A small automation and composites manufacturer, Fujian Haiyuan Composite Material Technology Co (ST Haiyuan) has entered into a framework agreement with Jiangsu Gaoyou Economic Development Zone in Gaoyou City, Jiangsu province China to build a 10GW high-efficiency solar cell and module assembly plant at cost of around US$1.6 billion.
ST Haiyuan said in a financial statement that the project would be built in in two phases, with the initial phase investment of around RMB 6 billion (US$916 million).
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The first phase of the project is expected to be completed and put into trial production before the end of June 2022, according to the company.
ST Haiyuan had annual revenue of approximately US$33.26 million in 2019 and R&D expenditure of around US$4.0 million.
The company said the move to enter the PV Manufacturing sector was in line with the company’s future strategic development needs.
The company has yet to ratify the project agreement with its Board members and provide any details about raising the capital required.