Solargiga Forms JV company With a Consideration of RMB 74.0 Million Constructs 500MW Multicrystalline Silicon Solar Wafers Project
HONG KONG, Sept. 21 /PRNewswire-Asia/ -- China's leading monocrystalline silicon solar ingots and wafers manufacturer, Solargiga Energy Holdings Limited ("Solargiga" or the "Company", HKSE Stock Code: 757, Taiwan Depositary Receipts: 9157TT, and its subsidiaries, the "Group"), announced that the Company entered into a cooperation agreement (the "Agreement") with Liaoning Oxiranchem, Inc. ("Liaoning Aoke", SZSE stock code: 300082.SZ) on 21 September 2010 for the proposed establishment of the Joint Venture to engage in the business of manufacturing multicrystalline silicon solar ingots and wafers with a production capacity of 500MW.
The amount of total investments and registered capital of the Joint Venture are proposed to be RMB 675 Million and RMB 200 Million. Solargiga will own 37% interest in the Joint Venture company with the capital injection of RMB 74.0 Million. The production plant will be located in Longqiwan New Zone, Jinzhou, Liaoning Province in the PRC. 50 casting furnaces, 75 wiresaws and other equipment are expected to be installed.
The construction of the new production plant will be divided into 2 phases in 5 years. The capacity of the first phase will be 200MW and is expected to take 2 years to complete. 20 casting furnaces, 30 wiresaws and other equipment are expected to be installed. The capacity of the second phase will be 300MW and is expected to take 3 years to complete. 30 casting furnaces, 45 wiresaws and other equipment are expected to be installed.
In addition, Solargiga and Liaoning has agreed that the sales of all the output from the production plant will be coordinated by Solargiga.
Commenting on the agreement, Mr. HSU You Yuan, CEO and Executive Director of Solargiga, said, "The cooperation between the Company and the Liaoning Aoke allows the Group to strengthen the development of its multicrystalline silicon solar business. It will also accelerate the horizontal production expansion plan of Solargiga so as to satisfy the demand from customers. Looking ahead, the group would continue to seek new business opportunities for development, grasp the huge market opportunities to increase market share and reward our shareholders with satisfactory business performance."
About Solargiga Energy Holdings Limited
Solargiga is a leading manufacturer of monocrystalline silicon solar ingots and wafers in the People's Republic of China ("PRC"). In addition to the production of monocrystalline silicon solar ingots and wafers, the Group has extended into the manufacture of multicrystalline silicon solar ingots and wafers, the production and sales of photovoltaic modules as well as installation of photovoltaic systems. Currently, our annual ingot production capacity is approximately 350MW, annual wafer production capacity is approximately 210MW, while the annual capacity of photovoltaic modules is approximately 50MW. After the completion of production expansion by end of 2010, the annual production capacity of ingots and wafers will reach 800MW and 420MW respectively, while the annual capacity of photovoltaic modules will be expanded to 100MW
The Group operates its major production facilities of solar ingots and wafers in Jinzhou, Liaoning Province, the PRC. In addition, the Group operates polysilicon reclaiming and upgrading facilities in Shanghai and Jinzhou which currently have an aggregate annual designed production capacity of 4,200 tonnes. Already a market leader in the PRC, the Group aspires to be the world's largest monocrystalline silicon solar ingot and wafer producer as well as one of the key players in the multicrystalline silicon solar product business through rapid capacity expansion and technology upgrade. In addition, Solargiga has developed its downstream photovoltaic module and system installation businesses through the joint venture company in Jinzhou to realise vertical integration.
Issued by Porda International (Finance) PR Group for and on behalf of Solargiga Energy Holdings Limited.
SOURCE Solargiga Energy Holdings Limited
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