IRICO to construct PV glass factory in China

Jan 13, 2021 06:43 AM ET
  • China-based IRICO Group New Energy Co Ltd (HKG:0438) on Monday introduced plans to construct an ultra-thin and high-transmissivity photovoltaic (PV) glass factory in Shangrao, eastern China.
IRICO to construct PV glass factory in China
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The business claimed in a stock market statement it has actually gotten to a cooperation intent with the Shangrao City federal government for the building of the plant. The facility will certainly be outfitted with ten heating systems and also sustaining processing production lines. It will be constructed in three phases, with the first to see the implementation of 3 assembly line.

IRICO claimed that the project satisfies the "growing" market need and will certainly increase its "worldwide top 3 manufacturing capacity scale of photovoltaic glass."

Simultaneously, IRICO said it will certainly change the allotment of earnings from a share positioning in August last year. The Chinese holding did not raise CNY 2.3 billion (USD 356m/EUR 293m) it desired, accumulating rather around CNY 1.28 billion in internet proceeds.

With less funds in hand, IRICO will spend CNY 500 million each on its Yan'an and 2nd phase of Hefei PV glass projects, with the remainder to go with working resources, as formerly envisaged. Nevertheless, there will be no funds from the putting left for the company's Xianyang PV glass relocation and technological development project and its IRICO Yongneng 2 GW PV components project.