Chinese monocrystalline silicon solar ingots and wafers manufacturer, Solargiga Energy, Monday announced that it has extended its business operations "downstream" by forming a joint venture with two independent third parties.
Jinzhou Yangguang Energy, a subsidiary of Solargiga, entered into a formal joint venture agreement with Kinmac Holdings Limited and the another unnamed partner, to establish Jinzhou Jinmao Photovoltaic Technology in Jinzhou, Liaoning Province.
The joint venture will produce and sell photovoltaic modules, as well as design and install photovoltaic systems. The amount of registered capital of the company will be RMB40,000,000 (US$5.86 million), of which RMB20,400,000 will be contributed by Jinzhou Yangguang in cash to be funded by way of internal resources of the Group. Kinmac Holdings and the other Joint Venture Partner will contribute RMB14,000,000 and RMB5,600,000, in cash to the registered capital of the Joint Venture Company, respectively. The amount of total investments of the Joint Venture Company will be RMB90,000,000 (US$13.18 million).
Upon establishment, the joint venture will be 51% owned by Jinzhou Yangguang, as to 35% by Kinmac Holdings and 14% by the unnamed partner, respectively.
Kinmac Holdings is a subsidiary of Kinmac Solar Corporation (formerly known as Lucky Power Technology Company Limited), a company incorporated in Taiwan in 2004. Kinmac Solar Corporation and its subsidiaries principally engaged in the production of standard photovoltaic modules, design and installation of solar panel modules as well as building integrated photovoltaic in Europe and Taiwan.
Hsu You Yuan, CEO and Executive Director of Solargiga, said, “Although the solar energy industry is inevitably affected by the global financial crisis, the Group believes the industry outlook in the PRC remains promising, given the determination of the PRC government to promote the solar energy industry."
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