On February 16 , Xiexin Integration announced that it planned to invest about 2 billion yuan to build a 12GW high-efficiency photovoltaic module project in Funing Economic Development Zone, Jiangsu Province.
On February 17 , Xiexin Integration received a letter of concern, requesting the company to combine the investment amount, construction time planning, monetary funds and loan balance of photovoltaic module projects and photovoltaic cell projects.
On February 22 , Xiexin Integration issued a reply announcement on the letter of concern to Xiexin Integration Technology Co., Ltd.
In view of the project construction mode and construction fund raising, GCL Integration said:
Construction mode: Funing 12GW high-efficiency photovoltaic module project capacity is completed in two ways.
1. Through the transformation of the production capacity of the original land plant of Funing Integration, the construction of new warehouses and the purchase of new equipment, it will have a high-efficiency component production capacity of 5.2G W after completion, with an estimated investment of about 650 million yuan (including initial working capital). The government has planned 230 mu of land near the original plant
in Funing County GCL New Energy Technology Industrial Park, with a new plant of about 120,000 square meters. After completion, it will have a high-efficiency component production capacity of 6.8GW, with an estimated investment of about 1.35 billion yuan (including initial working capital). The government (or its designated agency) is responsible for the construction of the
plant renovation and the new plant, which will be leased to the project company after completion, so as to reduce the cash flow expenditure of the company during the construction period of the project. The production capacity of 5.2G W modules constructed through the transformation of the original plant is expected to be put into operation before October 30, 2023 due to the small workload of civil engineering and the short construction period of the project. The production capacity of 6.8G W high-efficiency modules constructed on the newly planned 230 mu of land will promote the construction of the project after obtaining the relevant compliance procedures.
Capital planning: Since 2022, with the full production capacity of 15GW high-efficiency large-size components in Hefei component base and the full release of technological transformation capacity in the original production base, the company's operating performance has been greatly improved, and the company has continuously developed cooperation with various financial institutions. It can provide a strong guarantee for the construction and daily operation of Funing 12 GW high-efficiency photovoltaic module project.
Funing 12GW High-efficiency Photovoltaic Module Project is mainly financed by self-owned funds, industrial funds, equipment financing, lease loans and other means, and the working capital of the project is mainly financed by self-owned funds, supply chain financing, bank working capital loans and other means.
In addition, Xiexin Integration said that the company's operating indicators continued to improve and its financing capacity gradually improved, which could support the orderly construction of the company's battery and component projects as planned.
It is worth mentioning that on February 22, Xiexin Integrated Wuhu 20g W High Efficiency TOPCon Photovoltaic Cell Manufacturing (Phase I 10g W) was officially started.
According to reports, the total design capacity of the project is 20GW, with a total investment of 8 billion yuan, of which the first phase of 10GW is expected to be completed and put into operation in July this year, and the second phase of 10GW project company will raise funds through non-public issuance of shares to invest in construction. The first phase of the project is expected to achieve an annual output value of over 10 billion yuan.
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