China-based Solargiga Energy Holdings Ltd., a manufacturer of monocrystalline silicon solar ingots and wafers, has entered into a cooperation agreement with the Xining Economic & Technology Development Zone Administration Committee to acquire a 51% interest in Qinghai Chenguang New Energy Co. Ltd.
The consideration of the acquisition will be RMB 45.9 million and will be paid by way of a capital increase through cash injection. Solargiga and Qinghai Chenguang will jointly invest in the construction of monocrystalline silicon solar ingots production facilities with an annual production capacity of 2,000 tons.
The total investment amount of the project will be RMB 300 million, 30% of which will be funded by Solargiga and the existing shareholders of Qinghai Chenguang by proportionate shareholding, while the rest will be funded by bank loans.
SOURCE: Solargiga Energy Holdings Ltd.