11.2 Billion Yuan!Drinda to Invest 16GW High-Efficiency Solar Cell Project in Anhui Province

PVTIME – Hainan Drinda Automotive Trim Co., Ltd.(hereinafter referred to as Drinda) recently announced that its holding subsidiary Shangrao Jietai New Energy Technology Co., Ltd (hereinafter referred to as Jietai Technology) signed an Investment Agreement for high-efficiency solar cell production with Lai’anchahe Economic Development Zone Management Committee, Anhui Province, China.

According to the agreement, the total planned investment is about 11.2 billion yuan, of which about 7 billion yuan will be invested in fixed assets to build a 16GW high-efficiency solar cell project.

The project is implemented in two phases. The total planned investment of phase I (8GW) is about 5.6 billion yuan, of which the fixed asset investment is about 3.5 billion yuan. The total planned investment of the phase II is about 5.6 billion yuan, of which the fixed asset investment is about 3.5 billion yuan.

The phase I of the project will start up within one month after the agreement is signed and meet the starting conditions, complete and put into production within 6-8 months, and reach production within 12 months. The output value of the first and second years will not be less than 9 billion yuan, and the output value of the third year will not be less than 8 billion yuan. The average annual output from the first to the fifth year is not less than 8GW, and the average annual tax is 250 million yuan.

Drinda is a supplier of automotive plastic parts, but its performance has declined due to the decline in China’s auto sales and the impact of new automakers. In July this year, it acquired a 51% stake in Jietai Technology, became its controlling shareholder, and entered the photovoltaic industry.