Elion, a state-owned company aimed at restoring the ecology of Inner Mongolia's Kubuqi Desert, and fellow public entity the power company Three Gorges New Energy Co yesterday announced they will develop a 2 GW solar-plus-storage project in Inner Mongolia. The Kubuqi Desert project is planned to start commercial operation by 2025. The giant plant is expected to be connected to a storage facility with a capacity of 300 MW/600 MWh.
Manufacturers Longi, Jinko, Trina Solar and Chint were the winners of a 5.5 GW solar module procurement tender held by the China Energy Investment Corporation. Longi was the biggest winner, securing orders for 2.75 GW of panel generation capacity; followed by Jinko, with 1.4 GW; Trina, with 950 MW; and Chint, with 400 MW. Modules based on 182mm and 210mm wafers accounted for 79% of the orders awarded.
Trading in the stock of solar developer Shunfeng was suspended yesterday morning pending the announcement of a “very substantial transaction.” Shunfeng is selling off its solar farms to pay down creditors and announced a current-assets to liabilities deficit of RMB2.67 billion (US$413 million) at the end of last month.
Independent shareholders in state-controlled glassmaker Luoyang Glass will vote, on October 18, on plans approved by the board to ramp up the capital of two subsidiaries set up to establish solar module glass production lines. Having raised RMB1.98 billion (US$306 million) last month with a non-public issuance of A shares, China National Building Materials Group-owned Luoyang wants to pump RMB800 million (US$124 million) into its CNBM (Tongcheng) New Energy Materials Co Ltd project, and RMB600 million into CNBM (Hefei) New Energy, with the RMB580 million (US$90 million) balance to pay down liabilities and be used for working capital. The company has also announced its intent to take ownership of the TG Fujian Photovoltaic Glass Co Ltd subsidiary owned by a holding business set up by Taiwanese glassmaker Taiwan Glass Industry Corporation to attract investment from Chinese third parties. The value of the acquisition is yet to be determined, Luoyang said on Friday.
State-controlled manufacturer China Glass on Friday revealed its energy saving and new energy glass business unit, which includes its solar panel products operation, contributed RMB233 million (US$36 million) revenue in the first half, of the group’s total RMB1.14 billion (US$176 million). That translated into a new energy business gross profit of RMB79.5 million (US$12.3 million), up from RMB70 million (US$10.8 million) in the first half of last year.
Polysilicon manufacturer GCL-Poly on Tuesday denied a rumor, which it said had been carried in “press articles,” that it is exploring spinning off its main Jiangsu Zhongneng Polysilicon Technology Development Co Ltd business unit and listing it separately. GCL said the problematic press articles had arisen after it held a “discussion forum” with investors on September 1.
Power transmission and distribution equipment provider Chint Group yesterday said it will sell installed distributed-generation solar assets with a combined generation capacity of 489 MW to the China State Power Investment Corporation. The value of the transaction is estimated at RMB183 million (US$28.4 million). Around 484 MW of the small scale arrays will be located in Henan province, with the balance allocated for Shanxi province. Chint said a subsidiary will continue providing operations and maintenance services for the PV systems after the sale.
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