A day after signing a 300 MW production capacity deal with the building materials company, the German company has announced exactly the same order – with the same customer – for a facility elsewhere in China.
The polysilicon, PV wafer and module and inverter maker has arranged a second EGM of 2018 to seek permission for two bond issues, as its peers scramble to raise their manufacturing capacities.
Predictions of the imminent demise of Chinese solar demand due to the reining in of subsidies have not stopped manufacturers ramping up production capacities. German equipment maker Singulus is among the suppliers to benefit from a renewed confidence in the Far East.
Last December, the company’s CEO made a proposed transaction offer to acquire Canadia Solar. Mulling the offer, a special committee has now advised the company’s board to cease its review of the proposal, highlighting that it could not find sufficient certainty in the CEO’s ability to secure the funding for the transaction. Following the news today the CEO has withdrawn his offer.
Although industry representatives are predicting no falling-off in the market next year, there is nothing in the latest set of figures to support such a positive outlook.
The Hong Kong-listed unit has asked where its parent will find the cash and shares to complete a $7bn deal to take ownership back in house and then list it on the Chinese A-share index.
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