China-based PV manufacturer Jiangsu Akcome Science & Technology Co is issuing non-public ‘A’ shares to raise capital to invest in a second phase capacity expansion of heterojunction (HJ) solar cell and module production.
The Supervisory Board of Akcome is expected to raise RMB 1.7 billion (US$241.8 million) in total, around RMB 1.19 billion (US$169.2 million) of which will be allocated to a 1.32GW phase-two expansion of HJ solar cell and module production in Changxing, Zhejiang province, China.
The company has already begun investing in a 1GW HJ production plant for solar cells and modules in Changxing, with an initial investment of around RMB 950 million (US$135 million).
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Longer-term plans are to achieve 5GW of integrated HJ cell and module production in Changxing.
According to PV Tech’s ongoing tracking of PV manufacturing capacity expansion announcements, at least 14GW of HJ cell and module technology expansions were announced in 2019, compared to just over 1GW of expansion plans that were announced in 2018.
Since the start of 2020, cumulative HJ-based expansion plans have topped 35GW, which included Akcome’s multi-gigawatt, multi-phase plans announced last year.