PVTIME - Central Holding Group Co. Ltd.(01735.HK), an investment holding company mainly engaged in construction engineering, released an announcement on July 18 that it has signed a Framework Agreement with Jiangsu Zhongqing Photovoltaic Technology Co., Ltd. and the People's Government of Fengtai County of Anhui Province for a new energy photovoltaic production base in Fengtai County, China.
Central Holdings and Jiangsu Zhongqing intend set joint venture company in Hong Kong to in charge of the production projects to reach annual output of 10GW of high-efficiency n-type solar cells and 10GW of advanced modules, with a total investment of 6.8 billion yuan (working capital included), and the local government will support the projects with land, preferential policies and loans.
The projects will be initiated by subsidiaries of the HK venture company as scheduled. In Phase I, 2GW of solar cells and 2GW of modules are planned with investment of 1.5 billion yuan, within 24 months from 2022 to 2023, to gain annual income about 4 billion yuan. In Phase II, 3GW of solar cells are expected with investment of 1.5 billion yuan, within 24 months from 2022 to 2023, to achieve annual income about 8 billion yuan. For Phase III, 5GW of solar cells and 8GW of modules are planned with investment of 3.8 billion yuan, to form a photovoltaic production chain as part of the base.