JA Solar aims to raise US$1.3 billion to fund China PV manufacturing expansion

By Carrie Xiao
Facebook
Twitter
LinkedIn
Reddit
Email
JA Solar expects to ship 60-65GW of PV modules this year. Image: JA Solar.

JA Solar intends to fund the construction of a major PV manufacturing facility by issuing convertible bonds to raise up to RMB8.96 billion (US$1.3 billion).

The capital will be used for the third phase of the JA Baotou complex in China’s Inner Mongolia region, which will feature a 20GW ingot pulling and slicing facility and have 10GW of cell and 5GW of module capacity.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

It is worth noting that in August 2022, JA Solar issued an announcement that it intended to issue no more than RMB10 billion of convertible bonds for the same plant.

So far this year, JA Solar has already released two manufacturing expansion plans. On 19 January, the company said it will build a vertically integrated PV industry hub in Inner Mongolia that will be capable of producing 100,000 tons of photovoltaic raw materials, 20GW of solar wafers, 30GW of cells and 10GW of modules.

On February 4, JA Solar announced it plans to expand its integrated production capacity by investing in 500 mono-crystalline furnaces and 100 tons of conductive paste per year in Huishan, in China’s Jiangsu province.

Solar deployment in China reached 87GW last year, a 59% increase on 2021, according to the country’s National Energy Administration.

Analysts at investment bank Minsheng Securities said that JA Solar will be able to improve its market share by accelerating vertically integrated manufacturing while focusing on research and development.

A Minsheng Securities report revealed that JA Solar shipped about 39GW of modules in 2022, an increase of more than 60% year-on-year.

In Q1 2023, JA is expected to ship more than 11GW of modules, with earnings per Watt remaining flat quarter-on-quarter. In 2023, the company is forecasted to ship 60-65GW of modules.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

Premium
July 2, 2025
ANALYSIS: China's leading PV manufacturers are locked in a new round of competition, aiming to outpace each other through record-breaking feats.
June 30, 2025
Voting on the US tax reconciliation bill is expected to begin in the Senate today, following a draft published on Friday that hit clean energy tax credits hard.
June 27, 2025
Renewables investment platform Nexwell Power has signed a round of power purchase agreements (PPAs) with “one of the largest” US tech companies for solar PV capacity to be built in Spain.
Premium
June 27, 2025
PV Talk: '2024 was a transformational year in terms of energy policy,' says Monika Paplaczyk ahead of this year's Clean Power 2030 Summits.
June 26, 2025
A group of minority shareholders in Norwegian silicon firm REC Silicon has triggered an investigation into the circumstances surrounding the closure of the company’s US polysilicon production site.
June 26, 2025
JUWI Renewable Energies, a subsidiary of German construction group JUWI, has signed a 220MW solar module supply agreement with JA Solar.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK