PVTIME – On 16 July, Zhejiang Bangjie Holding Group Co. (Bangjie, 002634.SZ) announced plans to scrap a major photovoltaic project, citing shifts in the solar market. This follows discussions with the Management Committee of the Zhejiang Jiangshan Economic Development Zone and brings an end to plans for a 16GW N-type high-efficiency solar cell production line and a 16GW large-size photovoltaic silicon wafer slicing facility.
The ambitious project was first approved by Bangjie’s board in May 2023 and was set to cost around 8 billion yuan in total, with 6.2 billion yuan earmarked for fixed-asset investment. The project was divided into two phases. The first phase was a 16GW (8GW + 8GW) N-type cell plant with a budget of 6 billion yuan (5 billion yuan for fixed assets). The second phase was a 16GW silicon wafer slicing unit with a budget of 2 billion yuan (1.2 billion yuan for fixed assets). The second phase was contingent on the performance of the first phase.
As part of the termination, Bangjie will pay 15 million yuan in compensation to the Jiangshan Economic Development Zone and its construction investment group for losses incurred. The payment is due by 10 October 2025.
Bangjie, formerly Zhejiang Bangjie Digital Knitting Share Co. Ltd., primarily focuses on designing, developing, producing and selling seamless garments.
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