The joint venture company, which will be formed with a registered capital of RMB200m, will be 37% owned by Solargiga Energy with the capital injection of RMB74m.
The joint venture company, estimated to accrue a total investment of RMB675m will construct the new production plant in Longqiwan New Zone, Jinzhou, Liaoning Province, in 2 phases within a period of five years.
The first phase consisting of 200MW of capacity is expected to take two years to complete with the installation of 20 casting furnaces, 30 wiresaws and other equipments.
The capacity of the second phase will be 300MW and is estimated to take three years to complete, including the installation of 30 casting furnaces, 45 wiresaws and other equipments.
In addition, the agreement between Solargiga and Liaoning has authorized Solargiga to coordinate the sales of all the output from the production plant.
Solargiga CEO and executive director Hsu Yuan said that the cooperation between the company and the Liaoning Aoke allows the Group to strengthen the development of its multicrystalline silicon solar business.
"It will also accelerate the horizontal production expansion plan of Solargiga so as to satisfy the demand from customers," Yuan said.
