China South Glass Holdings said yesterday it had signed a series of solar glass supply deals with several units of Chinese monocrystalline module manufacturer Longi Solar for RMB5.7 billion (US$817 million). Separately, Longi revealed another jump in wafer prices last week.
Xinyi Solar posted a net profit of HK$1.11 billion (US$143 million) in the first half, up from HK$1.01 billion in the first six months of 2019. Separately, group unit Xinyi Energy announced the resignation this week of Lee Yin Lee, the group’s chairman and controlling shareholder. He will be replaced by his 43-year-old son, Lee Shing Put, who is also the nephew of vice chairman and controlling shareholder Tan Sri Datuk Tung.
China’s Ministry of Finance and several state-owned enterprises are discussing financing renewables incentives by issuing bonds, according to business intelligence company Bloomberg. The country had accumulated a RMB260 billion backlog of unpaid incentive payments by the end of 2019, and will exceed RMB300 billion this year, according to trade body the China Renewable Energy Society. The government is reportedly considering the issuance of treasury or corporate bonds by state-owned companies.
GCL System Integration Technology, the biggest company in the GCL Group, yesterday said its plan to raise funds through private share offerings has been approved by the China Securities Regulatory Commission. The Shenzhen-listed company plans to raise up to RMB4.2 billion for its semiconductor and solar module businesses. It said it will invest RMB1.8 billion of the proceeds in PV module manufacturing.
Emirates Water and Electricity Co. (EWEC) has chosen developers for the world’s largest solar power project. A consortium led by Abu Dhabi National Energy Co and Masdar, with partners EDF and Jinko Power, will build the 2 GW Al Dhafra Solar PV Independent Power Producer project near Abu Dhabi. Jinko Power has already signed a 30-year power purchase agreement with EWEC for the project.