LONGi Solar to Acquire a Chinese Solar Cell & Module Manufacturer for $253 Million
The transaction will involve a 100% equity purchase of the target company through cash
March 2, 2020
LONGi Solar, a Chinese manufacturer of high-efficiency mono-crystalline solar cells and modules, has announced a framework agreement to acquire solar cell and module manufacturer Ningbo Jiangbei Yize New Technology for 1.78 billion yuan (~₹18.11 billion or $252.8 million).
The Shanghai Stock Exchange filing stated that LONGi would acquire the Chinese cell and module maker through a 100% acquisition of its equity through cash.
LONGi Solar is a subsidiary of leading solar technology major LONGi Green Energy Technology Co Ltd (LONGi Group). Ningbo Jiangbei Yize is a China-based solar manufacturer that develops, manufactures, and distributes solar photovoltaic products. It produces photovoltaic battery chips, photovoltaic battery components, polysilicon, and other products.
Ningbo Jiangbei Yize has a PV module manufacturing capacity of 7 GW annually and the capacity to manufacture 3 GW of PV cells. The company operates under the brand names of Vinasolar technology and Vina Cell Technology based out of Vietnam.
In a separate statement, LONGi also announced that it had signed a contract with Atlas Renewable Energy, a U.S.-based solar project developer, to supply 122 MW of Hi-MO4 bifacial modules for one of its solar projects in Chile.
The company also announced that it had supplied 100 MW of its Hi-MO4m monofacial PERC modules to China Datang Corporation’s first floating solar plant in Hunan Province. It said that the project, which is located in the water area of Changhe, Sihushan Town, Yiyang City, is the first floating solar plant in the Hunan Province to integrate ecological and environmental protection with power generation.
Earlier, Mercom reported that supplier LONGi said it entered into a strategic partnership with Adani Green Energy, the renewable arm of Adani Group, to supply 1.2 GW of its new generation Hi MO4 solar modules by 2020.
Nithin Thomas is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor’s Degree in Commerce from Loyola College, Chennai. More articles from Nithin.