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.