Chinese PV Industry Brief: Another massive polysilicon order, Tongwei starts operations at 30 GW cell factory

Module maker JA Solar has signed a long-term agreement to buy polysilicon from the Jiangsu Zhongneng unit of manufacturer GCL-Poly. The latter will provide JA Solar with 148,000 metric tons of polysilicon over five years, JA Solar said yesterday. The shipments will be made from next month to June 2026 with the purchase price to be set monthly. JA Solar has now signed six agreements since the start of last year, to secure a supply of 565,200 metric tons of poly.

The news comes after GCL-Poly on Friday said it has told Hong Kong police about the disputed transfer of stock it held in its solar project subsidiary GCL New Energy, to a third party. pv magazine last week reported GCL-Poly unit Elite Time Global had pledged 865 million shares in the New Energy business as security for a US$60 million loan in August 2019. GCL said only US$2.2 of the loan was paid, in February last year, and the lender then claimed the loan agreement terms had been breached, three months later, and took ownership of the stock last June. The shares had been worth US$120 million in August 2019. GCL also said it wants to appoint an independent investigator to look into the matter.

China’s largest solar cell manufacturer, Tongwei, has announced production of its first 210mm PERC cell at its Jintang factory. Construction of the RMB20 billion (US$3.1 billion), 30 GW manufacturing facility had started in March last year.

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Almost a third of the shareholders of solar glass maker Xinyi Solar voted against issuing the board of directors with an unconditional mandate to issue and allot shares, during a vote held at the company AGM on Friday. In a separate vote, nearly 32% of stakeholders were against the issuance of shares “by shares repurchased,” and more than 11% opposed the reappointment of Paul Kwok Kin Cheng as independent non-executive director. All the AGM proposals were passed by majority vote. Similar dissent was witnessed for the shares issue mandates awarded to the board of the Xinyi Glass float glass company, whose shareholders also control Xinyi Solar. At the glassmaker, more than 23% voted against an unconditional mandate and 23% against shares issue from repurchases.

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