PVTIME – Zhejiang Sunflower Great Health Limited Liability Company (SunFlower) (300111.SZ), a China-based company dedicated to investing in the pharmaceutical, healthcare and high-tech industries, announced on 14 March 2023 that it intends to sign an investment agreement with Shaoxing Binhai New Area Integrated Circuit Industry Equity Investment Fund Partnership (L.P.) (Shaoxing Binhai) and Shanghai Longxiang Private Equity Fund Management Co, Ltd. (Shanghai Longxiang) to jointly invest in Zhejiang Longxiang New Energy Technology Co.(Zhejiang Longxiang) for the production of TOPCon solar cells.
According to the announcement, the three parties will jointly invest in the construction of a production project with an annual production capacity of 10GW of TOPCon cells, while 5GW of TOPCon cells will be achieved in the first phase with an estimated investment of approximately 1.5 billion yuan.
The registered capital of the Zhejiang Longxiang target company is 500 million yuan, of which Sunflower will contribute 270 million yuan in cash, with a shareholding of 54%, Shaoxing Binhai will contribute 130 million yuan in cash, with a shareholding of 26%, and Shanghai Longxiang will contribute 100 million yuan in cash, with a shareholding of 20%.
The TOPCon project is in line with Sunflower’s long-term development strategy. It is expected to enhance the profitability of the new partnership and significantly promote Sunflower’s future development in the renewable energy industry.