The China Energy Investment Corp is planning to invest RMB22 billion in a facility in the autonomous region. The state-owned mining and energy company has signed a framework agreement with the government of the city of Yijin Holo Banner for the project.
Module manufacturing giant Canadian Solar says it has seen demand for modules bounce back in the second quarter of 2020, with module shipments and revenue for the period both exceeding guidance. The company is pressing ahead with plans for a second listing on a stock market in China as part of its strategy to deal with accelerating industry growth and market consolidation over the coming months.
Lack of flannel in the latest quarterly and full-year filing indicates the Israeli inverter maker is happy the figures speak for themselves. The company is in an expansionary mode as it enters the energy storage and electrical vehicle markets with cash from its financial warchest.
The Chinese manufacturer debuted on the Shenzhen exchange in mid December, after de-listing from New York’s NASDAQ in 2018. The company plans to roll out 10 GW of new module capacity and 5 GW of cell lines over four years.
Bronstein, Gewirtz & Grossman LLP claims JA Solar intended to relist on the Shenzhen exchange after merging with its holding company in July, but did not outline that intent when it asked U.S. shareholders to vote on the planned merger.
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 Following the news today the CEO has withdrawn his offer.
Shares of Canadian Solar soared earlier this week after U.S. investment firm Lion Point Capital revealed that it had initiated discussions with a number of undisclosed third parties about the possibility of funding the privatization of the solar PV module supplier.
Module manufacturing giant Canadian Solar shipped 1.7 GW of modules in the second quarter of 2018, a 23.7% increase on the previous quarter, according to the company’s latest update. Net revenue, however, fell more than 50% quarter-on-quarter with the company blaming fewer project sales and lower module prices.