Chinese PV manufacturer Solargiga says it has added 3.5 GW of bolt-on module manufacturing capacity by paying RMB18 million ($2.54 million) to almost double its stake in a public-private panelmaking business set up in June.
The Jinzhou Yangguang subsidiary of the Hong Kong-listed solar company injected the cash into the Jiangsu Yueyang Photovoltaic Technology Co Ltd module manufacturer which it had previously paid RMB15 million for a 15% holding in.
Jiangsu Yueyang lists two companies owned by the Jianhu County People’s Government among the independent investors which hold the balance of its stock. Solargiga did not specify how much of the company stock was held by the two public entities in its update to the Hong Kong exchange yesterday.
Those independent investors will see their total stake in the module business reduced after the Solargiga subsidiary raised its holding to 28% in return for the payment.
Although Solargiga reported Jiangsu Yueyang has 1.2 GW of module manufacturing capacity, it said the near doubling of its stake would “effectively command module capacity of 3.5 GW” in addition to its own module production capacity, without explaining the discrepancy.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.