JinkoSolar to invest US$ 70m in 100,000 MT Tongwei polysilicon plant
- 'Solar Module Super League' maker JinkoSolar is to invest RMB450 million (US$ 70.3 million) in Tongwei Solar subsidiary Sichuan Yongxiang Energy Technology to assist fund a 100,000 MT high-purity polysilicon facility.
In return for the financial investment to assist build the plant, Jinko will receive 30,000 MT of polysilicon per year and also will "share the ad valorem profit alloted by the paid-in capital" with Sichuan Yongxiang for the whole of the joint endeavor.
The preliminary agreement was introduced in November 2020 and also, at the time, Tongwei said the agreement would run until December 2023. No upgraded was offered in today's news.
The plant was introduced back in July, when Tongwei authorized an agreement with Leshan City, Sichuan Province to develop two 100,000 MT polysilicon production centers, with the first to be completed by the end of 2022.
Once finalised, the deal will certainly see Jinko's operating subsidiary, Jinko Solar Co., hold a 15% stake in the Sichuan Yongxiang, according to a February upgrade on the collaboration.
"The tactical investment right into this new high-purity polysilicon production line based in Leshan, Sichuan Province, is valuable since it is geographically near JinkoSolar's significant mono wafer manufacturing facilities," claimed Kangping Chen, CEO of JinkoSolar, including that the arrangement would certainly assure the company's long-term wafer and also module manufacturing.
Polysilicon rates have been rising because February, with knock-on effects on modules prices, creating unpredictability and also delays along the whole solar supply chain. The rate walks were brought on by numerous factors and also saw polysilicon vendors intend more capability expansions to fight the increasing costs.
Just yesterday (2 November), JinkoSolar released its brand-new series of ultra-efficient, n-type PV modules, referred to as the Tiger Neo that it claimed has a conversion effectiveness of up to 22.3%.
- United States House representatives sign up with chorus of opposition to solar AD/CVD proceedings
- APG, OMERS to collectively purchase Dutch solar developer Groendus
- KGAL takes stake in Italian renewables player
- KKR getting RE company ContourGlobal for ₤ 1.75 billion
- iSun cuts guidance as module procurement struggles cause project delays