Pingdingshan Tianan Coal Mining co., LTD (hereinafter referred to as “Pingmei Shares”) published a notice yesterday that it will set up a joint venture company with LERRI Solar Technology Co.,Ltd (hereinafter referred to as “LERRI Solar”) in Baofeng County, Pingdingshan City to build an high efficiency single crystal silicon battery project with annual output of 2GW. The joint venture company registered capital of 600 million yuan, Pingmei shares invested 481.2 million yuan, which accounting for 80.2%; LERRI Solar invested 118.8 million yuan, which accounting for 19.8%. The project construction period is expected to be 12 months.
This project is also a further implement since the three parties Pingmei Shenma Group, LONGi Shares and Baofeng County Government have signed the agreement. It plans to purchase 20 PERC battery production line and auxiliary production equipment. It is expected that within a year, 2GW efficient single crystal cell production capacity will be released and the main reason for the expansion of the single crystal - production capacity will be eased.
Pingmei shares is one of the three major listing Corporation of the large state-owned energy chemical group Pingmei Shenma Group (hereinafter referred to as “Pingmei Group”), and it is the only one of its coal listed companies. In recent years, with the declined coal situation, as well as the pressure of transformation of energy structure and environment, Pingmei group and Pingmei shares are actively seeking transformation. This time, they focus on the photovoltaic industry for the reason that the size of global photovoltaic market maintain rapid growth, China's photovoltaic manufacturing industry has occupied a dominant position in the world. Meanwhile, in order to improve the environment, promote the use of renewable energy, the government intensively introduced various incentives to encouraging policy, and thus a large number of solar power plants were established. Due to large investment and high technical content, solar cells face a great market prospects. LERRI Solar is the leading enterprises in China's photovoltaic industry. Its parent company is the world's largest silicon products supplier and has the international leading technology and higher market share. The advanced technology and market resources of LERRI Solar effectively guaranteed the smooth implementation of the project.