The Wuhu-based solar glass maker and PV project developer expects to raise around $167 million to expand operations after diluting stock by issuing shares equivalent to just under 5% of the business.

More than 100 domestic companies are reportedly in the running for a seven-project portfolio that is expected to generate around $1.5 billion of investment – and they will fancy their chances against overseas developers.

Profits and revenues were down in a year which saw average selling prices slump – especially after the turbulence in the Chinese market – but the company’s hell-for-leather dash for production capacity expansion and aggressive cost cutting mitigated the ill effects. And there is more to come in the year ahead.

The Changzhou-based company, which has established the Shanxi facility with state-owned rival Shanxi Lu’An Photovoltaics Technology, has not revealed what proportion of the factory’s output will feature the high efficiency technology.

Almost 5% of the Chinese solar glass manufacturer’s stock will be issued in a bid to generate $167 million towards the cost of two fabs planned in Guangxi next year. Xinyi also wants to expand its successful project development business.

The Chinese panel maker is already producing bifacial half cut modules at its new Anhui fab after the completion of an initial 2.5 GW phase of operations. And the company president confirmed Longi is on track for 45 GW of mono wafer and ingot production capacity next year.

The electric carmaker has signed 12-month credit agreements with three of China’s ‘Big Four’ lenders as well as the development bank for Shanghai as it aims to get its lower-priced Model 3s rolling off the production line by the end of the year.

Insurance is seldom sexy but climate change campaigners will raise a glass to Munich Re if the industry emulates its policy to cap the financial risk related to battery warranties and helps lift global investment in energy storage as a result.

The level of new solar capacity – 8,263 MW – however, was 15.5% down from the 9,782 MW added in 2017 owing to safeguarding duty and tax taking a toll on large-scale PV. While utility-scale solar declined 23% year-on-year, rooftop PV remained a bright spot, and registered impressive growth of 66%.

The association that represents developers operating at the 1,465 MW solar project in Egypt – due for completion in June – say they have been told nothing about a rumored rise in investment costs caused by more expensive construction materials.