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Hong Kong, Apr 15, 2009 - (ACN Newswire) - China's leading monocrystalline silicon solar ingots and wafers manufacturer, Solargiga Energy Holdings Limited ("Solargiga" or the "Company", Stock Code: 757) together with its subsidiaries (collectively the "Group"), announced that Jinzhou Yangguang Energy Co., Ltd. ("Jinzhou Yangguang"), a wholly-owned subsidiary of the Company, entered into a memorandum of understanding with two independent third parties for the proposed formation of a joint venture company (the "Joint Venture") today to expand to downstream business.
The Joint Venture will be established in Jinzhou, Liaoning Province of the PRC, and will principally engage in the production and sales of photovoltaic modules as well as design and installation of photovoltaic systems. Jinzhou Yangguang will hold 51% equity interest in the Joint Venture. The amount of total investments and registered capital of the Joint Venture are proposed to be RMB100,000,000 and RMB40,000,000, respectively. The Groups contribution to the registered capital of the Joint Venture is intended to be funded by way of internal resources of the Group.
The proposed formation of the Joint Venture is in line with the memorandum of understanding entered into between Solargiga and Jinzhou Municipal Government in relation to the development of 10MW building integrated photovoltaic ("BIPV") project in Jinzhou, Liaoning Province and is one of the important steps of the Group's business expansion road map. It enables the Group to capitalise on its existing business structure to expand its product range throughout the photovoltaic supply chain.
Commenting on the proposed formation of Joint Venture, Mr. Hsu You Yuan, Executive Director and Chief Executive Officer of Solargiga, said, "In a recent effort to develop green energy, the PRC government announced ambitious subsidies for BIPV products. This plan will provide enormous business opportunities for the solar enterprises in the PRC. Solargiga is capturing this opportunity by expanding its business to the downstream installation of BIPV systems. Leveraging on its leading position in the monocrystalline silicon solar ingots and wafers manufacturing industry, the Group will be able to grasp the market opportunities and pursue continuous growth, generating the best return for the shareholders."
About Solargiga Energy
Solargiga Energy Holdings Limited (stock code: 757) is a leading manufacturer of monocrystalline silicon solar ingots and wafers in the People's Republic of China ("PRC"). In addition to the offering of monocrystalline silicon solar ingots and wafers, the Group has extended into the manufacture of multicrystalline silicon solar ingots and wafers, the production and sales of photovoltaic modules as well as installation of photovoltaic systems in 2009. Our products are used for the manufacture of photovoltaic cells which are important components of solar energy generation systems. Currently, our annual monocrystalline and multicrystalline silicon solar ingot and wafer production capacity are 200MW and 20MW, respectively, while the annual capacity of photovoltaic modules is 25MW.
The Group operates its major production facilities of solar ingot and wafer in Jinzhou, Liaoning Province, the PRC. In addition, the Group operates polysilicon reclaiming and upgrading facilities in Shanghai and Jinzhou which currently had an aggregate annual designed production capacity of 4,200 tonnes. Already a market leader in the PRC, the Group aspires to be the world's largest monocrystalline silicon solar ingot and wafer producer as well as one of the key players in multicrystalline silicon solar product business through rapid capacity expansion and technology upgrade. Since 2009, Solargiga has started to develop its downstream solar module and system installation businesses through the formation of joint venture company in Jinzhou as well as the proposed acquisition of module and system installation business in Taiwan to realize vertical integration. Please visit www.solargiga.com.
Issued by Porda International (Finance) PR Group for and on behalf of Solargiga Energy Holdings Limited.
Contact:
Ms. Helen Chung
Tel: +852 3150 6730
helen.chung@pordafinance.com.hk
Ms. Kylie Yeung
Tel: +852 3150 6770
kylie.yeung@pordafinance.com.hk
Ms. Jenny Yung
Tel: +852 3150 6735
jenny.yung@pordafinance.com.hk
Fax: +852 3150 6728
Apr 15, 2009
Source: Solargiga Energy
Topic: Joint Venture
Sectors: Energy
http://www.acnnewswire.com
From the Asia Corporate News Network
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