Solargiga Energy Holdings Ltd., a China-based monocrystalline silicon solar ingot and wafer manufacturer, has entered into a cooperation agreement with Liaoning Oxiranchem Inc.
The agreement proposes the establishment of a joint venture to engage in the business of manufacturing multicrystalline silicon solar ingots and wafers with a production capacity of 500 MW. The amount of total investments and registered capital of the joint venture are proposed to be RMB 675 million and RMB 200 million, respectively.
Solargiga will own a 37% interest in the joint-venture company with the capital injection of RMB 74 million. The production plant will be located in Longqiwan New Zone, Jinzhou, Liaoning Province in China. A total of 50 casting furnaces, 75 wire saws and other equipment are expected to be installed.
In addition, Solargiga and Liaoning have agreed that the sales of all the output from the production plant will be coordinated by Solargiga.
SOURCE: Solargiga Energy Holdings Ltd.