Shengcheng Photovoltaic Equipment (Suzhou) Co., Ltd (SC Solar), a unit of Chinese industrial conglomerate J.S. Corrugating Machinery, has agreed to supply PV production equipment to India's Reliance New Energy Solar Ltd. (RNESL), a unit of Mukesh Ambani-led Reliance Industries. The total contract value is CNY 282 million.
RNESL recently acquired a stake in Germany-based silicon wafer manufacturer NexWafe GmbH as a strategic lead investor. In October 2021, it also acquired a 100% stake in Norway-based heterojunction module manufacturer REC Group.
In a separate announcement, equipment manufacturer Jinchen Machinery said it is seeking to raise CNY1 billion through a private placement. It said it wants to invest CNY 410 million to expand production capacity at its factory in Suzhou, China.
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Jinchen said it will also invest CNY 310 million in the development of new production lines for heterojunction cells and modules, while setting aside another CNY 280 million for working capital.
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