TBEA and Huaxiang Jointly Invest in 1GW PV and Supporting Projects

PVTIME – On March 23, Shanxi Huaxiang Group Co.,Ltd. (603112.SH) issued an announcement on a joint venture company, which established by TBEA Xinjiang New Energy Co., Ltd and Shanxi Huaxiang Group, has been recently registered in Administrative Approval Service Administration of Hongdong County and received the new business license.

TBEA Xinjiang New Energy, Shanxi Huaxiang Group and the People’s Government of Hongdong County has signed a Investment and Cooperation Framework Agreement for a 1GW photovoltaic power generation project and solar mounting production project in Hongdong County on March 16, with a total investment of 4.3 billion yuan. The new company will be in charge of this project. 

The joint venture’s registered capital is 100 million yuan, of which Shanxi Huaxiang Group contributed 49 million yuan in cash, accounting for 49% of the registered capital, and TBEA Xinjiang New Energy contributed 51 million yuan in cash, accounting for 51% of the registered capital. The new company is expected to provide an opportunity for Shanxi Huaxing Group to deploy the PV industry and relevant business of solar products. Shanxi Huaxing Group would like to increase the proportion of its business in renewable energy to maintain its sustainable development as well as fulfilling the low-carbon emission goal in Hongdong County.