Chinese conglomerate Tongwei Group has taken a 10% stake in Taiwanese cell manufacturer Gintech.
The private share placement is worth NT$850 million (US$27 million) and will align Gintech with a vertically integrated solar manufacturer.
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Tongwei, which focuses on agriculture, animal feed and renewable energy, is looking to expand its PV business internationally. Tongwei Solar currently has 2.3GW of cell capacity making it the third largest cell producer in the world. When combined with Gintech’s 1.8GW of cell capacity, the two companies claim they will be the largest producer globally.
Tongwei is also developing 200MW of projects at agriculture, aquaculture and other rural rooftop sites and believes it can accommodate a gigawatt-scale across its portfolio of agricultural sites.
Tongwei Group also controls poly manufacturer Yongxiang Poly-Silicon, which claims to have reduced its production cost to US$11 per kg.
Dr Wen-Yen Pan, chairman and CEO of Gintech Energy, said: “Tongwei Group has 15000MT polysilicon and 2.2-2.3GW solar cell capacity, and plans to build 10GW PV projects in [the next] three to five years with its nationwide footprints in agricultural and property. Moreover, it expands business aggressively into international markets, aiming to become a global PV generation operator.”