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Chinese PV Industry Brief: Canadian Solar plans 3 GW inverter factory

Chinese-Canadian solar module maker Canadian Solar has received approval from the city government of Suzhou, in southeastern Jiangsu province of East China, for the construction of an inverter manufacturing facility with a capacity of 3 GW. The company wants to invest RMB10.8 million (around $1.67 million) in the factory and expand its capacity by 3 GW annually. The approval process is expected to be finalized within one month.

Chinese electrical meters provider Linyang Energy announced on Thursday it signed an agreement with EVE Battery, a China-based lithium-ion battery company, to set up a joint venture for the production of storage systems. The new joint venture will be created through an investment of RMB3 billion ($469 million) and is expected to have a battery capacity of 10 GWh. Linyang will take a 35% stake in the company, with EVE owning the remaining 65%. The production factory of the new company will locate in Qidong city, Jiangsu province, which is only around 60 km north from Shanghai.

Chinese state-owned lender China Development Bank (CDB) has allocated RMB500 billion ($78.1 billion) in special loans to support projects in the energy sector to help China reach its decarbonization targets. Around RMB100 billion are devoted to projects planned for 2021. The special loans will support a broad range of energy sources, including hydro, coastal nuclear, onshore and offshore wind, solar PV and hybrid wind-solar projects as well as storage, power transmission lines and pumped-hydro storage.

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The delayed AGM to be held by state-owned manufacturer Luoyang Glass on June 28 will no longer vote on the proposal to spend RMB182 million ($28.5 million) to acquire a 60% stake in Qinhuangdao North Glass Co Ltd. The target company is a subsidiary of Triumph Group, which is a controlling shareholder of Luoyang. The share purchase had been suggested to help Luoyang “to optimize the layout of its photovoltaic glass business segment, expand its production scale and better meet the demands of the downstream market.” Announcing the change to the AGM agenda yesterday, Luoyang did not specify when the vote on the proposal is now likely to take place.

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Source: pv magazine