Leading solar manufacturer LONGi is to add another 4GW of cell manufacturing capacity later this year, diverting funds previously earmarked for a separate cell production plant.
Earlier this week LONGi confirmed it is to redirect around RMB1.2 billion (US$160 million) of capital initially raised in 2018 to finance a 3GW cell project in Ningxia, China, with just over RMB1 billion of that financing now set to fund the development of a 4GW cell project in Taizhou.
The remaining RMB194 million is to be used to bolster the manufacturer’s working capital.
LONGi said it had made the switch after an assessment of the company’s “strategic and operational needs”, stressing the change was a more optimal use of internal resource.
The Ningxia project is expected to come onstream in August 2022.