Monday, March 9, 2009

New Huaguang's Yunnan Arm to Set up Solar Cell Base

XIANGFAN, Feb 27, 2009 (SinoCast Daily Business Beat via COMTEX) --Hubei New Huaguang Information Materials Co., Ltd. (SZSE: 600184) announces that its subsidiary Yunnan Tianda PV Tech Co., Ltd. plans to build a solar cell production and R & D base in Jiaxing, Zhejiang Province.

The base will break earth in Xiuzhou Industrial Park of Jiaxing and the builder will enjoy preferential treatment and subsidies from the local government. In line with the inked investment agreement, the base will be able to produce 100MW solar cells per year in the first phase and finally expand to 200MW.

Yunnan Tianda buys a plot of land of more than 3.3 hectares large via public tender for the base, which is estimated to need investment of CNY 300 million, including CNY 50 million from shareholders and CNY 250 million from bank loans or other sources.

Notably, Yunnan Tianda intends to team up a Zhejiang-based company to set up a joint venture to operate this base, registering CNY 50 million in capital at first.

Source: (February 27, 2009)

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