a US$17.8 million fund. The scheme is expected to take effect tomorrow and should end a cross default which has applied to GCL, retroactively, since the start of the year.

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