Chinese PV Industry Brief: Arctech reveals plans to raise $150 million
Arctech Solar says it plans to raise up to CNY 1.1 billion ($150 million) to expand its manufacturing capacity, while China Power Construction has opened bids for 1,500 MWp of n-type heterojunction PV modules.
October 25, 2024 Vincent Shaw
Arctech Solar said it plans to raise up to CNY 1.1 billion ($150 million) through a private placement of shares. After covering issuance costs, the company will use the funds to expand its manufacturing capacity, including a new facility in Changzhou, Jiangsu province, that will produce 540,000 parallel drive units per year to support about 8 GW of solar installations. Arctech will also establish a 3 GW capacity for zinc-aluminum-magnesium fixed brackets and a 3 GW tracker production base in Inner Mongolia. In 2023, the company shipped 17.04 GW of racks and 7.64 GW of tracking systems.
China Power Construction has opened bids for its first batch of 2024 n-type heterojunction (HJT) photovoltaic modules, totaling 1,500 MWp. The procurement is divided into three segments of 500 MW each. Huasun has secured the first two segments with bids of CNY 0.846/W and CNY 0.857/W for dual-glass, bifacial HJT modules rated at 710 Wp or higher. Delivery will occur in batches, with final completion expected by the end of May 2025. The company has terminated the third bid segment for undisclosed reasons.
Tongwei has signed a five-year strategic distribution agreement with Australian energy distributor Blue Sun Group during All-Energy Australia 2024. Under the terms of the agreement, Tongwei will supply 1 GW of PV modules to Blue Sun Group over the contract period.
Trina Storage, the energy storage division of Trina Solar, has signed a supply agreement with UK-based independent power producer Lower 48 Energy. Trina Storage will provide its Elementa energy storage systems for the Preston project, with equipment delivery scheduled for the fourth quarter of 2024 and project completion in 2025. Upon completion, the project will enhance local grid stability and enable energy arbitrage, boasting an annual storage and supply capacity of 66 GWh – enough to power 22,750 households.