Jolywood Joins in Industrial Silicon Games With New Investment

PVTIME – On March 15, Jolywood (Suzhou) Sunwatt Co., Ltd. (300393.SZ) announced that it has signed a Strategy Cooperation and Investment Agreement with the People’s Governments of Taiyuan City and Gujiao City, Shanxi Province, China, for industry silicon and high-purity polysilicon projects.

They will jointly establish a company in Gujiao City as the main body to construct, operate and manage the projects. Jolywood or its subsidiary will hold 51% equity interest of the new company, and a fund established by the People’s Government of Taiyuan City will hold 49% equity interest of that.

According to the announcement, the projects are planed to be in Gujiao City and divided into two phases in the duration of five years with a total investment of 14 billion yuan. The phase I includes production lines with an annual output of 200,000 MT of industrial silicon and 100,000 MT of high-purity polysilicon, with investment of 3.2 billion yuan and 1.1 billion yuan respectively. This phase is expected to be completed in 2024. The phase II involves production lines with an annual output of 90,000 MT of polysilicon, and will be advanced according to the market condition.

Jolywood stated that it will deploy the upstream of photovoltaic industry, such as industrial silicon and polysilicon gradually. The high-efficiency solar cells, modules and panels of the company belong to the middle and lower reaches of the industry chain which might be impacted by the raw material prices. Jolywood intends to strengthen itself by expanding its upstream PV business and adjusting the progress according to specific situation and the market condition.